Businesses large and small are making the plunge towards using solar energy. Companies such as Walmart, Target, Amazon, Apple, IKEA, Intel are already using solar - and 100 of the fortune 500 companies have already started using solar power. Curious what you’re missing out on?
The Facts
On average, most commercial property owners in the U.S. have reduced their overall energy costs by 75 percent after making the switch to solar. The average homeowner paying $1,950 in electricity bills, lowered their bill to $500. Prices of solar are now lower than ever. The NC Clean Energy Technology Center performed a study that showed going solar being a better investment than any in the stock market.
Concerned about High Installation Fees?
Think of going solar like prepaying the next couple decades of energy bills, except with guaranteed long-term warranty contracts that can span up to 25 years. Thankfully, in recent years, the solar industry has made radical financial changes to make going solar possible, for medium to small businesses. If you’re a small business and concerned about the high installation fees, there are options. Alternatives such as solar leases, loans, and PPAs make it possible to pay almost nothing upfront. Historically, most small businesses are able to pay off their solar system in 3-7 years. And after that, it’s all about reaping the benefits.
If you’re shopping around for options, you should first look at the average energy costs your business is producing and gauge how many panels you’ll need. You can get a quote * insert link to our quote system * and find out exactly what going solar means based on your home size, your electricity bill, and your current income. You should also keep in mind that most of the numbers you see whilst browsing online are estimating using national averages; Your individual state could have different installment rates. For example: Florida, Arizona, and Texas are the most affordable states to go solar in. New Jersey has the highest amount of solar users than any other state. Getting a quote is the only way you can be sure how much solar can cost for your individual situation.
Tax Benefits
If you’re purchasing a solar system in 2019, you’re eligible to receive 30% of the cost of the installation deducted from your taxes. You can either receive that amount in one year of taxes, or receive it in increments that are spanned over multiple years.
A word of warning, though - 2019 is the last year you can receive such a large percent of tax credits. In 2020, that number will decrease to 26%, in 2021 - 22%, and in 2022 forward, you’ll only receive 10% tax credits if you’re a commercial business. This is all the more incentive to take advantage of tax benefits for your solar business, now.
Conclusion
Whether you’re a large or small commercial business, constantly monitoring your expenses is an ongoing task. By going solar, you’d pay for the installation fee once, and then never have to worry about escalating bill again. While it’s an expensive choice to make, there are smart ways to navigate away from inflated fees from the wrong companies. Do your research.