How Businesses Can Save Money with Solar Panels

By August 12, 2020October 29th, 2020Blog
How Businesses Can Save Money with Solar Panels

Solar panels are photovoltaic cell modules designed to capture and convert sunlight into usable energy for residences and businesses. Many people associate them with homes or schools, but small- and large-scale commercial buildings can utilize them, too. In fact, this guide on how businesses can save money with solar panels shows some of the best cost-saving techniques to consider.

Long-Term Energy Supply

Probably the most significant benefit solar panels give to businesses is long-term, low-cost energy. Energy derived from nonrenewable sources such as coal, oil, or natural gas are often directly affected by their respective markets. In effect, businesses suffer from fluctuating energy costs and occasionally blackouts if their bills are unpaid or mismanaged. Solar panels, on the other hand, eliminate these issues. Businesses can reap solar energy for up to 35 years, the typical life span of a panel. The need for replacement is so infrequent that it’s a miniscule upfront cost for the businesses using them.

Reliable, Low-Maintenance Infrastructure

Another noticeable benefit is that the panels themselves are reliable and low-maintenance. Solar panel systems have very little maintenance requirements. There are no motors, gears, levers, or other internal systems that engineers must repair. In fact, solar panels instead use photovoltaic cells that convert sunlight into electricity. These cells link together, spliced between two pieces of silicon or other type of semiconducting material. Metal conductive plates on the sides collect electrons and transfer them to wires, allowing the electrons to flow evenly throughout the panel. This whole process converts sunlight into direct and alternating electrical currents for your business.

Tax Credits and Performance-Based Incentives

The last way businesses can save money with solar panels is through tax credits and performance-based incentives. Many residents take advantage of the Federal Solar Tax Credit, but businesses are eligible, too. For the 2020 year, businesses can receive the full 26% federal tax credit, or 22% for 2021. Otherwise, many states also have their own solar tax credits. New York offers grants on solar arrays for businesses as well. Additionally, in other states, performance-based incentives such as solar energy certificates also recoup some upfront costs when you install a new solar panel system. Utility companies might cover some of these upfront costs or offer payoffs to improve your business’s overall energy performance.

Call us at Solar Liberty for proper commercial solar panel installation at your small or large business. Perfect for retail, government agencies, schools, universities, and more, our solar panels fit any rooftop design. By using solar panels, any building or property manager will reduce their utility costs while promoting sustainable energy generation, promoting their environmental record for others to see.