Considering commercial solar installation? With all the buzz about solar panels, you might wonder if the benefits apply to your commercial property. The good news is the benefits apply to everyone, and switching is easy. We'll explore the top five reasons your business should consider commercial solar panel installation and offer insight into a few of these desirable benefits for businesses.
Benefits of Commercial Solar Installation
Reduction in Operating Expenses
Owning and operating a business of any size is expensive. This value increases significantly when production occurs on the property in addition to administrative demands.
Switching your business and all pertinent structures to solar power can immediately save you operational expenses and reduce your utility bills. This can mean several things—production improvements, employment opportunities, and more funds to allocate back into the business.
Solar Investment Tax Credits
The US government incentivizes switching to solar and offers an annual tax credit. The Solar Investment Tax Credit varies depending on the calendar year but ranges anywhere from 20 to 30 percent. After installing the solar array, save all receipts and pertinent documents to present to your year-end tax professional. This individual can help you maximize the tax credit and offer insight into which filing measures apply to your commercial property.
Increased Professional Status
Getting your business to stand out above others, especially direct competition, and attract more customers can be challenging. Making eco-friendly changes sends waves through the community, your colleagues, and potential customers. When people catch wind of these improved efforts for your primary business location, your reputation can improve and potentially profit from it.
Speedy Solar Investment Payback
Because of a business's natural income through production efforts and profits, the ability to pay off a solar investment comes quicker than a residential solar investment. This speedy payback timeline is one of the best reasons your business should switch to solar. Once the panel array is paid in full, your savings and profits increase. Eventually, you can sell solar stores back to the power grid or save them for future use.
Increased Commercial Property Value
Like a residential solar investment, a commercial solar investment will drastically improve property value and sales rates. Properties with solar power systems tend to sell faster than properties without them. Many people understand the long-term benefits of solar and look forward to those savings.
Making the initial investment can deter property buyers because they either don't understand how solar power works or don't trust the benefits. Regardless, installing solar panels on your commercial property can increase its value long-term.
How Much Does Commercial Solar Installation Cost?
The cost of commercial solar panel installation greatly depends on the size of your business. Because of this, solar panel installation cost is often expressed per watt instead.
According to the Solar Energy Industries Association, commercial solar panel systems cost between $1.00 to $2.50 per watt, with an average of $1.45 per watt, making the average commercial panel installation project cost between $50,000 and $600,000.
In additionm, various states offer local incentives and rebates to help offset the initial cost of commercial solar installation and make it more financially feasible.
Getting Professional Commercial Solar Installation
Northpoint Roofing Systems specializes in solar solutions compatible with your commercial property. Our team of industry professional commercial roofing contractors can evaluate your property and complete the solar installation as your schedule and business operations allow. Partner with a member of our team today to get started.