Solar energy has received significant attention in the past few years due to the increase in the need by various firms to adopt renewable energy sources in their production processes. The use of solar panels enables firms to produce their clean power thus shielding them from high costs from power providers. As the cost of solar technology comes down and the conversion efficiency goes up, it makes more and more business sense to switch to solar.
The Production Of Solar Electricity is Save Money
The most common reason why people opt for solar panels is to cut down on the expenses of electricity as it may significantly reduce the cost of electricity bills. Photovoltaic systems can harvest electricity during the day to light up a company’s uses as opposed to buying it from the utility company. Excess solar electricity can also be fed back to the grid through net metering programs if required. The Solar Energy Consulting Services Industries Association has revealed that through solar power installations between 2008-2018, major corporations in the United States cut their energy costs by $1.5 billion. They will increase as advancements in panel efficiency and energy storage solutions continue to occur.
Federal and State Rebates for Solar
In addition to the inherent utility bill cost savings, there are tax credits and rebates that federal, state, and sometimes local governments provide to promote the usage of solar power. These are tax credits, rebates, performance payments, and compensation for renewable energy certificates (REC). Without a doubt, the most effective incentive is the federal Solar Investment Tax Credit (ITC), which enables businesses installing solar to reduce their federal tax bill by 26% of the project’s cost. Certain states such as California even provide extra rebates. It is advised to engage with professional Pennsylvania Home Solar Installers orSolar Energy Services and get the most from the incentives.
Rapid Payback Periods
This conclusion is based on the fact that the benefits from saving bills on utility and advantageous financial reimbursement, solar panels can have a payback period of as short as 2-4 years. This means that the panels will have paid for themselves many times over in less than 5 years and will offer electricity at nearly cost for over 20 more years. Solar PPAs enable companies to install solar systems without any upfront costs and start realizing instant ROI. This has invested in solar to be one of the most economical and convenient for most of businesses.
Managing the Highest Energy Consumption by Employing Solar
A third benefit of solar for companies lies in the fact that solar is produced during parts of the day when commercial electricity usage is at its highest – mid-day. Switching on running machinery, equipment, and electronics during the brightest hours between 10 am and 4 pm attracts very high KWH rates leading to very expensive bills. Solar complements the most costly energy consumption during the day in the perfect manner. Utilization of solar panels during the time of grid purchase leads to enhanced cost savings in case of large-scale purchase reduction.
The following are the potential benefits that would enhance the brand image and employee satisfaction:
Today’s consumers and employees prefer to interact with organizations that respect the environment. In the recent surveys, it was established that 92% of the millennials were ready to be loyal to a company that practices sustainability. Clean solar panels provide an opportunity for a company to demonstrate compliance with environmentally friendly principles. This may increase customer satisfaction, local community support, and retention of employees. People also like to witness investments in renewable energy by the company at their workplaces. However, solar installation is not limited to the mere reduction of costs.
Conclusion
It is quite evident that the installation of solar panel systems has proved to be a wise decision for any enterprises that wish to cut down their electricity bills. From rebates to tax credits, fast payback, and branding benefits, solar brings substantial value to the table over and above the energy cost savings. With ongoing strides in technology coupled with decreasing costs, almost every company can adopt solar panel systems. Dealing with professional solar consultants helps in proper installation and seeking the right size of the system to get maximum returns. With the cost of solar power now achievable new efficiencies are possible while also benefiting businesses and the environment. Leading providers of Solar Cost Estimation tools and Pennsylvania solar power companies create easy ways to understand the advantages of solar. Switching to solar energy is a decision that most companies will not regret.
