As of today, there are over 2 million buildings in the US that use solar power as their primary source of energy. By 2023, this number is expected to double. And why wouldn’t this be the case? Solar power is efficient, effective, and eco-friendly.
If you’re a building owner, you’ve probably wondered how solar power can be used to your advantage. The answer is that there are a resounding number of ways that installing solar panels and converting sunlight into energy can benefit any business, be it large or small.
Read on to learn the most important solar power advantages and why you should take the leap into making your building environmentally friendly!
Financial Solar Power Advantages
As a commercial business, profit is definitely among your top priorities. One reason why solar power is an effective idea is because it saves money in the long run and allows you to invest that cash back into your business.
First of all, solar power is an investment, not an expense. While you will have to pay a small amount of money for the installation of solar panels, that cost is nothing compared to what you’ll be saving in the long run. Electric and gas bills won’t need to be paid anymore. Instead, your lights, AC, and other essential operations will run on solar energy.
The typical breakeven point for a commercial business is between 4 and 7 years. Meanwhile, the solar panels are warrantied for 25 years and systems can last much longer, allowing the business to save significantly on their business expenses. This means that the overall operating expenses of your business will drop astronomically and more cash can stay in your pocket.
Tax Credit
You may be worrying about the cost of solar panels, but fear not! There are legal measures in place that will make this an incredibly affordable expenditure.
The IRS also gives a tax credit to businesses that use solar panels. In 2015, legislation was passed stating that businesses (and homeowners) who switched to primarily solar power would be given a 30% tax credit on solar installation. Basically, this allows you to save 30% of the money you otherwise would be paying when installing your solar panels.
The time is now to go solar. The federal tax credit is due to go down to 26% in 2020, 22% in 2021 and then 10% for commercial business owners afterward. Between the tax credit and accelerated depreciation, a business owner can receive back over 50% of the cost of the system through tax savings.
Property Value Increases
Solar panels aren’t only awesome in the present, but they have a positive impact on the future as well because they raise your property value. We aren’t talking like a hundred dollars, either- we mean that your property can see about a 4% increase in its value after the installation of solar panels.
While this is a great reason to install them residentially, the positive effects are even greater for commercial buildings. This is because large buildings tend to be worth more, anyway. This percentage equates to a larger sum. When you buy solar panels for an office or strip mall, for example, that’s going to give you thousands more dollars in property value than you previously had.
Environmental Impacts
It’s no secret that renewable energy is excellent for the environment, and the sun is one of the most renewable power sources out there.
Most places that don’t use solar energy use energy coming from fossil fuels. Fossil fuels are notoriously difficult to obtain through a process called hydrofracking, which creates an incredible amount of air, soil, and water pollution. Using solar energy is a way that you can do your part in reducing this huge carbon footprint.
In this way, it helps fight climate change. It also helps make sure that everyone has clean water and air.
Brand Improvement
Being environmentally conscious is important since we all need to live in the world, of course, but did you know that it also has marketing benefits?
Sustainable branding, or establishing your brand as one that cares about social and environmental issues, is becoming more and more popular recently. This makes people who care about these issues- and trust us, a lot of people care- identify more with your brand. In a choice between your sustainable business and a competitor, they’re more likely to choose yours in solidarity with your cause.
Get Solar Power Today
While implementing solar panels may sound like a daunting task, it’s actually incredibly fast, easy, and inexpensive. Not only that, but it’s entirely worth it since it benefits your wallet, your conscience, and your brand.
Now that you know all the best solar power advantages for you as a building owner, it’s time to implement solar panels onto your building. Click here to learn all your options for financing your speedy shift to solar power. It’s affordable and we’ll work with you to create a payment plan that works for your needs.
Get ready to light up your life with solar power!