With higher utility bills and a decrease in the cost of solar systems, more business owners are leaning towards solar power as their energy source. Solar power is not only sustainable, but also cheaper than other options in the long run.
Although many small and medium-sized businesses are still figuring out how solar energy may benefit them, more than a hundred Fortune 500 corporations have already seen considerable benefits from switching to solar panels.
The investment in solar power may appear to be costly at first, but there are plenty of reasons why it makes sense for businesses in the long term. With this in mind, let's explore how solar power can actually save businesses money down the road.
Solar energy could help slash business owners' monthly electricity expenses by nearly 80%. Studies discovered that the average U.S commercial property owner who went solar saved $1,950 on their power bill each month. In comparison, after adopting solar panels, they only had to pay around $500 a month - a 75% decrease in total energy costs!
The Power Purchase Agreement (PPA) is a method for businesses to get the advantages of solar without investing in it. With this agreement, the solar supplier agrees to provide the consumer with electricity at a set rate for a certain period of time - usually 20 years. REC has used PPAs to help non-profit organizations like churches lock in long-term energy savings. Lease and cash purchase plans are also available fromREC and other providers
Depending on the company, solar panel systems may only take three to seven years for companies to make their money back. Furthermore, these solar system usually come with long warranties - most module makers give a 25-year performance warranty according
The usage of renewable energy sources helps protect the environment and convey a company's environmental consciousness to potential investors, which can lead to more investment. In addition, this sends a message that businesses care about sustainability, leading by example.
Solar panel prices have decreased by more than 80% in recent years. Most solar energy suppliers offer flexible financing options like solar loans, leases, and PPAs, so that small businesses don't have to pay anything upfront. This makes it possible for almost any company to switch to solar power.
The cost of solar energy systems for companies varies depending on the amount of electricity the business uses. For example, most small to medium-sized companies may benefit from a 30kW solar power installation. The total costs are often reduced by roughly 45 percent thanks to federal ITCs (Investment Tax Credits), state tax credits, and cash rebates. Additionally, it's important to note that bigger solar systems have a lower cost per watt of electricity output.
A number of factors influence the cost of solar panel installation, but your company's energy requirements are the most important. The quality and features of the system you install will also affect the price. All solar panels are not created equal. Some of the other elements that contribute to the final cost of installation include solar permits and labor. Energy from solar panels must be linked to the grid, which comes at a cost, and installation often requires a lot of physical effort. Another thing to consider is the roof where you want to put your solar panel installed. Solar panel installation can be easy on some rooftops but more complicated depending on how steeply pitched your roof is .
Colburn told us that the next logical development for solar is better storage. He went on to say that, because solar and wind are both intermittent sources of energy, storage can help make sure there's always some power available. It would also reduce our reliance on conventional forms of energy to fill in the gaps. There are lots of companies fighting for a share of the storage market: Panasonic, Tesla, LG Chem, to name just a few.
Companies can avoid high rates for using traditional energy sources and better regulate their spending by tapping into solar power as needed, according to experts. This is a great option for businesses that have sporadic energy needs.
In addition to increasing storage capacity, another advantage of solar power is its improved appearance. Business owners who are thinking about investing in solar panels should also consider the aesthetic benefits!
Tesla's new line of roof tiles, in conjunction with their Powerwall 2 storage battery, has largely been marketed to the retail sector. However, there is potential for commercial applications in the future. When investigating how solar power can be cheaper for businesses, it is important to factor in battery storage.
