Is Solar Panels a Good Investment for Your Business?
Solar energy is one of the leading renewable sources of energy. It’s also among the fastest growing energy alternatives. Solar energy is harvested from sunlight and has a negligible environmental footprint. As more people become concerned about the global climate, solar energy is gaining traction among governments, businesses and individuals. Investments in solar energy are increasing and many businesses are adopting the new alternative source of energy. Nonetheless, it’s important to analyze, are solar panels a good investment?
Reduced Cost
As fuel and coal prices go up, the cost of producing and supplying electricity increases. Unfortunately, the costs are transferred to the consumers. If you are running a business, such high bills increase your operating costs and make business hard. Solar panels reduce or completely eliminate your electricity bills depending on the solar power system installed. The biggest costs incurred when investing in solar panels from Independent Energy Hawaii are the upfront costs of purchase and installation. Afterwards, your business simply enjoys constant electricity supply with minimum maintenance costs. Reduced operational cost frees money for alternative investments.
Reliability
The national grid is not always reliable. Impromptu power outages and rationing are common. Unfortunately, the downtime caused by the power outages can be detrimental to your business. If you are running a production plant, every second of power disruption can be extremely costly. Moreover, power outages reduce business efficiency and have a direct effect on output. Solar energy ensures your power supply is free of unplanned outages. You can install a solar power system as a backup system that takes over the supply at the event of an outage, On the other hand, you can install the system as your primary source of electricity and save yourself the worry of power interruptions. With a solar system in place, your business will never suffer downtime due to electricity issues.
Earn Some Money
Aside from supplying cheap, reliable energy, solar power systems can earn you money. When solar power systems generate energy that surpasses your business needs, the surplus can be fed back into the grid. As a result, your electricity bill earns a credit, meaning you earn money for supplying the national grid with power. You can expand your solar power systems to increase revenue from selling to the national grid.
Branding
Consumers are increasingly getting involved in environmental conservation. As a result, businesses that go green have a unique appeal that drives sales and raises the brand. Solar energy can land your business on the top list of most popular brands. Increased revenues from sales are often reported by businesses that have gone green. Consumers like to reward businesses that are actively protecting and preserving the environment.
Business Location
Solar power systems free businesses from setting up in areas with electrical infrastructure. As a result, some business centres run completely off-grid in remote areas. Since lease prices and land costs are driven by nearby amenities, an off-grid set up can yield good deals that minimize the cost of setting up business.
Tax Exemptions and Incentives
There are numerous tax exemptions available for solar installations. Federal tax exemptions are available for the purchase of solar power systems. Rebates also cover purchase and installation of solar system fittings like solar batteries. Tax exemptions are available on property tax accrued from installation of the panels. Some places also offer cash incentives for installing solar panels
All in all, solar panels are a great investment. The upfront costs are high but the lifetime cost of running the system is extremely low. For a business you are certain to enjoy great returns from solar energy. Since business is about profits and returns, solar energy is an obvious choice.
