8 Solar Energy Gains for Commercial Spaces
There are many advantages associated with making the switch to solar energy. And, from the statistics in this infographic, the future certainly looks bright for the solar industry.
With solar power, your business can save money and do its part to help the planet. But how does the decision to join the renewable energy revolution affect your company’s financial gains?
Are you interested in learning more about having your business use solar energy? If so, check out the eight advantages of using solar energy in your commercial space.
8 Reasons Why Your Commercial Space Benefits From Solar Energy
1. Great ROI
Whether you own a business or work for one, ROI is important. This term is an abbreviation for return on investment. Fortunately, you’ll be glad to know that solar energy’s ROI is substantial. The Renewable Energy Hub reports that companies save about $26,000 over 25 years by using solar panels.
2. Minimizes operational costs
When running a business, it’s also important to focus on your operational costs. Operational expenses are those your business must pay to remain open. Understandably, your business needs an energy source to power its operations. With solar panels, your business isn’t paying traditional energy costs and saves money on operational expenses.
3. Reduces energy bills
You’ve heard that going solar can reduce your electricity bills. But, how much money can you save by having solar panels on top of your company’s building? According to EnergySage, the average business spends $557 on electricity costs each month. After having solar panels installed, these same companies saw their electricity costs drop as much as 89%.
4. Increases property value
Eventually, the day will likely come when it’s time to sell your company’s building. You might do this as part of a relocation or because you’ve outgrown your current space. When it’s time to sell your company’s workspace, why not make money from it?
Selling your property for more than it’s worth often requires a little renovating. There are many ways to have your company’s building renovated. A great way to do this is by having solar panels placed on the roof of your business.
5. Tax credits and financial incentives
If you’re still on the fence about buying solar panels, then tax credits and other factors might change your mind. One of the main financial incentives to go solar is the Solar Investment Tax Credit (SITC). This incentive gives your business a 26% tax credit for your company’s new solar system.
There are also many other financial motivations for companies to use solar panels. These can include grants and other types of compensation. With that said, the exact incentives your business qualifies for depends on where you live. Here’s a list of solar policies and incentives by the state to help you find exactly how much money you’ll save.
6. Enhances brand value
These days, you’ll often hear about branding everywhere you turn. This is a term used by younger generations to refer to companies or businesses. With this new term has come the rise of branding.
If you want an excellent way to enhance your brand’s value, it’s all about getting behind a cause. The thing is, any company can claim to support nonrenewable energy. It’s the companies implementing green initiatives (like using solar energy) that most often win over the public.
7. Supports the local economy
Every company owner understands the importance of helping out their local communities. Fortunately, you can do this by having a local company install solar panels on your building. One reason switching to solar helps the economy is that you’re not depending on petroleum, coal, and natural gas, all of which might be in other countries or states.
By choosing solar energy, you’re putting money back into your local community. Research from the National Renewable Energy Labs found that every generated megawatt of solar energy contributes $2.5 million and adds 20 jobs to a local economy.
8. Low maintenance & high reliability
Dealing with anything that requires a lot of maintenance is both frustrating and time-consuming. It’s like driving an old car, which often creates nothing but headaches. Considering that, you’ll be glad to know that solar panels are reliable and require little maintenance.
Unfortunately, there are few things in the world as reliable as the sun. As you might have experienced, electricity from fossil fuels isn’t always as reliable. A notable example of this is what happened recently in the state of Texas. During a recent winter storm, parts of Texas went without electricity for days. Texas narrowly avoided a complete grid failure that would have left it without power for months.
There are many beneficial reasons for a business to start using solar energy. By switching to solar energy, your business can save money, help the planet, and enhance its brand value to the public.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.