Solar technology isn’t just for large companies. In fact, many smart companies of all sizes are choosing solar technology. If you’re a business owner, the concept of your company going solar might seem like a “risky” move. You’ve probably heard about major fortune 500 companies such as Amazon and Apple going solar but thought this may not be feasible for your organization. Many businesses don’t go solar as means to help the environment, in most cases the choice to go solar is actually a strategic financial decision.
Here are a few facts that could impact your company’s choice to install solar panels.
1. Return on investment
Solar technology provides a solid return on investment because the long-term savings on electric costs outweigh the installation cost of solar panels.
2. Reduced electric costs
According to EnergySage marketplace data, the average commercial property owner pays around $557 in monthly electricity bills before going solar. Post-installation, their electricity bill was reduced by approximately 89%.
3. Control of future electric bills
Installing solar panels can help your business to hedge against electricity price inflation. By installing solar, your business will be able to lock in electricity prices and reduce reliance on unpredictable expenses, making it easier to budget and plan for the future.
4. 26% Federal Investment Tax Credit
This is a significant financial benefit for anyone interested in installing solar panels, whether commercial or residential. Owners of newly installed solar panels get a federal tax credit for 26 percent of the cost of the system if installed before the end of 2022.
5. Accelerated depreciation
Businesses can deduct 74 percent of the value of the solar asset from their taxes, providing another significant offset to the upfront cost of a system array.
6. Support your local economy
When you choose a local solar installation company the demand for clean energy brings more jobs to the area. Cape Fear Solar Systems is Southeastern North Carolina’s local solar installation company headquartered in Wilmington.
7. More affordable than ever
Solar panel costs have dropped by 70 percent in the last decade. Reduced pricing paired with the current Federal Investment Tax Credit, makes now the best time to switch to solar energy for businesses and homeowners.
8. Increase property value
According to an article published by Zillow in 2019, homes with solar-energy systems sold for 4.1 percent more on average than comparable homes without solar power. For the median-valued home, that translates to an additional $9,274. While this study was performed for residential solar, increased property value applies to commercial solar applications as well.
9. High reliability and no maintenance
Solar panels installed by Cape Fear Solar Systems are designed for reliability and are engineered to withstand inclement coastal weather conditions. Solar panels are virtually maintenance-free and warranted for 25 years if installed by Cape Fear Solar. Not all solar is created equal, so it’s important to know your solar installation company, panel brand, and warranty on all components (such as inverters and racking systems).
10. Helping the environment
Many businesses are working to become “greener”, and this includes exploring clean energy. Going solar reduces reliance on fossil fuels. Positively impacting the environment will provide a bright future for generations to come.
11. Backup power options
While backup power will not save your business money upfront, many companies require a stable power source to maintain their operations. Often businesses such as data centers and medical facilities can’t afford to lose power and find battery backup solutions paired with solar to be the most reliable option. While generators are a common solution, they rely on fuel that needs to be regularly replenished. Battery backup options paired with solar are charged using the sun. Additionally, most generators require regular servicing, while battery backup options are designed to work seamlessly with no maintenance.
12. Distinguishing your company from competitors
the “greener” brand. Although going solar is usually part of a company’s strategic financial plan, this switch shows customers that your company cares about the environment. Many “green” businesses share their use of solar energy in marketing campaigns and public-facing communications, which portrays the company in a positive manner and generates public awareness.
It might be time to shake off the old way of thinking and join the smart businesses that have discovered the benefits of using solar energy.
Ready to look at solar for your business or home? Contact Cape Fear Solar Systems at (910) 409-5533 or by email at [email protected].
About Cape Fear Solar Systems, LLC:
Cape Fear Solar Systems is currently ranked as the number one installer in Southeastern, North Carolina by Solar Power World. Established in 2007, the company has designed and installed nearly 3,500 solar systems to date. Cape Fear Solar’s pride is in its team, providing the highest quality of craftsmanship, products, and material. Additionally, customers receive unlimited post-installation support. Cape Fear Solar offers turnkey energy systems such as photovoltaic (solar electric) panels, home batteries, and electric vehicle charging stations for residential and commercial customers. Brands installed by Cape Fear Solar include LG, SunPower, Tesla, Generac, EnPhase, ChargePoint and more. To learn more about Cape Fear Solar visit capefearsolarsystems.com or call (910) 409-5533.
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