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. Unfortunately, many businesses have yet to take the time to truly study the operational and financial benefits of commercial solar energy. Below we have compiled some of the top reasons for businesses to invest in solar power from both a monetary and operational standpoint.
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. If that wasn’t enough, states and local utilities offer their own rebate systems to reduce the overall costs of having a solar energy system 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 “bank” the excess electricity their solar system generates as “credits.” You can receive a credit for up to 100% of your electric use at the full retail electricity price.
Additionally many states exempt the value of a renewable energy system from a building owner’s 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.