With COVID-19 restrictions easing throughout the United States, many commercial property owners are looking for creative ways to help them save money, while also generating some extra income – in many cases, to make up for what they lost during the pandemic. Taking into account the populations growing concerns about climate change, however, commercial property owners are also having to think about the sustainability of the buildings and workspaces they own.
Even if you don’t pay for the full cost of electricity as a commercial property owner, or pay only for the use of electricity in communal areas, adding solar and energy storage to the building benefits everyone, and can be a worthwhile investment.
From reducing your own utility bills, to enabling your tenants to reduce theirs, adding solar and energy storage to your building could be the key to achieving financial growth and meeting sustainability goals, and here are 3 reasons why:
With electricity rates having risen by as much as 98% in the last 20 years, and expected to continue to rise, commercial property owners will struggle (and already are struggling) to budget their energy costs with every passing year.
By installing a solar system with battery backup, however, commercial property owners can take control of their energy costs and reduce dependency on local utility-supplied power. There are also financial and tax incentives to be taken advantage of, and certain commercial property owners may be able to reduce the cost of having a solar system installed by more than 40%.
2. Solar can increase the value of your property
With a solar panel system on the roof of your commercial building, you can significantly reduce (if not eliminate) the cost of having the roof replaced through upfront, or monthly lease payments. Additionally, solar has been proven to increase the value of a building, and given the choice between two identical buildings – one of which has a solar array while the other does not – buyers will almost always opt for the one with solar.
3. Solar enables you to reduce your carbon footprint
Buildings are known to be one of the biggest contributors to greenhouse emissions, and research has shown that as much as 40% of all carbon dioxide emissions come from residential and commercial properties. This is a pretty alarming statistic, and in order to meet new building codes and the states commitment to reach net-zero carbon emissions by 2050, commercial property owners are going to have to drastically change the way they construct and renovate buildings.
By including solar in your commercial property, you can show environmental leadership, and take your own, important steps towards reducing the carbon footprint of the building.
Clean, totally renewable and easily accessible, solar energy is the way forward for a healthier planet, and as a commercial property owner, switching to solar has numerous benefits, some of which can also help you make money, as well as protect the environment.
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