Businesses have realized how solar arrays enable them to create community goodwill, improve their stakeholder perceptions, save power costs, and get a good return on investment.
If you're considering installing industrial solar panels in 2021 like these companies, you're definitely investing in a clean, green, and profitable future for your business.
How is solar profitable for factories?
If you're still wondering whether or not you should install solar panels on your industrial factory, you probably haven't yet considered all the profits associated with it.
Offset your electricity costs with solar
Generally speaking, factories and production facilities have high power requirements. With solar electric power, you can easily offset these costs. This will improve your bottom line and help you stay ahead of the competition.
Much like buying property versus renting it, buying solar and generating your own electricity eliminates the wastage of money, month after month.
Protect against power cost increases
Installing solar power system on your factory makes you a self-sufficient, energy-producing organization. This will shield you from any increases in the cost of power.
Consume free power and sell the excess
Once your solar energy system’s payback period is over, your business will start generating electricity for free. Moreover, if you have enough rooftop solar panels or ground-mounted panels, you can make money from the excess electricity generated from your solar farm. You can sell the surplus electricity back to the grid.
For businesses operating at a thin profit margin in those first critical years, initiatives like these make all the difference.
How does going solar impact your brand image?
Renewable energy solutions are on trend, and it’s high time to join the movement to save our environment. Soon enough, every industry on the planet will either go green or go under. By supporting clean and renewable energy, you tell customers that you care about more than just profits. You'll create a positive brand image for your shareholders, your customers, as well as for your local community.
Once your flat roof solar panels are installed, take a few epic photos of your solar farm and share it with the world. Shout out loud about your commitment to a clean energy future, and spread the message to eliminate harmful greenhouse gases.
Moreover, with companies coming under fire for their unsustainable practices, you can get a step ahead of critics. You also set yourself apart from the other companies in your industry that haven't gone green yet.
How does solar power empower your local economy?
Solar jobs in many American states increased dramatically in recent years, with the highest employment rates witnessed by Florida, Texas, Illinois, and New York. The National Solar Jobs Census conducted by The Solar Foundation concluded that around 242,000 solar workers are providing affordable, clean, renewable energy across the United States.
The US solar energy industry now employs 3 times more workers as compared to the coal mining industry. The solar industry is not just powering American homes, commercial sectors, and industrial factories, but also empowering solar workers and their families.
When you hire local solar contractors or solar installers, you strengthen your community. Evidence shows that early 70% of money spent on local businesses going back to the local economy.
Why should factories install solar photovoltaic panels?
In addition to the numerous benefits we’ve outlined above, there are a couple of other factors that make 2021 a great time to invest in solar for your factory.
Solar incentives and rebates reduce installation costs
If you didn't realize already, there are some attractive tax credits available for industrial factories. With multiple rebates and incentives available for commercial solar installation, the whole solar project becomes a much easier pill to swallow.
With the investment tax credit or ITC, you get to claim 26% of the total cost and deduct it from federal taxes. There are a few investments you can make today that take such a huge chunk out of your tax bill. When you choose solar power, you can claim a good share of your investment and pour it back into your business.
Solar reduces your tax liability
Commercial property owners can also write off the installation of their panels through the MACRS. The Modified Accelerated Cost Recovery System allows a business to use depreciation of the solar investment to reduce their tax bill. This helps recover the money spent on the initial solar panel installation. The maintenance fees are often able to be written off on your end of the year tax assessment as well. On top of that, the money that you won't have to spend on utilities will seem like icing on the cake, especially when you start selling it back to the grid.
Check out how you can take advantage of the federal solar tax credit to reduce your solar costs.
Solar power makes you a socially responsible business
With the reality of climate change fast approaching, it's vital to make conscious decisions to help keep the earth healthy while we enjoy our lives on it. If you won't make sustainable decisions, you risk leaving behind a less interesting and less diverse planet for your children.
Industrial solar panels ensure that you're getting the kind of return on investment that you deserve when you make responsible decisions about the planet.
And remember that it’s not just your business that can benefit from solar — households also stand to save thousands of dollars from installing solar panels. You can learn more about the feasibility of solar panels for your home by using our solar panel calculator — start by entering your zip code below.