In the past, installing commercial solar panels was viewed as something that would be a complex and expensive endeavor that many companies can not afford. However, in recent years, new and innovative commercial solar panel options have emerged that bring solar cost estimates and installation options closer to the level of residential panels. Ultimately, commercial solar panels provide two main benefits over standard residential panels: lower initial costs and higher storage capacity.
Lower Solar Installation Cost
In addition to lower initial cost of commercial solar installation in California, it will also bring great efficiency benefits. Due to their greater storage capabilities, solar systems can provide a company with significantly lower energy costs for the life of the system. This is because the solar array is not producing electricity at the moment that it is installed but rather waiting for stored energy from the batteries to be released. As such, the company does not need to concern itself with having to constantly maintain a large amount of extra electricity, although it will still have to compensate for the excess electricity from the system regularly.
Saving Money in for the Long Term
The benefit from installing solar panels for commercial buildings including the opportunity for long-term savings. Solar cells and arrays can last for several years before they must be replaced. Many of these systems can last up to 15 years before they need to be replaced. This means that by adding solar panels to your business, not only can you be creating an investment in your company that produces cash flow, but you can also be building a retirement fund for yourself at the same time!
In terms of the second benefit of installing commercial solar panels, it is the potential to significantly reduce a company’s or individual’s environmental footprint. Depending on a company’s level of responsibility and obligation, this can translate into significant savings in the long term. Over a decade or so, this will equate to an annual saving of about 15% of a company’s total annual budget for electricity usage.
Along with the cost savings and efficiency, benefits come the opportunity for tax breaks. If you install a commercial solar panel, there are typically several tax breaks available to you as the business owner. Many of these options involve reducing your taxable income on the front end, while also claiming deductions for expenses related to installing the system. This can help to lower your tax bill overall. Again, you should always check with your accountant before choosing a specific option to take advantage of these tax breaks or deductions.
Another benefit to installing commercial solar panels for your business is the opportunity to be recognized as an environmentally responsible business owner. It is recommended that you check with your accountant ahead of time to ensure that you can take advantage of tax breaks or incentives your state may offer.
Throughout your working life, you may save enough money from these tax credits and rebates to pay for a down payment on a new home, pay for college education costs, and even save money on vehicle maintenance and fuel! Adding solar panels to your business can give you a cash flow boost that could potentially make you eligible for tax rebates and other financial incentives!