Roll out the red carpet for the star of sustainable power – the sun! In an era where businesses constantly seek ways to trim the fat from their expenses, turning towards the sun could be the wisest investment yet. Here are the top eight financial benefits of commercial and industrial solar panel solutions in the United States.
1. Taxing Less, Saving More
Commercial property owners can significantly reduce the cost of solar installation thanks to the federal solar investment tax credit (ITC). This initiative allows a deduction of a percentage of the cost of installing a solar energy system from federal taxes, which can result in substantial savings.
2. Rapid Recovery
The Modified Accelerated Cost Recovery System (MACRS) allows businesses to recover investments in specific properties through depreciation deductions. Commercial and industrial solar panels qualify for this program, enabling owners to deduct a considerable portion of their solar investment from their taxes.
3. Long-term Energy Cost Savings
Industrial solar panels produce energy from a renewable source, the sun, which translates into significant long-term energy cost savings. Over time, these savings can offset the initial installation costs, contributing to a healthier business bottom line.
4. State-level Incentives and Rebates
States often provide incentives to businesses that install solar power. These can include direct rebates, tax credits, performance-based incentives, and even feed-in tariffs that pay you for the electricity you generate.
5. Energy Independence
With industrial solar panels, businesses can produce their own power and reduce their reliance on the grid. This energy independence can provide significant financial benefits, especially in areas with high electricity rates.
6. Reduction in Operating Costs
Commercial properties that transition to solar energy often see a noticeable reduction in operating costs. Lower energy costs enable you to allocate more funds to other crucial business areas.
7. Property Value Enhancement
Sustainability is a growing concern among consumers and investors alike. A commercial property equipped with solar panels has an increased market value compared to properties relying on traditional energy sources.
8. Net Metering
Net metering programs allow you to feed unused electricity from your solar panel system back into the grid. Utilities buy this power, effectively turning your meter backward and saving your electricity bill considerably.
There is no need for your business to stay in the shade. Solar power offers bountiful financial benefits that could make your cash flow brighter than Arizona (the sunniest state in the U.S.) So, the next time you look up and squint at the sky, remember – that’s not just the sun; it’s money savings beaming down on you!
Contact a GLN expert to learn about our solar panel solutions.