Solar energy is a highly advantageous and efficient source that gives benefits in two main forms that are light and heat. Over the last few years, the US corporate world has seen solar power adoption. According to SEIA, in 2021, the solar power industry generated nearly $33 billion of private investment in the American economy. Reputed companies like Walmart and Apple are ahead in solar installation systems. [Benefits of Solar Energy]
Among all the advantages of solar energy, the most lucrative advantage is that solar energy is a renewable energy source. Adopting solar power to run your business will help you to reduce your electricity bills significantly and also decrease operational cost. Technology related to solar industry is rapidly and constantly improving so these advancements help solar power industry to intensify in the future. Therefore, this sustainable and renewable energy source allows you to go green.
Minimize Operating Expense [Benefits of Solar Energy]
The initial acquisition cost of solar panels is relatively high. Regardless of how big or small your business is money savings can create a tremendous impact on your operational ability. Every business owner wants to control and reduce running costs which include many expenses like insurance payments, property maintenance, and electricity bills. So one can significantly reduce the major overhead expense of electricity by adopting solar. Although the initial acquisition cost is higher than its conventional counterpart, solar energy provides higher return on investment in long run.
Endurance and sustainability of Solar energy
Unsustainability and less stability of fossil fuels point towards the use of sustainable energy. Commercial power failure leads to a significant loss in business because if you are running a power-sensitive industry, it cannot tolerate power supply failure. So, embracing solar energy can help you avoiding any such problems. It does not depend on the national power grid to gain an electric power supply. This endurance and sustainable development in solar power technology reinforces the future prolongation of the solar power installation system.
Energy Independence and Security
Solar power is one of the resilient energy sources for any commercial industry. Investing in a free-standing solar installation system can lower your reliance on governmental power grid stations. In addition, you can significantly save your extra expenses and overhead costs generated due to common electric power supply. The system will provide a clean and green electric supply to your commercial industry plant for about 20-30 years. Most solar panel companies offer a 25 years’ warranty which increases the return investment cost for your business.
Benefits of Solar Tax
Solar energy is a clean, sustainable and efficient power source, so all local, national and federal governments in the world support renewable energy sources. Apparently, the major reward after adopting solar panels for your business is tax benefits offered by governments.
- 26% of Federal Tax Credit: Federal Tax credit is also known as Investment Tax Credit(ITC). This tax credit allows you 26% of the concession by considering the overall amount of your solar installation panel, and in August 2022, it is extended up to 30%.
- Depreciation on Solar equipment: To help commercial industries and businesses, the federal government has another program called the Modified Accelerated Cost Recovery System(MACRS). This accelerated depreciation program will improve the cash flow of users and allow commercial and industrial users of solar power to reduce and save a high rate of investment value while establishing solar power plants.
Multiple Applications
Solar power is functional and useful in various places for diverse purposes. So, commercial and industrial solar plants can generate electric energy (Photovoltaic energy) along with solar thermal energy, which gives a double benefit to business owners. Many large industries and enterprises use solar power plants to generate clean and green energy for consumption and sale. Converting your business from a local power grid to a solar power plant enables you to establish your commercial industry in remote areas where no power grid is available as an efficient energy source.
Low Sustentation Cost
Solar power panels and plants do not call for regular maintenance. You have to clean those panels 2-3 times yearly to acquire more quality power sources. Solar manufacturing companies will give you a warranty for solar panels for about 25 years, so in case there is any damage to the system, it will be repaired by that company. There is no moving equipment and parts in solar plants, so there is no need for wear and tear. So after investing in this clean and green energy, you will experience minimal spending on maintenance of it.
Green Business
Adopting solar energy for utilizing electricity results in reduced fuel consumption and emission of greenhouse gasses. The use of solar power, gives a green label to your business that helps you to attract environmentally conscious customers. So, running a green business reduces your general expenses and will also serve as a marketing tool for your company. The solar energy system is a highly sustainable and clean energy source that would help you to go green. [Benefits of Solar Energy to Business]
