5 Ways Solar Is Benefiting Businesses
Last Updated on
Solar is a big boon to businesses that have invested in photovoltaics. Here are a few of the ways that companies benefit.
1. Save Money on Energy Bills
One of the main reasons that companies look into solar is the savings associated with it. Businesses that acquire solar are in for some hefty savings.
ROI of Solar
Those that purchase solar replace their escalating monthly energy bill. After you have paid off your solar loan you have 10 plus years of no energy bills. Solar customers save thousands of dollars — this is due to solar incentives.
Business Incentives for Obtaining Solar
The largest incentive currently is the federal ITC. This credit gives 30 percent of the cost of solar back to the customer in the form of tax credits.
The next big incentive for adding solar is the MACRS. This is a depreciation tax credit given to businesses. Through MACRS, businesses can recoup depreciation of their solar array over five years. Some can also get bonus depreciation.
2. Increase Green Customer Acquisition
The next lure for solar is that it is a big step toward going green. And with the market becoming more green-minded this can boost sales dramatically.
Customers are Becoming More Aware of Their Impact on the Environment
A 2017 CONE study found some pretty interesting consumer statistics. CONE found customers have increased trust, loyalty and respect for companies that support environment or social issues.
In fact, of these individuals, 87 percent reported a more positive image. Eighty-eight percent said they are more loyal and 92 percent reported that their trust increases.
3. Solar Promotes Healthy, Happy Work Environments
Air quality is vital to our health. Another benefit of acquiring solar is an increase in long term employee health.
What It Takes To Create a Healthy Work Environment
There are many things that go into creating a healthy work culture. You can promote exercise and healthy eating and create a fair policy. These are great ways to improve your working environment, but they won’t do much good if your air is filthy.
Installing solar should be one of the first things that your business does to improve your work environment. Solar not only helps reduce pollution, but it encourages others to reduce in other ways as well.
If You’re Healthy, You’re Happy
Air quality has a dramatic impact on public health. Healthy employees are far more likely to be happy. Solar is a lasting way to improve employee health.
4. Stay Ahead of the Curve
In the business world, staying ahead of the curve is a must. If you don’t keep up with the changes coming your way, you won’t last the ups and downs of the market.
The Age of Renewable Energy Is on the Horizon
Renewables are a big change on the horizon. Across the globe, governments are embracing renewables — especially solar energy.
As time progresses, renewables will play an even larger role in our lives. Companies that embrace renewables now will be better prepared for future infrastructure changes.
5. Solar Creates Space for Investing in Other Areas
Another reason why companies should invest in solar is that it frees up finances. Saving money in one area could allow for an opportunity in another.
Using Solar Savings to Grow Your Business
We don’t want you to be fooled — solar is an expensive product. However, when you compare it to fossil fuels, it is the better financial choice.
You save thousands of dollars with solar that you can now invest in your company. Companies can’t grow without funding. Solar savings give businesses the freedom to invest in areas that were previously cut from the budget.