When people think about going solar, they often think of it for residential homes and not commercial businesses. Like homeowners, solar energy can also help commercial building owners reduce their carbon footprint and save money on electricity every month, which can have huge benefits for your business. The good news is that going solar isn’t as hard (or as expensive) as you may think.
It does cost money to install a solar power system on your business, and because your energy consumption is likely higher than the average home, you will need a larger system than most residential installations. But over time the amount of money you save in operating costs by not paying market prices for electricity can add up to significant savings, so you recoup your initial investment and continue to save money in the long term.
Nobody can predict exactly what energy costs will do in the future, but if the past is any indication, fossil fuels will continue to increase in price. That’s a direct cost to your business if you’re still tied to the local power company and paying whatever current price they set. With a solar energy system on your commercial building, your energy costs are far more predictable, eliminating wild swings on your balance sheet and making budgeting a lot easier.
One of the biggest benefits to your business is the ability to get tax credits and accelerated depreciation schedules that offset much of the up-front costs to install a solar system. The Solar Investment Tax Credit was recently extended by Congress, but it’s important to note that its benefits go down over the next three years, and will expire in 2023. In 2020 you get a tax credit up to 26% of the cost of installing the system; in 2021 that goes down to 22%, and in 2022 it goes down again to 10%. The sooner you act, the better.
Many consumers today choose to spend money with businesses that show they care about the environment, and employees want to work for a company that shares their values. Getting solar panels installed can improve your image as a “green” company, which offers short-term value by increasing your ability to recruit talented employees and bring in new customers, and long-term shareholder value as well.
If you’re ready to take advantage of all the benefits a solar system can provide your commercial building, contact Intermountain Wind and Solar to get started today.
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