More than 33% of U.S. consumers are willing to pay more for products and services from sustainable companies. As a business owner, you want to take advantage of that as much as possible.
However, figuring out which sustainable initiatives are worth the investment can be difficult.
Installing solar panels is one of the best ways to realize business savings that will last for years. Here are a few key ways that going solar will save your company money.
1. Lower Energy Costs
When you install solar panels at your business, you’re giving your building the means to produce its own electricity. Every amount of electricity your solar panels produce is electricity you don’t have to get from the grid or your electric company.
The more panels you have, the more energy your building can produce every day.
This can result in much lower energy bills every month. And with enough panels in place, you can eliminate your electric bill entirely. You could end up saving thousands of dollars depending on your building’s energy use over the course of the year.
That’s money that you can invest back into your company to further your sustainable initiatives and see additional eco-savings for business growth.
2. Energy Companies May Pay You
Believe it or not, producing your own energy doesn’t just reduce or get rid of your energy bills. It also reduces the strain your building places on your local energy grid. Further, your panels may produce more energy than your building needs each day.
Many local electric companies are willing to pay you for that extra energy. They can use it to help offset the strain in their systems so other customers can still get the power they rely on without interruption.
Keep in mind that the amount electric companies pay for your excess energy may vary throughout the year and some may not offer the incentive at all. The best way to find out if this is an option for your company is to speak to your utility provider.
3. There Are Tax Incentives
One of the biggest benefits of scheduling a solar installation for your business is that you may qualify for certain tax incentives. These incentives may come in the form of tax credits to lower your total tax liability at the end of the year or as a depreciation write-off.
The type of tax incentives your business will qualify for depends on your location. Talk to your accounting team and find out which incentives you can use for your business.
Unfortunately, these tax incentives are usually only good for the same tax year that you installed the panels. Your accountant will help you get the most benefit from the incentives so you can save as much money as possible.
4. You’ll Experience Fewer Outages
Nothing disrupts your business quite as completely as unexpected power outages. Unless you have a backup generator, running the technology and equipment your business needs to operate won’t be possible.
Every minute of downtime is money that you’re not bringing in.
By installing solar panels on your building, you’ll reduce the impact those unexpected outages have on your operation. With the right system in place, you’ll be able to produce and store energy from your solar panels.
That reserve energy is power you can use when everything else is down. Your team will experience fewer disruptions and fewer power outages over the course of the year.
5. The Panels Can Protect Your Roof
No matter what type of roof you have, it will experience wear and tear from the elements. Routine maintenance is often enough to protect against costly repairs. But even the most well-maintained roofs will need repairs eventually.
Even minor repairs can cost you hundreds of dollars.
By installing solar panels, you’ll reduce the amount of wear and tear on your business’s roof. They’ll shield the materials from the sun’s harmful UV rays, rain, snow, and even hail.
The more protected your roofing materials are, the longer they’ll last, and the more effectively they’ll protect the rest of your building.
6. Going Solar Can Increase Business
More customers actively look for companies with sustainable initiatives in place. They’re more likely to spend their money at companies that do what they can to reduce their carbon footprint.
By going solar, you’ll be able to market your business’s environmental awareness and sustainable initiatives once the panels are in place. Even this simple change can encourage new customers to support your company.
Further, it can help boost customer retention. How? It shows your existing client base that you share their values and are being proactive about environmental concerns.
7. Installing Panels Makes Energy Prices Irrelevant
The cost of electricity just keeps going up these days. The higher it gets and the more energy your company uses each day, the more expensive your energy bills will be.
By installing solar panels on your business now, you’ll make those future price increases irrelevant. They won’t impact your budget and you won’t have to worry about coming up with extra cash just to cover your operating expenses.
You don’t have to install a full solar arrangement to see these solar savings for your business. Installing even a single panel can offset those rising costs, letting you keep your operating budget more stable over the years.
See These Business Savings for Yourself
If you’re looking for a simple way to improve your business savings each month, going solar is a great option. Once you have the panels in place, you’ll start to save money and lower your energy costs immediately.
Just make sure to work with an experienced solar panel installation team. They’ll help you figure out how many panels are best for your business.
Going solar is just one way to improve your company’s savings. Check out our latest posts for more tips to turn your company into a lean, green, money-saving machine.