Utility costs are rising, which has pushed many companies to search for better ways to run their business. One of the most popular solutions is renewable energy.
The green trend is gaining momentum. As of June 2019, over 100 Fortune 500 companies had adopted solar and saw significant results. The list includes big names like Target, IKEA, Apple, Intel, and Walmart. The technology is also catching on in the small to medium size business world.
In 2018, corporations purchased approximately 13.4 gigawatts of renewable power. This was over double the previous year’s buys. A team of Eastern Suburb Electricians want to shed light on why businesses of all sizes are turning to solar energy to power their operation.
Dropping Cost of Solar Installations
An initial investment is required to install a solar system. The good news is that the cost of installations has dropped significantly in recent years. The average cost has lowered by over 80% since 2010.
If you want to switch to renewable energy, now is the time. The cost is down, and you still have the opportunity to take advantage of Federal tax incentives that are scheduled to reduce in the future.
Sell Energy with Net Metering
Many areas support net metering, which is another way you can generate revenue from your solar panels. This feature allows individuals and businesses to feed excess energy back into the grid and earn credit for it.
The amount earned will vary depending on retail price. This is another way to offset the cost of solar installation. Check with your local energy supplier to find out if a net metering program is available.
Make Your Business More Reliable
Power outages can bring your operation to a grinding halt. If you have solar panels, then this becomes less of a problem. Around 98% of organizations found that a single hour of downtime can cost them over $100,000.
Installing solar panels and storage means that you don’t have to worry about blackouts eating into your profits. Your business can keep doing what it does during an outage when you generate power on-site using a readily available source like the sun.
Federal and Local Green Incentives
Federal and local governments offer green incentives to businesses that use solar energy. The amount and eligibility may vary. The solar investment tax credit started at 30% and dropped this year to 26%. It will drop again next year to 22% then 10% in the years after. If you want the highest credit, then you should install this year.
Better Reputation Among Customer and Investors
Businesses who use renewables find that they gain a better reputation among customers and investors. The general public is aware of the problems of the planet and many seek companies that line up with their beliefs and ethics.
Investing in sustainable energy also shows that you are a forward-thinking company that supports its values. These factors help build trust among customers and partners.
Now is the best time to learn more about how solar energy can boost your business’ revenue.