How Solar Power Can Bring Profits To Your Hotel Business
The hospitality industry is a delicate market for changes. Making the right choices, like switching to solar power, can improve your hotels business and financial status, by eliminating your electric bill. Are you considering the switch to solar energy for your hotel franchise? Well, you are on the right track! Here are all the ways that solar power can bring profits to your hotel business.
Tax Credits
When you start the solar installation, the Federal Investment Tax Credit (ITC) grants a deduction of 26% off the total cost of your solar systems when calculating the federal tax for your hotel. There are other federal and state-based tax deductions, especially for businesses that have solar installation. For instance, the Hampton Inn in Bakersfield got a 30% federal tax credit to build a 102kW solar system. High Hotels’ Pennsylvania solar installation got the same credit rates and a $504,900 grant from the Commonwealth Financing Authority. With these deductions, you get to save more money and divert the profits to improve the hotel’s standard.
Reduction In Bills
With solar installations, you consume less non-renewable energy and generate your electricity on-site. That way, you don’t have to pay the high utility bills that come with running a hotel business. According to Coastal Solar, the La Quinta hotel saves about $1500 on monthly energy costs, thanks to a 400-panel solar array. By reducing the hotel’s energy bills, you get to save money and enjoy the profits of going solar.
Marketing
You can market your hotel as eco-friendly and attract the interest of environmentally-conscious customers. It also places your hotel on the global path for contributing to the fulfillment of renewable energy goals. News of the solar installation will get you the press and public attention to improve the results of your marketing efforts and help you save on the cost of a complete rebrand.
LEED Credits
Green energy and solar installations are a fast-catching trend among owners and customers. With solar, you can increase the level of customer satisfaction while increasing the hotel’s LEED points. A study among 571 travelers showed that green hotel certification was the most influential attribute for hotel preferences. With the LEED credits, your hotel can get on the right rankings and attract even more customers, which means better profits.
Maintenance
Solar installations are an investment option that can get you excellent ROI for your hotel business. Solar panels have a lifespan of up to 25years, and they require very little maintenance. Additionally, it is clean energy, so the wiring and electrical equipment are less likely to suffer damage. All in all, you get to save on the energy maintenance cost of running a hotel business.
Altogether You Are Buying An Asset To Your Business
Your commercial solar system is a package deal when you switch to solar for your hotel business. You get to give back to the environment while enjoying the profits. If you haven’t made your decision, what is the holdback? Get solar power installation for your hotel business today!
