As more companies look for ways to reduce their carbon footprint and meet sustainability goals, solar energy has become a great option. Commercial solar offers a variety of options, from direct roof mounts on a small shop to large ground mounts on an agricultural farm, there are many ways solar can work for your business. Especially in 2023, environmental concern has never been more important. Powering your business with clean energy shows a commitment to sustainability that your customers can trust.
While the environmental benefits of solar energy are well-known, there are also a number of financial benefits that make it a smart investment for businesses of all sizes. Here are just a few reasons why more companies are investing in solar energy.
1. Cost Savings
One of the primary benefits of solar energy for businesses is the potential for cost savings. Installing solar panels can help reduce energy costs, which can be especially important for businesses with high energy usage. For most businesses, large corporations or small businesses, electricity is a significant expense. Adding solar energy to your business can help lessen the cost of electricity and will save your business money in the long run with the various financial benefits of going solar (1). By relying more on sustainable energy sources such as solar, your business can gain more energy independence which can be especially beneficial as your business will be better protected from increases to utility/energy costs. In addition, New York State offers programs such as incentives, tax breaks, or rebates for businesses that invest in solar energy, which can further reduce costs (3).
There are incentives, grants, and loans depending on the exact business situation, so there is a lot of opportunity to save on the installation as well (2). For example, USDA Solar Grants provide grant funding to agricultural producers and rural small businesses for clean energy systems -including solar energy, as a part of the Rural Energy for America Program. In total this could cover up to 80% of your commercial project costs!
2. Increased Property Value
Solar energy systems can also increase the value of a property. A study by Zillow found that homes with solar panels sold for 4% or more, on average, than homes without solar panels (4). This same principle applies to commercial properties, making solar energy a smart investment for property owners.
By converting to solar energy, businesses can invest in energy independence which can help prepare you for the future. Having a reliable and sustainable source of renewable energy can ready you for any changes in the electric grid such as price increases. By taking advantage of solar energy storage, such as solar batteries, you can also store additional energy to utilize at other times (1). By already having solar installed on a home when you are selling it, you’ve increased your home’s property value for the next buyer!
3. Reduce Your Carbon Emissions and Help the Environment
By going solar, businesses can save money while helping the environment. Companies are increasingly interested in sustainability and environmental responsibility, and companies that prioritize these values can differentiate themselves from their competitors (1).