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Why You Need Solar Tech For Your Commercial Business
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October 17, 2020

Why You Need Solar Tech For Your Commercial Business

Some business owners have always conceived that solar panel installation is only applicable to major businesses such as Walmart and Intel. Some even have it as part of their plans; however, they consider it a later plan after their business has been well established, and they have moved from small or medium scale business to large scale ones. Often, most business owners think of solar panel installation and solar energy usage as a means of serving the community rather than offsetting some financial obligations burdened upon them.

It is time to change this mindset as solar energy usage and solar panel installation is not only for those who have a large successful business. In fact, it tends to favor those with small and medium scale businesses better, and this is because of the following reasons:

Electricity Price Volatility

An average business owner spends over $500 on electricity bills monthly, and this is not even static as the price keeps going up and down due to the market volatility. Installation of solar panels in your business can help reduce this; in fact, you can enjoy up to 80% and even more of the cost of electricity bills with solar panels’ installation.

As a business owner, you might be considering the price of installation of solar panels to be a big deal; however, this is not the case as the price of installation has been considerably reducing over the past five years without having any negative effect on the efficiency of the panels as well as the energy production. This means that a solar panel usage is a great option for businesses that are just starting and looking to save costs on bill payments.

Federal Investment Tax Credit

The federal government’s tax credit is another great reason it is best to consider the option of solar panel installation over the usage of electricity. This tax credit allows owners of newly installed solar panels to enjoy a federal tax credit of about 30% of the actual cost. This value varies from state to state as some states even offer additional tax credits.

Performance-based Incentives (PBIs)

The introduction of this incentive into the system even encourages business owners to set up their solar panels in due time. Performance-based incentives allow solar panel users to get some incentives on the solar energy generated from their panels.

This means that business owners can get some money for the unused energy stored up in their solar panels as long as they have a solar renewable energy certificate. This will help offset the cost of other business payments, and the accumulation of this incentive can be used to expand the business.

Incorporation of solar technology can also help businesses win most customers’ hearts as everyone likes sustainability. Solar panels help to ensure sustained electrical energy usage with no electricity volatility. This will also help enhance employee satisfaction and, in the long-run, can help expand the small and medium scale business.

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