Solar Power Benefits for Businesses
From a mom-and-pop shop to giant corporations, any type of business has one main overhead cost: power.
No matter how frequently your business makes phone calls, uses the internet, or runs your equipment and tools, being hooked to the local power grid leaves you susceptible to price fluctuations beyond your control.
And unfortunately, the only way the power costs will trend is up. That’s why solar energy is increasing in popularity worldwide – from homes to giant corporations – and for a good reason.
Let’s look at the many benefits your business can attain by connecting to solar power!
Independent Energy
Your business hooked up to the local power grid was the only option for such a long time. Many setbacks come from relying on the power grid, such as price fluctuations and the potential for power failure.
However, with solar power, you will gain the freedom of energy independence as solar panels will draw energy from the Sun’s UV rays, powering your business. It will power your business instantly while storing any extra power for a literal rainy day.
Additionally, solar power will keep your lights on and your business working when the rest of the area may shut down due to a power outage.
Reduced Overhead
With energy prices taking a stable ride uphill, powering your business at a reasonable cost becomes more and more scarce with each passing year.
Keeping the lights on, phones ringing, and the internet working is not the only power consumed in your business. You must factor in heating and cooling costs as well as your tools and equipment.
Solar energy takes you off of the fluctuating prices of the local power grid, putting money back into your pocket and increasing your budget for other necessities. You may still need your business connected to the local power grid, but that will be just for nighttime and in the event of your solar panels having technical issues.
Reliability and Low-Maintenance
There is no shortage of solar energy to offer your business; the panels are easily tempered and accessible within a non-corrosive and protected glass. Most panels can withstand hail, rain, snow, wind, and other major elemental events, meaning you will have a reliable product that requires very little maintenance while you reap the benefits.
Lower Your Carbon Footprint
It's no secret that sustainability practices and being eco-friendly are becoming requirements in our world. A certain level of ethics and responsibility comes with corporate entities, and consumers are beginning to pay attention to whether these businesses are contributing to these standards. Investing in solar panels is just another way to help not only protect the environment but grow your credibility with current and new clients by reducing your carbon footprint.
Increased Return on Investment
Investing in solar power is another way to help meet long-term goals for your business. This power source can provide an increased return on your investment because most of the systems pay for themselves between three and five years. When combined with the minimal maintenance and a cheap technology solution, it makes it an easy choice to invest in.
Solar Tax Credits
Everyone loves to get a tax break! The government supports businesses and homes to move toward cleaner energy like solar power through tax incentives that will save your business even more money. There is also accelerated depreciation on the equipment, which can help reduce the overall cost of these assets via tax deduction throughout the product's life.
The solar panels are paid as a simple calculation of dollars per kilowatt that is generated and based on consumption. The current pricing is $0.083 per kWh, which can be a great incentive and pay for itself over time. The system is also 100% exempt from property taxes meaning once it is installed, it can increase your property value.
You’ll be able to receive a 26% rebate on your solar power installation; meaning, whatever cost it takes to install your solar panels, you will receive over a quarter of that money back!
Applying for Tax Credits in Minnesota
Applying for the benefits must be completed through the IRS with tax Form 5695 and added to your regular return. Keep in mind, the credits can offset balances due and if your taxes end up larger than what was due, the credit can carry over to the following year, meaning more money in your pockets.
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