The cost of electricity can be a massive drain on the bottom line of a business. According to energystar.gov, small businesses spend at least $60 billion on energy. And with the cost of electricity continuing to rise, that number is only going to go up.
Because of this, more and more business owners are turning to solar energy to power their businesses. This solar energy demand is a clean, renewable resource that can save businesses significant money on their electric bills.
In fact, according to the Solar Energy Industries Association, the average commercial solar project will save a business $40,000 over the course of its lifetime. Plus, solar energy is a great way to make your business more profitable. If want to learn more about renewable energy and how you can apply it to make your business sustainable in the coming years, get an online MBA in Sustainability. This course will help you focus on key business skills and competencies needed to determine successful economic, technical, and societal applications of renewable energy practices. Meantime, here are five ways solar can make your business more profitable.
Solar Renewable Energy Credit Can Help Save on Electric Bill
As we mentioned before, the cost of electricity is only going to continue to rise. By installing solar panels, you can lock in a low rate for the next 25 years. Over the lifetime of your solar panels, this can lead to massive energy savings.
Additionally, you can take advantage of solar tax credits. The federal government offers a 26% tax credit for commercial solar customers. It means that for every $100,000 you spend on your solar panel installation, you can get back $26,000.
Given that the average cost of a commercial solar system is $120,000, this effectively reduces the price to $94,000. And remember – this is an upfront credit that you can claim all at once or spread out over several years.
There are also state and local incentives that can further offset the cost of going solar. Incentives vary by state and municipality, but they typically take the form of tax breaks or rebates.
You can find out more about solar renewable energy credits in your area by visiting the Database of State Incentives for Renewables and Efficiency.
Going solar is a smart financial move for any business owner. Not only will you save money on your electric bill, but you can also take advantage of solar tax credits and other incentives. These savings add up quickly and can make a big impact on your bottom line.
If you’re in the Big Apple, you can find many Corporate energy suppliers in New York that will offer you some of the best deals on commercial solar power.
Attract and Retain Customers
In today’s world, more and more consumers are interested in doing business with environmentally responsible companies. Solar energy sends a strong message that your company cares about the environment and is taking steps to be sustainable.
And this can help you attract new customers and keep your existing ones happy. In fact, a study by Cone Communications found that 79% of Americans would be more likely to purchase from a company if it advocated for an issue they cared about. So, solar energy can help you not only do good but also make more money.
Note that making your business more profitable and doing good for the environment are not mutually exclusive goals. You can—and should—do both. Solar energy is one of the best ways to achieve this. Not only will it save you money on your energy bills, but it will also help you attract and retain customers who care about sustainability. So, what are you waiting for? Go solar today!
Solar Energy Supply Improve Your Company’s Image
In addition to attracting and retaining customers, solar energy can also help improve your company’s image. Having solar panels shows that your business is innovative and forward-thinking. It can lead to increased media attention and a boost in brand awareness. And that can translate to more customers and more sales.
So, if you’re looking for ways to improve your company’s image, a solar investment is a great option. It shows that you’re committed to sustainability and that you’re invested in the future of your business.
Solar Panels Increase the Value of your Property
If you own the building where your business is located, installing solar panels will increase the value of your property. It’s because solar panels add value to a property just like any other home improvement project (such as a new roof or windows).
A study by the National Renewable Energy Laboratory found that, on average, installing solar panels increases the value of a home by $15,000.
So, not only will solar energy save you money on your energy bills, but it will also increase the value of your property. It’s a win-win for you and your business.
Solar Power Provide An Additional Revenue Stream
In some cases, businesses are able to sell excess solar electricity generated by their solar panels back to the grid. It’s called “net metering,” and it can provide you with an additional source of income.
According to the Solar Energy Industries Association, 43 states and Washington D.C. have some form of net metering in place. So, if you’re considering going solar, be sure to check whether your state has a net metering policy.
As you can see, there are many reasons to go solar. If you’re looking for ways to make your business more profitable, solar energy is a great option. It will save you money on your energy bills, help you attract and retain customers, improve your company’s image, and increase the value of your property. So, what are you waiting for? Go solar today!