Any business looking to invest in a solar panel installation must first weigh the costs and benefits. Solar energy has been adopted by a number of franchises across the US, including Walmart, Target, Ikea and Macy’s. The reason these large companies have adopted solar energy is simple- it’s environmentally sustainable in a world where large companies are under scrutiny for their contribution to global warming, it’s reliable and most importantly, it’s cost-effective. Even if you are a small business owner, the investment in solar panels is worthwhile, and here’s why.
1. A sustainable image attracts customers
With the effects of carbon emissions on the environment becoming apparently clear, many consumers are taking care to support sustainable business practices. Business owners should not underestimate the power of a green image; without it, you’re missing out on a huge amount of consumers who are actively seeking out sustainable businesses to buy products and services. A study conducted by GreenPrint concluded that 77% of Americans care about the sustainability of the products, brands and businesses that they buy from, which proves that becoming a sustainably-run business is beneficial to sales. Use solar panels as a marketing tool to attract customers who will return time and again once they build a relationship with your brand.
2. Energy Independence
Businesses which invest in solar energy, especially along with backup power in the form of batteries, are able to reap the benefits of energy independence. Energy independence means that your business will no longer be subject to volatile energy price changes, ongoing inflation, possible future energy crises, or random, inconvenient blackouts. An overloaded utility grid is fundamentally unreliable, exposing your business to the possibility of brownouts and blackouts during business hours. Due to the surging demand for electricity, local utility companies are feeling the strain and currently aren’t adopting renewable energy fast enough. Not only are utility grids all over the US facing unprecedented strain, but they are also releasing millions of tonnes of carbon emissions into the atmosphere. Almost a third of the carbon emissions polluting the air we breathe are created by coal and natural gas-based power plants. Why should business owners subject themselves to more uncertainty? Until utility companies fully embrace renewable energy (which will come with its own large-scale application challenges), the best thing any business owner can do is take matters into their own hands and produce their own clean, reliable energy which can be stored for use during power outages and at night.
3. Save on Overhead Costs
Electricity is one of the largest overhead costs of a business. Both small and large businesses face the challenges of increasing their profit margin with energy prices being what they are. Most companies use a large number of electrical appliances without which sales would come to a standstill. Solar energy is in itself a large investment, but also a cost-effective one in the long run. You can choose to offset your electricity bill by up to 100% by installing solar panels either on your roof or by using ground-mounted solar panels.
4. Tax Rebates and Incentives
The overall cost of solar panel installation has dropped over the past decade, making solar an affordable option. Nonetheless, the initial investment may seem daunting. This is why the US has implemented a federal tax credit to make the acquisition of solar panels more affordable in an attempt to encourage the switch to renewable energy. Businesses can recover 30% of their installation costs, significantly reducing overall expenses and decreasing ROI time. Many states, for example, California offer further tax reductions on solar panel installations to further encourage investment in solar energy. Do some research and contact local installation companies to find out which rebates can be utilized by your business.
5. Reliable, long-term energy
Businesses can count on solar panels to withstand time and severe weather conditions. Solar panels come with a generous 25-year warranty, but that doesn’t mean panels simply stop generating electricity after the 25-year mark. In reality, though solar panels may generate up to 10% less energy than upon purchase, they will still generate power for 35, or even 40 years.
In terms of durability, solar panels are hard to beat. They are water-tight, and since they don’t have any moving parts, it’s unlikely that solar panels will break down unexpectedly. Manufacturers stress-test solar panels extensively to ensure that they can withstand hail, snow, heavy rain and medium-sized branches that occasionally fall during a particularly severe storm. Solar panels are also built to withstand strong winds of up to 140 mph.
All in all, solar panels are a sound investment for any business. With renewable energy becoming crucial in order to keep up with the rising demand for energy, now is the time for businesses to seek out an installation company that can meet their solar needs.