Solar energy has emerged as the most practical and environmentally friendly alternative for companies to meet their energy needs. Most big and small businesses have either gone solar or are planning to embrace solar energy. Why?
Companies aim to be responsible corporate citizens with an environmental conscience along with achieving their corporate objectives related to revenues and costs.
Let us look at the various benefits of going solar for businesses:
Increasing energy requirements
As a company becomes more successful, the energy requirements increase. Non-renewable sources of energy such as coal and oil are limited in supply. On the other hand, there is substantial growth in solar energy generation. In the US, around 91 billion kilowatthours of solar energy was generated in 2021 compared to around 24 billion kilowatthours in 2015. It makes sense for businesses that need access to constant power supply and increasing energy requirements to adopt solar.
Prices of conventional energy sources are expected to rise raising the costs of running the business which can pose problems for your budget. The best way to save on energy expenses is to generate the power yourself. It is very easy to set up a solar system that can generate energy, store excess energy and help you save money in the long run. There are various financing options to acquire solar systems that can be availed of as per your requirements. Moreover, the prices of solar panels have dropped, and their efficiency has increased over the years.
Reducing Greenhouse Gas Emissions
By reducing dependence on traditional energy sources, the company can decrease its carbon footprint. By adopting a clean and green energy source like solar companies can play their part in protecting Earth with no greenhouse gases or harmful chemicals released into the air.
Federal Investment Tax Credit
Businesses that install solar systems will receive a federal tax credit for 10% of the gross installed cost of the solar system. If the company cannot use all the tax credit related to the commercial ITC in one year, it can carry the tax credit back one year and 20 years forward.
Better Goodwill and more Customers
Customers and society are increasingly conscious of the activities of companies. A company that cares for the environment is regarded highly in society. Customers also tend to choose the services of those companies that have eco-friendly processes and offer “green” services and products. By adopting solar power, a company contributes to sustainability and will be seen favorably by customers, partners and investors.
Solar is the way to go
While going solar is a significant investment, it will pay off in the long run. To sum up, we need a cleaner, greener environment. Going solar will be your contribution to a greener future. With the various strategic business advantages it gives, solar will also make your business competitive.