7 Ways Businesses Benefit By Installing Solar Power

For a business to work efficiently and maintain their profits, it is essential that they have good control over operational costs. And one aspect of operational expenses is electricity cost. Solar power allows a business to stabilize electricity costs and benefit massively in terms of energy security and financial savings. Below, we will take a brief look at some of the ways a business will benefit by installing solar power.

1. Stability
In Operational Cost With solar power, businesses will have a stable power source that will never increase in cost. Once the panels are installed, your entire establishment will continuously receive electricity for decades. For example, $1800 invested in solar power over 30 years will only amount to $5 per month, every single month for 30 years straight. In contrast, if you choose to purchase electricity from utility companies, you are at their mercy. If the electricity providers choose to hike their prices, you have no choice but to absorb it by increasing the sales value of your product or sacrificing a part of your profits.

This will never happen with solar power. Imagine someone coming to you with a proposal of supplying you electricity at the same cost for 30 years straight. Would you consider it a good business deal? If so, the solar panels are offering the very same deal.

2. Reliable Source Of Electricity
Solar power is a reliable source of electricity. Utility companies might experience frequent shutdowns, or the electricity lines might be broken due to some reason. Whatever it may be, your business will suffer at the end of the day. But with solar power, the source of electricity is right on your business premises, under your control. As such, you can always be sure of receiving uninterrupted electricity. And even if something happens, you will be able to correct the situation immediately.

3. Virtually
No Maintenance A commercial solar installation is virtually maintenance free. Once you install them, they will continue to generate electricity for you 24X7. You will only need to get it cleaned once in a while. That’s it. Solar panels almost represent an ‘install and forget’ solution.

4. Excellent ROI
From the perspective of ROI, solar panels are unbeatable against other third-party utility companies. For one, electricity from utility companies only entails expenses. In contrast, electricity from a solar panel is not an expense. In turn, the installation of solar panels will make it an asset. And if you ever decide to sell off your business, you can also sell off the solar panels.  Once installed, you will be able to recover the entire installation cost in about five to seven years. Every single year after this is essentially free electricity. And obviously, the electric companies will never be able to compete with this benefit of solar power.

5. Tax Incentives And Depreciation
The US government provides tax benefits for commercial solar installations. The federal Investment Tax Credit allows a business to deduct 30% of the solar panel cost from their tax dues. In addition, several state and local laws provide extra tax credits for businesses using solar power.  Solar Renewable Energy Certificates allow an owner to receive payments for the solar power generated by them. Another financial advantage is depreciation. US law allows a business to deduct up to 85% of the cost of the solar assets from their taxes over a period of five years. By combining the benefits of depreciation and tax breaks, you can easily make your solar investment profitable in a short period of time.

6. Be Competitive
To win against the competition, you need to offer top quality goods at cheaper rates to the customer. And the product can only be made cheaper if the input costs are reduced to the minimum possible level.  Since electricity is one of the major input costs for many businesses, controlling it becomes essential. By using solar energy, you can get electricity for pretty cheap. This benefit can be transferred to the customers in the form of lower product costs. And by doing so, you will gain a clear edge over your competition who continues to use the higher-priced electricity from the utility companies.

7. Get The Green Certificate
It is very important for businesses nowadays to present themselves as being pro-environment. If you are perceived to be destructive to the environment, you can lose quite a lot of customers. As such, installing solar energy in your business premises instantly gives you a ‘green certificate’ which will show to the public that your business is committed to the welfare of the environment.

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