There’s no doubt that you’ve heard about the benefits of using solar energy for your home. But what are the benefits of solar panels for businesses? From lower operating expenses to eco-friendly business practices, read on to find out why commercial solar is such a savvy business move.
Benefits of Solar Panels for Businesses
Lower Operating Costs
As a business owner, you’re well aware of how overhead costs can affect your bottom line. If your business is housed inside a brick-and-mortar property, chances are that fluctuating electricity costs make you want to tear your hair out. Solar power systems can reduce and even eliminate your building’s electric bill, taking you completely off the commercial energy grid. Plus, solar power systems require little or no maintenance once installed, saving you money on upkeep. Once installed, you’ll be able to enjoy clean energy for up to 40 years. That’s 40 years of lower costs, higher profits, and headache-free operations.
If sustainability is a core value for your business, solar panels are an excellent investment. Solar energy allows your company to use less fossil fuel, which reduces overall greenhouse gas emissions. Not only will switching to solar allow you to feel better about your company’s carbon footprint, but also it shows consumers that you’re serious about going green. Consumers want to work with businesses they can trust – and investing in solar is a great way to show that your company cares about working toward a cleaner, healthier planet.
Solar Panel Tax Benefits for Businesses
If you’re worried about how to pay for solar panels for your business, you can rest easy. When you convert your business to solar power, you’ll be able to take advantage of the following tax benefits:
- Federal Solar Investment Tax Credit (ITC): The ITC is a United States federal government tax credit that currently allows a 26 percent rebate on the overall cost of your solar system. At this time, there is no cap on the program – which means you can invest as much as you want in solar energy and still enjoy the rebate. Just keep in mind that the rebate decreases to 22 percent in 2023.
- Accelerated Depreciation: At this time, commercial enterprises are entitled to an accelerated depreciation on solar energy equipment. This is through a federal program called the Modified Accelerated Cost-Recovery System (MACRS). In simpler terms, MARCS allows business owners to write off the entirety of a solar panel system in the first year. That can make a major difference in terms of cash flow.
- Solar Renewable Energy Credits (SRECs): This performance-based credit allows business owners to recover equipment installation costs for solar systems. The credit works by using your system’s energy production. Eligible business owners can essentially earn back credits for every unit of electricity their solar panel system generates.
Are you looking to boost your bottom line, ditch rising electric bills, and send a message of sustainability to your customers? Solar energy is the way to go. ArrowPoint’s simple process makes it easy for your business to shine brighter, with bigger profits. We’ll incorporate the specifications of your business into an in-depth, no-nonsense project proposal with final pricing so there’s no room for guesswork.
If you’re wondering how solar panels could benefit your business, your wallet, or the environment, contact ArrowPoint Solar today. Our expert engineers have helped more than 1,000 homeowners and businesses in Missouri, Oklahoma, and Arkansas save money and reduce their carbon footprints by switching to solar energy. We’re proud to be the leading experts in solar and LED energy in the Ozarks. To learn more about the value of solar energy and how it could benefit you, request a free solar consultation today.