Businesses are having more and more reasons to adopt solar energy. With increasing demand, declining costs, and plenty of federal and state incentives, companies are able to start saving money from the moment they plug in to solar power. With all the financial incentives, this is the perfect opportunity for your business to achieve those goals of reducing carbon footprint and achieving energy independence through using sustainable, renewable energy. Here are the top benefits of going solar for businesses:
Federal Tax Credit
Probably the first thing you would notice would be a reduced amount of power that you receive from solar energy. If you are relying fully on solar energy, this would become very obvious immediately. If you have a hybrid arrangement where you are still drawing power from the electricity grid, this may not become immediately apparent until you check the meter or receive your electricity bill. If you are unsure as to whether the meter readings should be indicative of reduced output or not, you can also check the readings against the manufacturer’s expected average readings, taking into account possibilities of difference in readings due to cloudy days, rain, and other weather conditions.
Solar Renewable Energy Certificates (SRECs)
SRECs are comparable to shares, in the sense that your excess solar power can be converted to these shares which you can sell on the open market for cash. Every time your system produces 1,000 kWhrs of electricity, you get one certificate, adding up to a nice collection of shares to invest towards your future.
Modified Accelerated Cost Recovery System (MACRS)
MACRS is a depreciation method allowing solar energy owners to claim a sizeable tax deduction from the IRS. Solar energy has been classified as a 5-year property under the MACRS depreciation schedule, boosting your returns on investment and helping you get more money back fairly quickly.
Boosted Property Value
Renewable energy systems have been known to increase resale value by $20,000 for every $1,000 in electricity savings per year. Some states also exempt solar power systems from sales and property tax increases. Investing in solar power therefore makes your property more valuable, in addition to making it more attractive to buyers who are already looking at purchasing an economically and operationally efficient building.
Reduce Carbon Footprint
Solar power is a clean, renewable energy source, allowing you to literally create your own energy independently. Not only do you get energy efficiency with solar power, you also get a clear conscience that you are helping the environment by reducing the need to burn fossil fuels.
Improved Public Standing
Many businesses are using eco-friendliness to gain positive public perception and boost their reputation in the mainstream consciousness. It is a sign to the world that your business cares about quality, efficiency, and the long-term sustainability of our environment. A “green” building like yours would stand out from other businesses, giving your company a reputation as a leader, innovator, and environmentally responsible corporate figure.