Did you know that solar energy has overtaken gas and wind to be the biggest source of new energy in the United States?
Many of the largest business brands in the United States have transitioned to solar energy in recent years, including Apple, Walmart, and Amazon.
Hearing that companies in the Fortune 500 are going solar might not seem relevant to your business.
Many small and medium-sized businesses think about installing solar as a plan for the future. It’s often put off because it’s not affordable yet.
It’s important to shake off the old ways of thinking about solar energy and embrace the commercial opportunity of solar to power your company.
However, the cost of solar installation is one of the many misconceptions about solar energy. To find out more about the top 10 reasons why your business should install solar panels, keep reading below!
1. Lower Operating Costs
Switching to solar energy can reduce your operating costs. Even though, the amount of energy used by a company hugely depends on the kind of operations taking place. Electricity costs are a heavy expense for any business.
The majority of businesses operate for around eight to ten hours per day. Even though most employees don’t even realize it, this requires a constant flow of electricity throughout the working day. Most companies operate during the daytime, and therefore, benefit from the sunlight during peak working hours.
By switching to solar energy, you can reduce the amount of energy your company consumes and lower your operating costs. To find out more about the savings you can make on operating costs by switching to solar energy, check out the information provided by this company.
2. Good Return on Investment
Every effective company is always on the look-out for a great return on investments. Switching to solar energy isn’t a charitable act, it’s for commercial reasons.
The are many federal and state government incentives available to companies considering switching to solar power. This includes the business energy investment tax credit (ITC), which involves a rebate of up to 30 percent on your solar energy installation costs. This is expected to drop to 10 percent after 2020, so it’s important to install solar panels now to benefit from this kind of incentive.
In addition, the cost of installing solar panels is falling quicker than anyone in the industry expected. This is due to greater investment and improved technology which have made solar panels and equipment cheaper to produce. The fall is expected to continue further with another 25 percent drop expected until the year 2022.
The best part of installing solar panels is that you’re effectively paying for the cost of your energy bills up-front. According to studies, if you install solar panels, you’re installing up to 40 years of energy for your company. This is all excellent news for companies that are considering switching to solar power.
3. Low Maintenance Costs
After you have installed the solar panels, the costs of maintenance are extremely low. The maintenance needed is mostly cleaning of the solar panels to ensure high performance. The solar energy technology is reliable and repairs are rare and infrequent.
According to the U.S. National Renewable Energy Laboratory, the maintenance of solar systems costs an average of $20 per kilowatt every year. This could raise over the next decades to the rate of up to $40 per kilowatt per year.
It’s important to consider the costs of maintenance in the context of the approximate cost of $4,000 per kilowatt for the initial installation. Therefore, less than 1 percent of the initial cost of the solar system goes on annual maintenance costs.
4. Reduce Greenhouse Gas Emissions
Greenhouse gas emissions come from a variety of sources from transportation to industry to agriculture to electricity. Conventional sources of energy, such as coal and gas, make up a significant percentage of the greenhouse gas emissions of the United States. Energy use is one of the most important drivers of global warming.
By switching to solar energy you can reduce your greenhouse gas emissions by up to 40 percent. This is because solar is a renewable energy and does not produce greenhouse gas emissions.
There is also a wide range of economic incentives provided by the U.S. government to encourage companies to reduce greenhouse gas emissions. You can find out more about this on the Environmental Protection Agency website.
5. Install Solar Panels for Great PR
Switching to solar power demonstrates that your company is committed to a sustainable and environmentally-friendly future. Since the Paris Climate Accord in 2015, climate change is increasingly seen as a mainstream issue in the public eye.
This can be a great public relations boost for your company. According to market research, over 30 percent of consumers plan to increase what they spend on socially responsible companies.
Furthermore, as the number of millennials in the market continues to increase, it’s important to recognize the values of this generation of consumers. Millenials are much more likely to spend money with a company that appears environmentally and socially responsible.
6. Increase the Value of Your Property
Did you know that you could increase the value of your company’s properties by installing solar panels?
While you might not be expecting to sell your property any time soon, it’s important to think about this for the future of your business.
According to research by the U.S. Department of Energy’s Lawrence Berkley Laboratory, the value of properties with solar panels can increase by up to 4 percent.
According to the U.S. Department of Energy, properties with solar panels installed not only sell for a premium. They also sell much faster than properties without solar panels.
7. Boost Staff Morale
Switching to solar can also boost staff morale within your company. Your employees want to work for a socially responsible company that wants to drive the sustainable future.
According to research, employees working for a company that has ‘green’ credentials have higher levels of satisfaction. This is important for the financial performance of your company too. The Financial Times report that ‘happy workplaces’ help companies to reach higher performances.
In addition, if you want to attract the most talented and hard-working young people, it’s important that you take corporate social responsibility (CSR) measures like switching to solar seriously.
8. Keep up With Your Competitors
Many of the competitors in your industry are already likely switching to solar energy. As the cost of solar energy continues to fall, you’re spending a greater amount of your annual budget on energy bills than your competitors.
However, it’s not just about the cost savings of switching to solar that puts you at a disadvantage. Your competition could already be benefiting from the many of the reasons outlined above. If you don’t want your consumers to see your company as the dirty energy and expensive alternative, you need to switch now.
You simply can’t afford to give your competitors the advantage of switching to solar before you.
9. Community Awareness
A socially responsible company also thinks about the other people living in your community.
For many people in the community, the air pollution caused by industry and commercial businesses damages the health of community members and the environment around them.
If your company is harming the people in your community, this can harm your reputation and positive image in the city or town in which you operate.
You’re much more likely to be viewed as an important part of the community if people associate your business with sustainability and green business ethics.
10. Improve U.S.’s Energy Independence
Despite the growth of solar energy and other alternative energy sources, the United States remains reliant on foreign oil sources from the Middle East and other counties.
By purchasing energy from abroad, the U.S. spends money propping up other the economies of other countries, rather than concentrating on supporting solar energy companies that operate in the U.S.
Your company can play an important role in improving the United States’ energy independence. If you invest in the solar future of the U.S., you can help the country stride towards a sustainable and independent energy economy of the future.
More Green Business Ideas
There are so many reasons to switch to solar energy for your business.
Whether you want to boost your brand image, improve employee satisfaction or simply contribute to a sustainable future, install solar panels today.
But there are many other things you can do to reduce the carbon footprint of your business from ensuring you have a green office space to changing to a green philosophy for your business.
If you want to find out more about renewable energy and how to reduce your carbon footprint, check out the rest of our blog today!
