Solar power adoption rates continue to grow in residential communities, but few commercial companies have taken advantage of solar power and the benefits it can provide to a growing business. Solar power is both good for the environment and offers a competitive financial advantage to those willing to switch.
Low Installment Costs and Incentives
Governments at the federal and state level have heavily incentivized the use of solar power in all marketplaces, making the initial purchase of a solar system very cost-effective. The Investment Tax Credit (ITC) a 30% tax credit no matter the cost of the system, whether your setup is $100,000 or $1,000,000. Each state has its own rebate system as well, significantly decreasing the out-of-pocket cost involved in converting to a solar-powered system.
Furthermore, the federal Modified Accelerated Cost Recovery System (MACRS) allows companies to take five years of accelerated depreciation on the installation costs of a solar power system. Over these five years businesses are able to take the value of the system out of their gross income in order to reduce tax liability each year.
Renova Solar also offers a financing program if you choose not to purchase your system outright. Our Power Purchase Agreement (PPA) allows you to benefit from almost zero out-of-pocket charges by purchasing the less expensive energy generated by the solar panels on your roof or grounds.
Decrease Operating Expenses
Installing a solar system is not only cost-effective at the point of purchase, but for its entire lifetime of use. A solar system lowers a company’s electricity bill, reducing overall operating costs and benefiting all departments. Solar systems can result in impressive ROI, with the systems often paying for themselves within the first few years of use.
In conjunction with the energy collected directly from solar panels, Renova Solar offers a battery storage option for your system. This excess power can be selectively discharged at peak usage times to prevent higher payments or for use in the event of a power outage or natural disaster.
Green Marketing Benefits
Reputation and customer recognition are essential factors in business success; the decision to switch to solar power shows the community that your local business cares about the environment. This awareness benefits both the company and the surrounding area, giving you a leg up on competitors in similar markets.
If your business ever chooses to relocate, your solar system can once again provide a financial bonus. An eco-friendly building has more economic value than a similar structure without solar power. Solar systems serve as excellent real-estate investments during their lifetime.
If you’re interested in learning more or installing a solar system for your own business, contact Renova Solar today.