Did you know that the price of solar has shrunk by 60% compared to 10 years ago? So, it’s no wonder more Americans are going solar. Indeed, the country now boasts over 121 gigawatts (GW) of solar capacity installed.
As a business owner, it’s high time you join the crowd of commercial solar energy users. Doing so can benefit you in many ways, from enjoying tax credits to lowering energy bills. It may even help improve your health and that of your employees!
Ready to explore all the perks and pros awaiting your business when you switch to solar? Then keep reading, as that’s what you’ll learn in this guide.
1. Reduces the Federal Taxes You Owe
If you choose to go solar this 2022, you may qualify for a 26% federal investment tax credit (ITC). You can claim this on your business’s federal income taxes. The credit applies to eligible costs, such as the solar panels and panel installation fees (i.e., labor).
For instance, let’s say you paid $20,000 for your solar panels and their installation. In that case, you may claim a tax credit amounting to $5,200. You’d then owe the federal government $5,200 less on your business income taxes.
Act fast, though, as the commercial solar ITC will drop to 22% in 2023 and 10% in 2024. So if you want the most credits, hire a solar company known for having a reliable process. That can help ensure you enjoy a quick yet high-quality installation service.
2. Helps Lower Your Carbon Footprint
Anything and anyone emitting greenhouse gases (GHG) has a carbon footprint. GHGs, in turn, are gases that, once in the atmosphere, trap heat. Anthropogenic GHGs, which come from human-related activities, are behind global warming.
Carbon dioxide, ozone, methane, water vapor, and nitrous oxide are examples of GHGs. They can occur naturally, but they can also be anthropogenic.
Most anthropogenic GHGs are from fossil fuels. Burning them for energy, in particular, is the leading contributor to U.S. GHG emissions.
Indeed, in 2020 alone, fossil fuel combustion in the U.S. accounted for more than 70% of the country’s GHG emissions.
Therefore, you, your employees, and your business activities all have a carbon footprint. That applies to everything you do that involves electricity or energy use.
Thus, the more fossil fuel-based energy your business consumes, the bigger its footprint. Unfortunately, that means it contributes more to global warming and climate change.
Now, note that you won’t eliminate your carbon footprint even if you choose to go green with solar. However, it can help since solar energy has a smaller carbon footprint than fossil fuels.
3. Saves You on Utility Bills
Solar panels generate energy that they convert into electricity. You can then use that electricity to power your office building and equipment.
So by going solar, you can rely less on the grid for electricity. And every time you don’t tap the grid for power, that causes your energy bills to drop.
Moreover, if you own many panels, they may produce enough electricity for your office. In that case, you may only owe your electric company miscellaneous or service fees. They likely won’t bill you for consumption charges.
So if you’d like to start saving on energy bills with clean power, consider going solar ASAP.
4. Protects You From Rising Electricity Prices
In 2021, commercial electricity users in the U.S. paid an average of 11.21 cents per kilowatt-hour (kWh). That’s pricey as-is, but experts project that to surge to a high of 11.97 cents per kWh this 2022. Moreover, they expect it to jump to 12.23 cents per kWh come 2023.
So if your office’s electricity usage is 5,000 kWh a month, you’re looking at an average monthly bill of $598.50 this 2022. By next year, that could rise to $611.50 a month, or a staggering $7,338 for the entire year.
That’s a lot of money you can otherwise invest in a solar energy system. Plus, if you go solar now, you can protect your budget from future price hikes.
5. Eco-Friendly Businesses Attract More Customers
Globally, 60% of consumers rate sustainability as a crucial purchase criterion. In the U.S., that jumps to 61%. Moreover, 37% of U.S. consumers say they’re willing to pay more for sustainable products.
All those figures indicate that shoppers prefer environmentally-friendly brands. The good news is that solar power is one of the cleanest, most eco-friendly energy sources.
For starters, it has a smaller carbon footprint, as mentioned above. In addition, the process itself of generating solar energy doesn’t produce combustion pollutants.
Thus, going solar can make your business eco-friendlier. That, in turn, can make it more attractive to consumers.
6. Improves Health and Lowers Healthcare Costs
According to WHO, 99% of the global population breathes air with high pollutant levels. These include particulate matter (PM), carbon monoxide (CO), and ozone (O), to name a few. Other notable pollutants are nitrogen dioxide (NO2) and sulfur dioxide (SO2).
Unfortunately, exposure to those pollutants causes illnesses and even premature deaths. Indeed, scientists say air pollution is behind 6.5 million annual deaths worldwide. Air pollutants, after all, cause many diseases, from cancer to heart and lung disease.
Fossil fuel combustion is a primary contributor to air pollution. During the burning process, these energy sources release PM, CO, O, NO2, and SO2.
That’s a good enough reason to consider going solar, as it doesn’t produce air pollutants. If more people were to make the switch, it could make a massive difference in the state of the air. For instance, it can minimize air pollution, resulting in cleaner air.
Cleaner air is better for health and reduces the risk of chronic diseases. And the fewer illnesses people deal with, the lower their healthcare expenses. That can also mean fewer medical-related expenses for you and your employees.
Reap These Benefits of Going Solar
As you can see, going solar has financial, environmental, and health benefits. These include fewer taxes, reduced footprint, energy savings, more customers, and healthier air.
So, why not consider hiring a reputable solar installation company ASAP? The sooner you do, the sooner you can switch to cleaner, healthier, and cheaper energy.
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