How Solar Panels Will Benefit Your Business
The Shift To Solar Power
As the crisis of global warming continues to loom over humanity, focus is shifting from non-renewable sources to renewable sources of energy. The logic is very simple: renewable sources of energy are inexhaustible, cheaper and environment-friendly. Wind, solar, geothermal and biomass energy are just a few examples of renewable sources of energy that are emerging as powerful means for people to power up nations. After all, everyone needs electricity, and getting it from a renewable source will certainly create a win-win situation for the society and the environment.
Among all renewable sources of energy, solar energy is the most sustainable choice and one that has found numerous applications today. In addition to households, business organizations are taking steps to embrace solar-powered processes. They are reducing their dependence on non-renewable energy sources in order to reduce their carbon footprint, which is the sole reason behind global warming and greenhouse effect. In short, solar panels can greatly change the way a business runs and earns profits.
Commercial Benefits Of Solar Panels
It's not only big shot corporations that are going solar these days. All businesses, irrespective of nature and size, are switching to solar panels because of a number of reasons. Besides being eco-friendly, solar panels are also beneficial for businesses in terms of costs. The following are some of the benefits that businesses can reap by installing solar panels:
Reduced Energy Costs
Most businesses are honest about why they prefer solar panels over other power sources. They look for financial gains in the form of lower energy costs. Undoubtedly solar panels help businesses in achieving this. Some businesses, especially those in logistics, food production, agriculture and distribution, have large power requirements. Their processes can consume a lot of energy, which can add to their costs significantly.
But a solar panel can help them meet their energy requirements without incurring a whopping cost. A photovoltaic solar panel, for example, delivers about 5 pence per kilowatt hour of electricity. This is far more than what a current grid can supply. This brings them immediate savings on costs and helps them recoup the initial costs of installing a solar panel. The saved money can be channelized into other investments that can take businesses to new heights of productivity and profitability.
The government in several countries of the world have started promoting the use of eco-friendly solar panels owing to the rising energy prices. If a business installs a solar panel, it is likely to get certain cost-cutting incentives from the government. The Federal Investment Tax Credit (ITC) is perhaps the most significant financial incentive for businesses seeking to install solar panels. They get a federal tax credit of 30 percent of the total cost of the solar panel.
This is not all about financial incentives from solar panel installations. Some companies can also deduct 85 percent of the solar panel's value from their taxes in order to get an offset on the upfront cost of a solar panel system. These incentives from the government encourage companies to resort to solar energy and bring about a huge difference in the environment.
Solar panels have the capability to enhance the green credentials of any business. Installing a solar panel helps businesses earn the green label. This is primarily because they utilize electricity from solar energy, thus bringing down pollution and greenhouse gas emissions. Using solar panels allows any company or business to express it's participation in the struggle against climate change and global warming. Going solar will not only reduce the cost of operations but also serve as an important marketing tool for businesses. It creates an eco-friendly image of the business before the society and promotes the business in a positive light.
Most customers today are concerned about the environment. As such, they prefer companies that are committed towards environmental protection. Going solar by installing solar panels is a good way for businesses to promote their PR efforts. It's also a good way to raise awareness of environmental issues facing the world in the present times.
Good Return On Investment
If you think that installing a solar panel would cost a lot to your business, you are right. Solar panels can have a high initial cost. But, like any other expensive equipment, solar panels provide a good return on investment. After the initial cost of installing the system, your business doesn't have to incur whopping maintenance costs. This is another way your business can save money by going solar.
Solar panels are designed to last for years. The amount of savings on energy bills will be enormous. So it shouldn't be difficult for a business to recoup the initial cost within the first few years of installation. But instead of leasing the system, businesses should consider buying it. This is because buying the system would yield bigger dividends. It would also give you complete ownership of the system and keep the hassle of lease-renewal away.
Like households, businesses can also put solar panels to multiple uses. The electricity generated by it can be used to light up offices, run heating and cooling systems, and operate electronic devices. The photovoltaic solar panels convert sun's energy into electricity using an array of cells. On the other hand, thermal solar panels convert sun's energy into heat, which can be used to run heating and cooling systems in offices. This makes solar panels all the more useful in situations when electricity is fluctuating owing to weather conditions.
Solar panels reduce the dependence of businesses on non-renewable sources of energy, such as natural gas, petroleum, fossil fuels, and coal. This ultimately reduces the dependence of the country on foreign energy. There's no doubt that oil and petroleum will run out someday. It's only solar power that can save the world during an energy crisis. Businesses will be able to conserve scarce resources and uphold their country's national security and economy in a great way.