Operating costs increase in the commercial sector due to rising electricity prices. As this happens, uncertainty about future electricity rates makes planning challenging.
Businesses that consume a lot of electricity are particularly affected. However, alternative sources like solar panels can simultaneously reduce energy costs and help protect the environment.
There may still be businesses that are hesitant to use solar panels as they're concerned about the investment cost that goes with it, which includes the procurement of the solar panels, the installation, the solar battery storage system cost, and a whole lot more.
Installing solar panels on commercial rooftops may be expensive, but they offer numerous benefits, such as the following:
The greatest advantage of installing solar panels on a commercial roof is the significant savings it offers. Solar panels' primary power source is the sun, so using solar energy won't cost you a thing.
Undoubtedly, getting power directly from the sun is more cost-effective than purchasing it from a local power plant. Investing in solar panels is cheaper than investing in coal, natural gas, or other fossil fuel options, according to the World Economic Forum (WEF).
Installing solar panels is one of the best things you can do for the environment. Traditionally, fossil fuels are burned to generate power, which is harmful to the environment. In contrast to other energy sources, solar panels are cleaner and greener since they use only sunlight to generate electricity.
Making the switch to solar panels as your main energy source is a great move in light of the issues with climate change. Because they don't emit pollutants, they're sustainable and safe and pose no health risks.
Furthermore, you don't need to acquire additional land for your commercial building to install solar panels since you can conveniently place them on the rooftop. Overall, using solar panels helps reduce water usage and dependence on nonrenewable energy sources.
The importance of environmental friendliness is growing in our society today. Consumers are more conscious when making purchases and would patronize brands or companies that promote a 'green practice' or a more environmentally friendly approach.
That said, shifting to using solar panels helps give you a good standing in society as you opt for ways to protect the environment. And with that, your business can attract new customers who share the same values if you demonstrate your environmental commitment.
Having solar panels will not only save your business money on electricity, but it will also qualify for tax breaks.
Installing solar panels on your commercial building will qualify you for a Federal Investment Tax Credit of up to 30%. Even though the percentage will decrease yearly, tax breaks may still be available years after the panels are installed.
But note that not all commercial buildings with solar panels can be granted a tax credit. They must follow specific regulations such as the following:
- It must be a U.S.-based business.
- The solar panels must be used by a company that remits Federal income taxes. The credit is not available to charities.
- Solar panel systems must be new or applicable used equipment.
- Solar panel systems cannot be used to heat swimming pools.
- Construction of the solar panel system must start before the end of the tax year. Significant work must be completed, or necessary expenses must be incurred within 3 1/2 months after payment.
Solar panel systems will increase the value of commercial properties because numerous studies have shown that these properties can gain benefits comparable to residential ones. You can look at a solar panel as an added feature to a property that provides long-lasting advantages.
Therefore, properties with solar energy are becoming more appealing to prospective buyers and tenants alike. They can enjoy lower electricity costs, which generates more savings.
Looking at the trend now, it won't be a surprise if solar panels are soon used frequently on commercial buildings.
Solar panel systems are easy to maintain. They can withstand harsh weather, so you won't need to worry that they'll be damaged or require repairs. They often have a 25-year life expectancy, making the investment worthwhile.
Solar panels only need periodic cleaning and maintenance, which is fairly simple. On top of that, most solar panels come with warranties, ensuring any problems will be resolved quickly.
Using solar energy to power your commercial facility is an excellent idea due to the abundance of available sources. If you install solar panels on your rooftop, you might be included in the World's Most Unusual Rooftops list.
Shifting to solar energy will undoubtedly reap many benefits for your business, including cost savings, sustainability, a good reputation, financial incentives, and increased property value.