Have you considered adopting solar energy in your business? Perhaps you were attracted by the environmental appeal as solar is a renewable and sustainable source of energy, but worries about the costs to your company held you back. Well, times have changed for the better for you now.
Solar panel installation costs have fallen drastically as compared to a few years ago, thanks to advances in technology as well as greater widespread adoption leading to economies of scale. At the moment, commercial solar panel installation is well within the reach of many businesses, and more companies are finding solar energy more attractive to adopt.
What Are The Costs Involved?
How much you have to pay for a commercial solar power system depends on several factors. One of the costs would be the actual solar panels that you purchase, along with associated equipment. There would also be installation costs. Finally, there are maintenance costs to ensure the panels work well every year. Nevertheless, there are several purchase strategies as well as government incentives that can greatly reduce the upfront cost of purchasing and installing your solar energy system.
How Are Costs Being Brought Down?
According to a recent government report, the price for installed solar panels (including equipment, installation and maintenance) between 2017 and 2018 has dropped 11 percent for small non-residential systems, and 5 percent for large non-residential systems. This trend reflects the price declines which began most notably after 2009.
The lowered costs come about less from the prices of solar panels, which are more or less holding steady since 2012, but other aspects of the system which have dropped in price. For instance, the inverters that turn the direct current (DC) of the solar power to alternating current (AC) used by our electric grid have lowered in price, hence lowering installation costs overall.
In addition, the process of designing and installing the solar panels is becoming more efficient as service providers become more adept and skilled at the task, and are able to provide better and faster service and lower prices.
What Other Methods Are Available To Offset Costs?
With the various finance options available from direct ownership, leases, to no money out of pocket power purchase agreements, the team at GenRenew has the expertise in house to provide you with the best solutions to meet your needs when considering solar for your business.
Curious to know more about the viability of installing a commercial solar energy system? Contact GenRenew today!