As a business owner or commercial property owner, you may be curious about solar panels. It may sometimes feel like everything you learn about solar is targeted toward residential solar customers. But did you know that investing in solar for your commercial property could be just as beneficial?
Keep reading to learn 5 benefits of solar for commercial properties.
1. Reduce Energy Costs for Your Business
Ask yourself this: Why were you thinking about going solar in the first place? You’ve likely heard about how it can save customers money on their monthly electric bills in addition to being a clean energy source.
That’s true for residential solar customers, and it’s certainly true for commercial customers, as well. Whether your commercial property is an office building, an apartment complex, or something else. It’s likely that it needs a lot of energy to operate at its best.
Between 2010 and 2020, electricity costs increased by 30%, according to the U.S. Energy Information Administration. But installing solar panels can help keep your commercial building’s energy costs fixed for years to come. That means your monthly budget will be more stable, and you can divert your energy savings toward other areas of your business.
2. Get a Great Return on Investment (ROI)
One main factor that sometimes scares people — individuals, families, and businesses — away from solar is the perceived cost. But it helps to think about in terms of making an investment. Just like buying a home or starting a business often requires a large investment upfront, many people agree that these investments are worth it when it comes to the return — the ROI.
When you think about it this way, you’ll see it less as a bothersome expense and more of something that’s going to pay dividends in the future.
And what if we told you that you don’t have to make that investment alone? Thanks to the Investment Tax Credit (ITC), businesses can save on the costs of residential and commercial solar. Through the end of 2022, commercial solar customers can claim a 26% tax credit. In 2023, the tax break amount will drop to 22%, and in 2024 and beyond, commercial solar will only be eligible for a 10% credit.
For those reasons, customers interested in commercial solar should plan to take advantage soon.
3. Increase Your Property’s Value
Did you know that, for residential properties, solar panels improve a home’s value? Luckily, for commercial property owners, the same is true. Not only can solar panels improve the aesthetics of your building’s exterior — which can increase value on its own — but you’re once again going to see that return on your investment, reflected in your property value.
If you ever choose to sell your property or business, studies show that potential buyers are willing to pay a premium for solar-powered property. Not only are they willing to pay more, but buildings equipped with solar often sell faster. As the world continues to move toward more renewable energy sources, solar panels are likely to remain highly desirable.
4. Improve Your Company’s Image
While the climate change crisis continues to face our country and our planet head-on, most of us can think of the ways we’ve been encouraged to live an eco-friendly lifestyle as individuals. Don’t waste water. Recycle. Carpool or take public transportation when you can. Avoid single-use plastic.
But the truth is that, often, it’s businesses that are responsible for many of the causes of climate change. While this generally applies to large, international corporations, consumers are taking note of which companies are doing their part. In fact, a study revealed that Americans are willing to pay up to 5% more for environmentally-friendly products.
Here’s some more information from that study. Find out how much more likely consumers were to make a purchase from an eco-friendly brand in these product categories:
- Cleaning products — 42%
- Drinks — 37%
- Pre-packaged food — 35%
- Cosmetics and toiletries — 34%
- Clothing — 31%
- Cars — 29%
5. Invest in Your Local Community
When you choose to go solar, you’re more than just investing in your property, business, employees, and customers. You’re also investing in your own local community when you choose a local company to help you with your solar project.
While supporting local business is always a good idea, the impact of the coronavirus pandemic has made that even more important as local businesses work to stay afloat amongst a struggling national economy. When you choose a local solar company, you’re ensuring that your money stays within your community. Which makes the local economy even stronger. And it’s likely that your local solar company is sourcing their materials from other local companies — meaning you’re making an impact in more ways than one.
But it’s also another way to improve your company’s image in the local community. By working with your hometown solar team, you’re showing you care about the power of community and trust in your local talent to get the job done.
KC Solar Is Ready to Work With You
Whether your commercial property is big or small, KC Solar is ready to be your partner on your commercial solar journey. As local business owners, we know what it’s like to be in your shoes. And we love our city just as much as you do.
Let’s chat, and you can get your free quote today.