The United States Energy Information Administration (EIA) says that solar energy accounts for 2.3% of total United States electricity generation. Since 2008, U.S. solar installations have grown 35-fold to reach 65.2 gigawatts added to the grids. The upsurge is majorly propelled by commercial property owners looking for greener ways to power their premises.
Markets for solar energy are maturing fast, with the number of licensed solar panel companies skyrocketing. Making the switch through solar installations can be capital intensive, with most business and property owners wondering if there is truly any benefit it can bring to their business.
Here are three benefits that your business can enjoy by converting to a solar program.
1. Save On Energy Bills
Solar panel companies can help you reduce or eliminate your energy bills. The photovoltaic cells can convert a large percentage of sunlight energy into electricity that you can use to power your buildings or plant. Contrary to common belief, solar panels can work in cold areas, allowing you to generate power throughout the year in most areas.
The US Department of Energy estimates that commercial premises can save up to 25% of their energy costs by switching to solar. Over the past decade, national electricity costs have increased at an annual rate of 2.2%. Over the same period, the average cost of panel installation has dropped by over $8.82 per watt to $2.81 per watt.
2. Begin Saving From Day One
Most business owners worry that it may take years to recoup their investments. The average payback period after a solar panel installation is four to six years. You can shelve this time to three years or less by earning tax credits and tax rebates from the government.
You can choose an off-grid energy storage system that utilizes battery storage to power your building. However, most connections are grid-tied, allowing you to earn energy certificates for excess energy produced by the solar unit. Solar Renewable Energy Certificates allow institutions to sell their power utility companies through net metering. The solar panel companies can help you generate additional income from your business by selling the extra credits.
3. Earn Solar Incentives, Tax Credits, And Rebates
Acquiring a solar system in Sonoma County can help you enjoy the solar subsidies that make the cost of the installation cheaper. In California, you are entitled to the Federal Solar Investment Tax Credit (ITC), allowing you to deduct up to 26% of the cost of installing a solar energy system from your federal taxes. Even better, there is no cap to its value.
Additionally, you can enjoy cash incentives for your solar panel installation from utility companies. You can also utilize the self-generation incentive program (SGIP) to help you sell energy certificates based on your actual energy productions. You may also enjoy subsidized solar loans from the solar panel companies that help you to afford the installation. You can own an asset that will start generating income for the business after you install it.
Time to Make The Switch
Most business executives and commercial property owners are turning towards renewable energy to help reduce their energy costs. Make the switch to solar power today by contacting Suntegrity Solar. Our experts are ready to discuss your energy needs in Sonoma County.