Solar power is more popular than ever. According to the US Energy Information Agency, utilities added a record amount of solar energy generation capacity in 2016. The amount of solar capacity installed on the roofs of homes and businesses is 35% higher than it was a year ago. This trend includes small businesses, for which there are compelling reasons to make the switch to solar.
Lower Electricity Bills
The upfront costs of a photovoltaic solar energy system may seem high for a small business, but the savings you will see on your energy costs make it money well spent. The average firm reduces its electricity costs by 75%. With these savings, commercial solar installations usually pay for themselves within three to seven years.
Switching to solar also makes it easier to forecast your energy expenses. Solar energy systems have low maintenance requirements, and they provide free electricity to their owners for over 25 years. When you get your electricity from solar, there is no reason to worry about your utility increasing their rates.
The Solar Tax Credit
The federal government recently extended the Solar Investment Tax Credit. Businesses can take full advantage of this tax break if they install solar power systems before the end of 2019.
When you claim this tax credit, you can deduct up to 30% of the value of your solar installation from your federal income taxes. This tax credit is only a one time deal, but you can think of it as 30% discount on what would be a worthwhile investment even without it.
Social Responsibility and Public Relations
When you put solar panels on top of your building, you are making a visible statement about your company’s values. Your investment in solar energy shows the public that you care about fighting air pollution and reducing your carbon footprint.
With an environmentally responsible public image, more people will be interested in your products and services. According to a Nielsen survey, 50% of consumers are willing to spend more money at businesses that are seen as socially responsible.
Another Nielsen survey found that 67% of employees prefer to work for socially responsible businesses. The public image boost that you get from switching to solar will help you attract talented and productive workers.
Supporting Growth in Your Community
The solar power industry is growing and creating jobs to keep up with consumer demand. Solar energy employment grew by 20% in 2015 and by another 25% in 2016. There are more than twice as many solar energy jobs now as there were five years ago.
When your small business chooses solar, it generates local spending and brings new jobs to your region. The people who install and maintain your solar power system are your neighbors, and they spend their incomes locally. This benefits local businesses, including your own company’s bottom line.
TerraSol Energies designs, installs and services photovoltaic solar power systems in Pennsylvania, southern New Jersey, and Delaware. Contact us to learn more.