It is no secret that more homeowners have been making the smart switch to clean and renewable energy and have been enjoying all of the benefits that come with it. If you’ve observed this trend as a business owner, you may have wondered how the implementation of solar benefits a commercial business. With a business, every upgrade or improvement has to make sense financially. That being said, solar offers the prospect of drastically reducing, and often eliminating your monthly energy expenditure. To fully understand how solar panel installation in Washington DC will benefit your business, it’s important to look at the cost-benefit analysis of solar energy as a whole.
Advantages of Solar Panel Installation in Washington DC
While the advantages of solar panel installation in Washington DC may seem obvious, there are specific aspects that benefit businesses in a big way.
Reduced or Eliminated Energy Costs
As previously mentioned, solar panels obviously save you money on your monthly energy bill. If you get a system that can adequately power your entire business, your energy cost would be eliminated entirely. Naturally, you still have to pay for your system. The cost of your system is offset by the amount that you save so, eventually, you will reach a point where your energy savings are equal to the amount that it cost for the solar panel system itself. This is called the breakeven point and solar owners often make that in under 10 years of solar ownership, with some even reaching the payback period in under 5 years. Considering that solar panel systems are expected to last up to 30 years, that’s around 20 years of free, clean, and renewable energy. Additionally, many solar installers offer financing options to spread the cost of your system in a way that makes fiscal sense.
Your solar system is not only a great investment but a statement about your company’s commitment to energy efficiency and reducing your carbon footprint as a business. Unfortunately, many companies operate to the detriment of our environment. Benefit your business, your community, and our shared planet with solar installation in Washington DC.
Relying on the local power company comes with two major drawbacks: future energy cost hikes and a downed power grid. The cost of energy has steadily increased over the years and with dwindling fossil fuel reserves and efforts from governments to switch to renewable energy sources, the price of energy from the grid can only be expected to continue to increase. Thankfully, having solar energy installed will prevent you from suffering from energy price hikes. Once your solar panels are paid for, the energy you receive from them is free. When the local power grid goes down, whether it be from a storm or a downed power line, you have to rely on the utility company to get it back up and running. In some cases, utility companies provide quick updates on the restoration process through communication channels or even on-site personnel, and you can often find valuable information by scanning a QR code on official notices posted in your area. For a business, this means a potential loss of income and a major impediment to business operations. Solar with equipped battery storage allows you to maintain independence from the grid during downtimes.
Tax Credits & Rebates
To incentivize people to make the switch to solar energy, federal and local governments have programs that offer tax rebates and energy credits. These programs can drastically decrease the cost of solar. The federal investment tax credit allows solar owners to receive 22% of their total cost back in tax credits. If you decide to get solar installed after 2023, that number is reduced to 10%. There is currently no cap on the amount you can receive as a tax rebate, so the more you spend on a solar installation in Washington DC, the more you will be able to receive.
Amongst other beneficial incentives is the ability to sell your excess energy in the form of solar renewable energy credits. Companies are required by law to source a portion of their energy from renewable sources and when they can’t meet the quotas, they purchase SRECS from other sources to consider it as their own production. This means that any extra energy produced by your solar system can be sold and used as an additional source of income for your business.
Which Businesses Can Benefit From Solar Panel Installation in Washington DC?
Instead of listing every business that can benefit from solar, it is easier to describe certain circumstances that would limit or prevent a business from benefitting. The first is your time commitment. If you plan on relocating your business, solar might not be right for you as it is an investment into the future. The longer you are using the solar system the more you will save. Next is if you need a new roof. While this is a major expenditure for your business, it may be necessary regardless of your solar ambitions. Fortunately, our team’s sister company, Fusion Roofing Services, specializes in roofing repair and replacement for solar-equipped roofs. Finally, if your business’s building is blocked by shade, your solar panels will not receive enough sunlight to operate properly. Unless you are willing to pay for tree removal, you might want to reconsider your move toward solar energy.
How Much Can Your Business Save?
Exactly how much your business can save with solar energy is dependent on a variety of variables. The first is the way you decide to pay for your solar. The most solar savings come from those who buy their system upfront with one single, cash payment. This allows you to begin earning your solar savings faster as the payback period is non-existent and the breakeven point comes much sooner. Next, is how much energy you consume compared to how much your solar array generates. The closer you are to having your solar system fully power your business operations, the less you will pay for grid energy and in turn, the more you will save. If your system is large enough that you generate extra power, you can earn income from SRECs, furthering your solar savings. Once you factor in the tax rebates and credits offered by federal and state incentives, the savings can become immense. While these are entirely dependent on your route to solar, system size, and business, solar savings will still have a positive impact on your business. How much you save is up to you.
Professional Solar Installation in Washington DC
If you are ready to start your business down the pathway toward immense energy savings and a reduced carbon footprint, Lumina Solar is here to help. Our team of dedicated solar representatives will work closely with you to ensure that your business is measured and fitted with a solar panel array that is optimized to meet your solar goals. With our variety of solar payment plans, there is a way for anyone to have solar installed in their business. Call or contact Lumina Solar today to begin your journey toward incredible solar savings!