The Benefits for Businesses
Use solar energy to your advantage.
In today’s business climate, owners are facing more and more challenges. In addition to managing the business itself, owners must actively address the changing environmental policies and increasing demand for corporate responsibility. While the switch to solar energy has a number of financial and environmental benefits, it also provides a great solution to strengthen your brand across markets. Small businesses and large organizations alike benefit from the use of clean energy.
Solar for Other Organizations
Solar is not just for commercial businesses; many organizations benefit from the use of solar power.
Much like businesses, schools and universities can save significantly on their electricity costs and add predictability to their operational budgets. Educational organizations frequently rely on tight budgets, making it imperative to reduce unnecessary expenses. By switching to a free energy source such as solar power, academic campuses can redirect finances for the improvement of staff training, institutional resources, and maintaining student facilities. With increasing environmental concerns, a clean energy solution like solar would also allow educational institutions to reduce their carbon footprint while supporting sustainability curriculums. Solar systems demonstrate the institution's commitment to environmental stewardship which can aid in the recruitment and retention of students and faculty.
Organizations created for the benefit of a community can better serve their founding purpose by switching to a clean, affordable energy source such as solar power. Solar energy benefits nonprofit communities by reducing dependency on dwindling energy sources and allowing for significant operational savings, which could be repurposed for providing the organization with essential resources. Cutting the organization’s carbon footprint and limiting contribution to climate change also demonstrates the concern for our global community. The organization can focus on their core mission, expanding their reach and doing more to support their cause.
As a vital part of every city and municipality, local governments commonly deal with aging facilities and limited resources, while maintaining the obligations to serve local citizens. Solar energy is a financially and socially responsible solution to meet the constant demand for energy to power government operations. Solar power provides a stable energy source, lessening the budget tension of updating aging buildings on community resources. The effort to contribute to regional clean energy goals and reduced emissions will also set the standard of community investment throughout the local area.
An investment in more than energy.
Reduce Your Energy Costs
Businesses and nonprofits are under pressure to rein in growing energy costs. Taking initiative to improve efficiency and reduce energy usage are important first steps. However, you can only reduce so much. Solar power can be used to replace utility-provided electricity at a lower cost per kWh. Solar systems have a fixed initial cost, require minimal maintenance, and use a free energy source (the Sun). The consistent cost of solar provides an alternative to the instability of utility companies and market inflation. Solar systems generate energy for as long as sunlight is available. With the addition of storage equipment, such as solar batteries, a system can even continue to supply power through the night, or save excess energy as a back-up source. This dependable solution allows owners to effectively reduce and manage operational budgets.
Return on Investment
Since solar energy is a free, unlimited resource, the costs associated with a solar panel system come primarily from the system materials and installation. Whether the project is on a smaller scale or on a large utility scale, solar systems reduce energy costs immediately. Over time, the electricity that the system generates will offset the total investment costs. The amount of time necessary for a system to recover these costs varies depending on site specifics, regional solar incentives, and the cost of the utility provided electricity. For commercial solar systems, the Capital Recovery Period is typically in the 6 to 8.5 year range. Although the list price may seem high, these costs can be significantly reduced through renewable energy incentives, which can cut years off of the ROI time.
In support of clean energy expansion, there are a number of financial programs available to help take on solar installation costs. System owners can reduce initial costs through options such as rebates, tax credits, and state/local incentive programs for renewable energy sourcing. The Federal Investment Tax Credit (ITC) is a nationally available incentive that offers system owners significant savings on new projects with a 26% credit in 2020; however, this amount decreases to 22% in 2021, and to 10% after that. There are a range of options available to finance the system cost including traditional loans and lines of credit, capital and operating leases, PACE financing, and 3rd party Power Purchase Agreements.
Visit our Solar Financing page to learn more about these options.