As the effects of climate change continue to impact the planet, businesses need to reduce their carbon footprint and adopt more sustainable practices. One effective way to achieve this is by installing solar panels on their business premises. Not only is solar energy eco-friendly, but it can also provide a range of benefits for businesses; below we have outlined ten of them.
Reduced Electricity Costs
A primary benefit of solar energy for businesses is the potential for reduced energy costs. As they generate their electricity, companies rely less on the grid and can lower their electricity bills. This is particularly advantageous for businesses that consume large amounts of energy.
Increased Energy Independence
Switching to solar energy can also provide businesses with increased energy independence. By generating their electricity, companies are no longer at the mercy of energy suppliers and the grid, which can be prone to power outages and other disruptions.
Commercial Property Value Increase
Solar energy systems can increase the value of commercial properties. Studies have found that installing a solar energy system can increase the value of a property by up to 20 times the annual electricity savings. This can be advantageous for businesses that plan to sell their property.
Government Incentives and Grants
State and federal governments worldwide offer tax incentives and grants to businesses in specific locations that adopt renewable energy sources such as solar power. These incentives can help reduce the initial costs of installing solar panels, making it more feasible for businesses to adopt this technology. Moreover, some governments offer feed-in tariffs, which pay companies for any excess energy they generate and then feed into the grid. Read More