Commercial solar power systems provide an abundance of benefits for commercial buildings. In addition to lowering energy bills, solar energy systems can increase property value. With the help of solar energy, a commercial building can cut its electric bill by as much as 80%. It can also be an effective marketing strategy. Using solar panels on a commercial building will help you attract more business.
Commercial solar power is a reliable, sustainable and renewable energy source that requires very little maintenance. It will also help you boost your brand image, which is an important factor for any business. Moreover, commercial solar power systems can help your organization achieve its goal of being a green business. Besides reducing your business expenses, you can also save money on advertising and other promotional efforts. By choosing solar power, you can make your business a leader in the market.
Commercial solar power systems have a short payback period and a shorter depreciation period. Moreover, most commercial systems fall under the MACRS depreciation scheme, which allows for zero depreciation in five years. Additionally, companies can get tax incentives if they opt for solar power systems. The best part about solar is that it is an affordable investment for most businesses. In fact, it will reduce your energy bills by a significant margin.
As an added benefit, commercial solar power is an excellent investment vehicle for businesses. In addition to its economic benefits, solar power is a green source of energy and reduces businesses’ carbon footprint. As a result, businesses are embracing it as a way to reduce their costs and demonstrate their commitment to renewable energy. In fact, commercial solar now accounts for nearly a third of all solar power generation in the U.S., and its market share is set to rise 15 times by 2021.
The federal government offers a variety of incentives that encourage businesses to install commercial solar. For instance, the Federal Investment Tax Credit (ITC) is the primary incentive responsible for driving solar installations in the United States over the past decade. Through this program, qualifying businesses can claim a large portion of their system costs against their federal corporate income taxes. However, this credit is not available for exempt organizations, so third-party ownership can be beneficial for organizations with a low tax liability.
Commercial solar power systems come in different sizes. The size and number of panels will depend on your business’ energy needs. A small business may need fewer high-efficiency panels, while a large industrial building will need more panels. The costs for commercial solar systems can range from $50,000 to over $1 million. The size of a commercial solar system will also affect the speed of return on investment. So, it’s best to contact a local solar installer to find out more about your options.
Aside from saving money on energy bills, commercial solar power systems can also help a business become more sustainable. By using solar energy, a business can reduce its dependence on fossil fuels and increase its social responsibility. Moreover, it can also get tax breaks. Despite popular misconceptions that commercial solar power systems are only available to large corporations, smaller businesses can also benefit from these installations. The cost of installation has dropped by 50% in the past five years, making it more affordable than ever for even the smallest businesses.