You’re the owner and operator of a small business, and I’m confident in saying you wear many hats. Accounting, customer service, and even marketing ultimately fall on your shoulders. However, this is why you do what you do… you simply love it.
But this responsibility is challenging. Always making decisions, especially business-critical ones, is draining. Luckily, the decision to move your small business to solar power isn’t one that requires a lot of time or effort!
There are significant benefits of migrating to solar power as a small business owner. From the publicity to investing in the future of our planet – solar just makes sense. However, many business owners are not aware that solar power isn’t just environmentally conscious; it’s also bottom-line conscious.
Here are 3 Things You Need to Know about Cost-Savings with Solar Power:
Solar Investment Tax Credit (ITC): Business owners who chose to go solar are not going solar alone. The Solar Investment Tax Credit (ITC) was created to ease the financial burden of the companies who decide to go solar.
Time is of the essence to get the most significant benefit from the ITC. In 2021 the reduction will decrease down to 10% for businesses.
“A tax credit is a dollar-for-dollar reduction in the income taxes that a person or company claiming the credit would otherwise pay the federal government. The ITC is based on the amount of investment in solar property. Both the residential and commercial ITC are equal to 30 percent of the basis that is invested in eligible property which have commenced construction through 2019. The ITC then steps down to 26 percent for projects that begin construction in 2020 and 22 percent for projects that begin in 2021. After 2021, the residential credit will drop to zero while the commercial and utility credit will drop to a permanent 10 percent.” – SIEA.org
Quick ROI: Seeing a quick return on investment (ROI) from converting to solar is a bonus for many business owners. In fact, businesses are seeing payback in as little as two years! Imagine… by going fully solar powered, you’ll be able to invest your newfound savings directly back into your operating budget.
The overall cost of going solar has dramatically decreased. Virtually no one disagrees with the environmental benefits of going solar, but – historically – few small business owners could realistically afford to invest in the equipment needed to fully convert and run a building(s) on solar power. That’s far from the case today. Since 2011, the cost of switching to solar has decreased by 80%, but that trend will not continue. By waiting, buyers are putting themselves at risk of losing valuable tax credits – such as the ITC.
The combination of more market availability and federal grants have contributed to making solar power an option for small business owners to consider.
Want to learn more about how solar power can make a difference in your organization? Contact us today!