Solar Panels For Commercial Properties: 3 Benefits You Need to Know

Posted by Colin Gload on Mar 25, 2020 1:15:27 PM

Did you know that as a business owner, there are incentives out there that’ll allow you to take advantage of solar energy with ease?

commercial solar panels

The benefits of going solar aren’t just for residential properties. Whether you’re a restaurant, storefront, or other service provider, a solar array could be exactly what you need to take your company to the next level.

Once you learn about the advantages that a panel installation can offer your commercial space - you’ll see that green energy is worth getting excited about.

If you have panels at your home, then you already know!

Read on to learn about 3 perks for commercial spaces that you might not have known about.

Federal Tax Breaks

If you choose to power your building with solar energy while we're still in the year 2020, you can deduct up to 26% of the costs when you’re filing your taxes.

This is thanks to the Federal Solar Tax Credit, which was so successful in opening people up to the idea of switching to solar, that it was extended past its initial end date back in the year 2015.

Residential property owners only have until 2021 to use the credit, but as a commercial property owner you can take advantage of the credit through 2022 (as of now).

The sooner you take advantage of it, the better, because the percentage of equipment cost that you can claim will decrease with each year.

If you were to wait until next year, you would only be able to claim 22%, and as we head into 2022 onwards, it goes down to 10%.

In addition to the federal credit, many states like Maryland, have their own solar energy incentives that’ll take your tax season savings even further - although it is important to note that a few of them are exclusively for residential properties.

Consumers Care About Sustainability

Now, more than ever before, people are trying to do their best to live more sustainable lives. This is reflected in the companies that people are choosing to support.

In fact, research has shown that 88% of consumers are more likely to show loyalty to companies that are vocal about the need for increased sustainability.

Converting to solar power is a great way to not only voice that you care, but to back it up with solid action.

In addition to that, the same study shows that 89% of consumers are more likely to trust a company that prioritizes sustainable practices over those that don’t.

Going solar is a great way to get your company in alignment with the increased demand for green practices and to set an example for other companies to follow.

Why not be a leader in your own industry?

Increased Control Over Operation Costs

Energy costs are showing no signs of slowing down, or, well at least not for those that rely on “traditional” fossil fuel derived energy.

For those that take advantage of clean energy derived from solar power, the cost of keeping the energy flowing is lower than it's ever been.

With installation and equipment prices at an all time low, the return on the investment is a no brainer.

Even companies that don’t purchase their own equipment and opt for a solar loan or PPA can save up to 30% on their electric costs.

Of course, if you purchase and own your own panels the saving potential increases to the point where you’ll have months that your panels cover 100% of your usage.

Want to Learn More?

You’ll find that most of the information out there pertaining to residential properties will also apply to your commercial property.

You’ll get to experience all of the benefits that those using solar energy to power their homes do and then some.

While you’re at it, be sure to take a look at the FAQs guide that we’ve put together. It has all of the most important information compiled for you in one easy download.

Solar Panel FAQ

 

 

 

 

 

 

 

 

 

 

Topics: Commercial Solar Panels