Solar power involves converting sunlight into usable electricity for powering businesses. Solar power offers numerous financial, environmental, and economic benefits for business owners interested in making the switch.
If you’re considering creating a solar-powered business, understand the 4 primary advantages of solar power for your business.
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Solar power offers numerous financial savings for businesses.
Solar power systems for businesses are expensive investments depending on size. Determine the proper solar power system size by calculating the kilowatt-hours of power needed for covering your business’s energy usage. Generally, an average commercial business requires approximately 120 to 140 solar panels for creating a 30kW system, costing anywhere between $32,000 and $50,000.
Understand the installation costs of solar power systems to correctly calculate your business’s financial savings.
Reduce Energy Expenses
Reduce your business’s energy expenses by choosing solar power.
Solar power involves a billing process known as net metering. Net metering credits solar power systems owners for electricity contributed to the power grid. Essentially, excess electricity produced by your business’s solar power system is delivered to the power grid. Afterwards, the utility company pays you for the supplied electricity by adding solar credits to your monthly electric bill, reducing your bill by almost 75%.
The more electricity you contribute, the more solar credits you earn, effectively decreasing and potentially eliminating your energy expenses.
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Earn Tax Incentives
Earn excellent tax incentives by creating a solar-powered business. Numerous tax benefits are available depending on your location, including:
- Federal Investment Tax Credit: Allows solar power system owners to deduct 26% of the installation costs from federal taxes.
- Modified Accelerated Cost-Recovery System: Offers accelerated depreciation of your solar power system equipment by permitting you to write off your total solar power system in the first year.
- Solar Renewable Energy Credits: Involves earning money for producing energy by allowing the utility company to take credit for clean energy produced through your system.
Receive Long-Term Value
Receive long-term value by installing a solar power system at your business. Solar power systems last 25 to 30 years and degrade at a rate of 0.5% every year, meaning your system can operate at about 80% capacity after the 25-year warranty. Lengthen your solar power system’s lifetime by properly maintaining your solar panels, primarily removing debris.
Monitor your environmental impact by powering your business using solar power.
Traditional forms of electricity, specifically fossil fuels, release carbon dioxide and other harmful gases during production, polluting the atmosphere and enhancing global warming. Also, fossil fuels, such as coal and natural gas, are finite resources, meaning the supply continually diminishes until it eventually runs out.
Solar power offers a cleaner and greener alternative by avoiding emitting harmful gases during creation. Furthermore, sunlight is a naturally replenished and inexhaustible resource as opposed to fossil fuels. Use solar power to improve air quality and public health as well as effectively combat global warming.
Additionally, choosing a renewable energy source demonstrates your business’s commitment to going green, which attracts environmentally-conscious customers. In fact, over 58% of consumers consider a business’s environmental efforts before purchasing a good or service. Successfully establish your business’s focus on sustainability by switching to solar power.
Improve economic growth by establishing a solar-powered business.
Solar power is a rapidly growing industry providing an increased number of job opportunities, especially regarding struggling landowners and farmers. Overall, the solar power industry has created over 250,000 jobs, and the number is expected to grow.
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Alternative opportunities for businesses to access solar power continue to increase, primarily considering community solar projects.
Community solar refers to a group of people sharing electricity generated using solar energy. Other terms for community solar include shared solar, energy sharing, and solar farms or gardens.
Shared solar projects are funded and operated by third parties, generally private businesses, government organizations, or utility companies, who decide to install numerous solar panels and lease the energy to members of the community. Electricity generated at the solar farm is delivered to the power grid and distributed by the utility company to homes and businesses subscribed to the service. Research opportunities for community solar in New York to instantly reap the amazing benefits.
Avoid expensive installation costs by joining a community solar project near you to create a solar-powered business.
Understand the 4 primary advantages of solar power for your business to make the switch today.