Solar energy has a promising future, and if you’re a business owner, you may be wondering about the benefits of using it. Aside from the sustainability aspect and reduced impact on the environment, there are financial rewards that can directly impact your bottom line.
By the Numbers: The city government of Las Vegas, Nevada, operates on 100% renewable energy from solar panels.
The cost of building and installing solar panels has continued to drop, and federal, state, and local corporate tax credits have driven the adoption of solar as non-residential solar interest continues to climb. Before you take the plunge, it’s important to get the facts so you can make an informed decision about solar energy for your business. Here, we outline five reasons to consider the switch to solar.
Reduced Operating Costs
Energy costs are a significant business expense – particularly in New England. You will likely see a reduction in energy costs upon the installation of solar panels, and it can improve your cash flow with the savings realized from lower utility bills.
Return on Investment
The average ROI for commercial solar panels is close to 14 percent, with the payback period hovering around eight years. Online calculators are available to show just how quickly solar panels can pay for themselves.
Increased Property Value
Installing solar panels on your commercial building is an investment in your future, but should the need arise to relocate, you will have increased your resale value – and the property will be more appealing to potential buyers.
Lower Maintenance Costs
Because solar panels have few moving parts, the cost of maintaining them after installation is negligible. The panels are crafted from tempered glass and non-corrosive aluminum, with an average minimum life expectancy of 25 years.
A commitment to reducing your business’ carbon footprint can go a long way toward improving your company’s reputation. With all other things being equal, most consumers and vendors would prefer to partner with companies that care about the Earth’s future and whose environmental consciousness mirrors their own.
- The cost of installing solar panels can typically be offset in less than a decade, and improves the resale value of your commercial property.
- Solar panels have few moving parts, and therefore typically require very little maintenance over their 25-year lifetime.
- The New England climate presents a variety of challenges to businesses. Harnessing the power of the sun can result in a reduction in operating expenses and improved cash flow.