Solar technology has become an affordable alternative energy option for individuals and businesses alike, and as a dependable and consistent electrical system and cost-effective electrical source, it can hardly be faulted. In fact, recent reports have shown that the average business owner with a solar panel installation, can reduce their monthly electrical bills by as much as 75%! For many businesses, that has translated to savings of up to $500 in energy, every single month.
So, while there are a variety of benefits for businesses who choose to go solar, arguably one of the most appealing are the financial savings that can be made by using a renewable energy source, and the financial incentives available. Couple this with the fact that your solar system will provide you with an excellent return on your investment in a matter of years, and going solar as a business, simply seems like a smart decision.
Let’s take a closer look at some of the financial savings businesses can make upon having a solar energy system installed:
Federal Investment Tax Credit (ITC)
This is the most significant financial benefit for any business interested in using solar panels: owners of newly installed solar panel systems receive a federal tax credit for 26 percent of the cost of the system. However, 2022 is the last year to claim this tax credit, so if you haven’t already had solar panels installed at your place of business, there really is no better time!
Accelerated depreciation: Businesses are able to deduct as much as 85% of the value of the solar asset from their taxes, which provides them with yet another significant offset to the initial cost of a solar panel system.
Solar Renewable Energy Credits (SRECs)
These are a form of income that property owners can earn simply for having solar panels installed, and are a performance-based solar incentive. As a property owner, you create one SREC for every megawatt hour (MWh), or 1,000 kilowatt hours (kWhs), of electricity your solar panel system generates.
Solar panels can also increase profitability
There’s no denying that converting your business to solar energy will demand that you evaluate your current energy supply situation, but it’s a significant investment that all businesses should consider, and now! right now. Not only that, but as the months and years pass, you’ll see your business profitsincrease thanks to reduced overhead costs, energy independence and a return on your investment typically seen within as little as 3 years.
Profitability is within your reach with the professional installation of a solar panel system, and there’s no better time than the present to take advantage of government incentives and tax breaks. Solar for businesses? What a bright idea!
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