Reasons Your Business Should Go Solar
A growing number of consumers are favoring businesses that make a commitment to environmental stewardship. Installing solar can increase rent rates and reduce vacancy. Not only are you protected from rising electric rates, your total electric costs can also decline, reducing your operating expenses and boosting your net operating income
Solar grid owners use solar power during the day and draw power from the grid when it’s dark, but your system may still produce more electricity than you use overall. The utility company pays you the current market value for any surplus production at the end of each billing cycle. Each state has a different net metering policy.
The federal tax credit program has been extended. The tax credit equals 30% of the cost of your commercial solar panel installation, parts, labor, and other service costs. Additionally, you can claim depreciation on the Modified Accelerated Cost Recovery schedule (MACRs) compressing the depreciation into 5 years resulting in additional tax savings.
Increased Property Value
Property buyers are willing to pay more for a property that is energy self-sufficient with lower operating costs. Studies show a 1:20 ratio for savings to property value increase, so for every dollar you save on your utility bill, the property value goes up $20. Along with the property value, self-sufficient energy will also help increase your home’s equity value, which can be found using an equity release calculator.
State sponsored incentives further reduce the burden of upfront costs for your commercial solar panel installation.
Local incentives come in other forms aside from tax breaks. Municipalities have been known to make solar energy projects more tangible by streamlining the inspection process, making property assessment exceptions, and facilitating shared solar models.
Publicity is a benefit you measure qualitatively; however, it is still a significant part of growing your business. Both stakeholders and the public at large will notice your innovation, commitment to the community, and ability to invest back into your company when local media picks up the story of your company going solar.
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