Solar energy is one of the fastest-growing sectors in Utah, and that’s partly due to the fact that more and more successful businesses are opting to go solar. While residential use accounts for about 20% of Utah’s energy consumption, another 20% goes to commercial uses, and an additional 20% to industrial purposes. Because businesses usually operate using higher volume than the average residence, energy-wise, savvy business owners are able to see a faster return on their sustainable energy investment than homeowners. But the benefits don’t stop there. Here are 4 powerful reasons that more and more businesses are going solar:
1: Perfect Peak Hours
Solar energy is difficult to store, and so most of the time, solar energy production will work in tandem with existing utilities infrastructure. Solar energy is produced during the day. Any excess energy that your panels create, but you don’t use, goes into the grid for others to use. When this happens, you’re given credits so that the energy that you use later, when no solar power is available, is given to you at a discounted rate.
Although this is a great way to solve the problem of storage, it’s not perfect. The truth is that most homes use much more energy at night (after the sun has set) than during the day. Businesses, however, are the opposite. The majority of their energy use happens during the best daylight hours, and evening or night energy use is at a minimum. This means that businesses are in the perfect position to benefit most from solar energy.
2: Tax Deductions and Credits
A smart business knows how to use tax breaks to their advantage. One of the richest resources of tax deductions is renewable energy. Any upgrades to your location or operations can garner big deductions for your business taxes come April. For example, the 2018 Solar Tax Credit allows you to deduct 30% of the cost of solar energy installation from your federal taxes.
3: Monthly Savings
Overhead costs of running a business can add up fast. While installing solar panels in your place of work can be a big upfront cost, businesses quickly see the difference in their monthly energy bill. Increased standardization, and lower monthly costs allow businesses to better anticipate future expenditures and route money towards proactive development and growth rather than monthly upkeep.
Part of what makes renewable energy attractive to businesses is simply what it does for your brand’s reputation. Especially in businesses who want to appeal to eco-conscious consumers, making the switch to solar power can increase brand loyalty. Modern consumers are more and more concerned with putting their money where their values are. Huge businesses like AT&T, Microsoft, Walmart, and Facebook are leading the pack, pledging themselves to transition to renewable energy.
Curious about the advantages of solar energy for your business? Give us a call today to learn more about the cost and ROI.