Why Consider Commercial Solar Energy Installation?
As the technology for solar energy continues to advance, commercial solar energy has the potential to save businesses and building owners more money each year. Below are some of the top reasons businesses should invest in solar power.
Benefits of Commercial Solar Energy
Tax Benefits of Going Solar
The Investment Tax Credit (ITC) from the federal government gives businesses that install a photovoltaic (PV) solar system a 30% tax credit on the cost of the system. There is no cap amount for the ITC. Any unused portion of the tax credit may be able to be used in subsequent years. State government and local utility rebate systems also have reduced the overall costs of all solar energy systems installed for your business.
Net Metering to Offset or Eliminate Your Power Bill
Most states also have a net metering policy. Net metering is when a customer only pays for the net amount of electricity they use. With the net metering option, businesses with a commercial solar panel system can store the excess electricity their solar system generates as credits. You can receive a credit for up to 100% of your electric use at retail price.
Additionally, several states exempt the value of a renewable energy system from business owners’ property taxes. Unlike other improvements, which are likely to increase a property’s assessed value, some businesses do not have increased property taxes even though the value of the building will increase with the addition of a solar power system.
Other Benefits of Solar Energy
Types of Solar Power Systems
Grid Tie with Battery Backup Solar
Off Grid Solar for Remote Sites
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