Running a business is costly; that goes without saying. Regardless of the size of a business and its operations, this is something many business owners can relate to. To add, many businesses try their best to cut costs wherever they can, especially during the pandemic.
But considering the present and future, more and more individuals see solar power as one of the most holistic solutions. Many big and small businesses alike need electricity for their operations, with some hiring commercial electricians to fix and address issues. Others have had the necessary installation for their solar power systems.
That’s because they see this type of energy as an investment and a wise financial decision that will pay off years’ worth of extra costs for the business and the environment. But does solar power hold up to its reputation? If the general opinion is that it yields so much good, maybe it is worth considering.
Here are some perks and reasons for having solar power and going green as ideas worth considering.
Reducing Costs on Utility Bills
One of the biggest costs businesses face is their operation costs. Installing a solar power system can help ease the financial burden. Although they’re pricey, their impact on big and small businesses is notable in the long run. With solar power, a business pays significantly less in its monthly utility bills than without it. The excess finances can be allocated for other important things.
A Good Return of Investment
It’s no secret that the initial cost of a solar power system is pretty high. However, it pays you back tenfold in the years to come. It might not be felt in an instant, but it’s one of the wisest financial decisions a business can make for its money and the environment. Think of it as paying a big chunk of money now to pay a fraction of electricity bills for decades to come. Overall, it’s still less than paying for your electricity bill provided by the local utility company in the long run.
Reliable and Consistent
Once installed, a solar power system can provide electricity efficiently and without a hassle for about 25 to 30 years. There’d be no need for a backup generator or two in case the power goes out. Business can go on as usual and without a hitch.
A Long-term Source of Power
Other than being reliable, it’s good for long-term use, too. It’s not something that can be used up after a brief period since it relies heavily on a renewable resource: sunlight. That’ll keep operations running smoothly and consistently every day for at least two decades.
More Affordable to Maintain
Solar panels don’t need much and don’t cost much to maintain. Over time, dust and debris can build up on the panels, affecting their ability to absorb sunlight. Regular maintenance should be done at least twice a year. The panels must be cleaned using clean water and a soft sponge or rag to get rid of stubborn dirt on the surface.
Increases Property Value
This idea is pretty self-explanatory. Having a solar power system is an attractive feature anyone would want to have their hands on. Most people have the general idea of its benefits, like how this helps cut down electricity bills. Even if the property will be set at a higher price, it would surely sell fast.
Supports the Green Image
Being active in the battle against global warming is good for the environment and good for the business, especially if the company’s CSR includes sustainability. As calculated as it might sound, this is an advantage that can be used for marketing and building brand image. This can prompt positive feedback from customers and your own people as well.
Federal Solar Tax Credit
Business establishments and homeowners that have solar power systems installed enjoy federal investment tax credit from the government. Those establishments that installed their solar power systems between 2020 to 2022 are provided a 26% tax credit and 22% for those in 2023.
This means that an establishment may enjoy a 26% discount on a solar power system that you can credit on taxes. Other than this, there are other incentives that a business can qualify for on a state level. Depending on the state, a business can enjoy rebates, property tax incentives, and more.
Going solar isn’t half bad at all, especially considering the long-term perks it offers. With global warming and the increasing demand for oil and electric power, the shift might even be necessary someday. But for now, weigh your options and take all of this into consideration.