It is already in the past when the costs of solar energy were the major hurdle for enterprises looking to adopt solar energy.
Thanks to federal and state rebates, your company can now save up to 60% on the advance cost of installing solar panels for commercial buildings. And that is before savings on monthly electric bills, improved property value, and a myriad of other gains.
Wondering whether installing commercial solar panels is a good decision for your company? Find out below from Innovate Solar, a top solar panel seller, installer, and distributor.
- 1 Benefits of commercial solar power
- 2 Is your business suitable for commercial solar installation?
- 3 What costs are involved to install solar panels for business?
- 4 What programs and incentives are there to help you pay for the solar energy project?
- 5 7 things to consider before installing rooftop solar panels
- 6 The final word
Benefits of commercial solar power
Investing in a solar system as an enterprise not only poses a benefit to the environment but is primarily a good investment with short and long-term financial and qualitative gains.
Here are some of the benefits your organization can enjoy by going solar.
- Reduce operating costs. Savings on power costs are realized from the moment a solar system is installed, resulting in lower operating costs for your organization.
- Property value increases. Property buyers are 20% more likely to buy a property that is fitted with a working photovoltaic (PV) system as they will experience reduced utility costs. Furthermore, solar-equipped property fetches a higher selling price, with the added value sometimes eclipsing the investment cost of the solar system.
- Positive brand image. Solar energy is renewable and eco-friendly, meaning for every kilowatt of power your commercial solar power system generates, there is a proportional reduction in greenhouse gas emissions. Going solar with your company will improve your brand image as customers associate your brand with care for the environment.
- In addition, so reducing your electricity bills, the cost of adopting solar as an enterprise can be reduced when you claim federal investment tax credits and accelerated depreciation.
Is your business suitable for commercial solar installation?
The days are gone when commercial solar energy was so expensive that only corporate giants like Apple and Wal-mart could afford to go solar.
With commercial solar systems and home solar panels in Florida having dropped in prices significantly over the last decade, solar energy is now suitable for almost every organization and household with attractive returns on investment.
In addition, the availability of federal and state commercial solar tax credits can reduce the cost of your setup by almost 60%. Your organization is even more suited for commercial solar installation if your operations meet any of the following conditions.
- If your premises spot a large rooftop area where commercial solar panels will be easily installed.
- Your operations are energy-intensive.
- Going green will improve your brand image and drive more sales.
- If your organization operates in a state where electricity is expensive.
- If you wish to reduce your operating costs.
- If you are environmentally conscious.
What costs are involved to install solar panels for business?
You need to consider the following equipment and items for your business to get free solar energy:
- Monitoring system
- Engineering documents
- Local building permits
- Utility application fees
- Installation costs
- Labor warranty
What programs and incentives are there to help you pay for the solar energy project?
- Federal investment tax credit (ITC). The U.S. government allows you to claim 26% of the total cost of your system in tax rebates, thereby reducing the cost of your commercial solar system installation.
- Accelerated Depreciation. The cost of your commercial solar system can be further reduced by up to another 26% thanks to the accelerated depreciation incentive. The accelerated depreciation allows you to deduct 87% (if you have already claimed the ITC) or 100% of the cost of your solar set up from your taxable income over 5 years.
- Performance-based incentives. Your organization can enjoy further savings by selling excess power from your photovoltaic system back to the grid through net metering.
7 things to consider before installing rooftop solar panels
- Amount of power required. An energy audit of your organization’s premises will reveal how much power your commercial solar roofing will need to generate to reduce or eliminate your energy bill.
- Site evaluation. Ensure you have adequate roof space, recommended tilt angle. and that your roof can handle the weight of your PV array. Also, check if your roof needs any repairs before installing PV panels. Innovate Solar’s contractors can help you achieve the recommended tilt angles.
- Cost of electricity in your state. Compare the cost of a solar system versus the electricity cost in your state. Chances are high that in the long term solar will be cheaper. However, you would want to know by how much and how long it will take you to return your investment.
- Shop around. Do not settle for the first quote you find. Shop around and collect at least three quotes to ensure you get the cheapest deal.
- Even though solar panels for business are designed to last for over 30 years, make sure you get PV panels with a warranty of at least 25 years as this is the industry standard. Warranties for your inverter, power bank, and installation are expected to range from 2 – 10 years.
- Obtain insurance to protect your company from costs that may arise from damages to your premises that can occur while setting up the solar system. Alternatively, your solar contractor can be insured against such. Also, insurance may be required for rebates and certifications. It is important to check with your local authorities before proceeding with your installation.
- Rebates and performance-based incentives. Find out from your contractor what incentives are available in your area. They should let you know of any conditions that should be met to qualify you for the incentives. Innovate Solar can help you to find contractors near you.
The final word
Regardless of the size of your organization’s operations, going solar is a good investment that will save you on operation costs and improve the value of your organization, all while saving the planet. Choose to go solar today and get a free consultation from Innovate Solar.