The solar power industry is booming, particularly solar energy systems for commercial and residential properties. In the last decade, jobs in the solar energy sector have exploded, rising by as much as 167 percent and driven by advancing technology, decreasing costs, and increased social demand for clean alternatives to fossil fuels.
Business owners in the U.S. may feel drawn to commercial solar power for many reasons. Of course, "going green" can be a huge social boon for any business. Some surveys suggest that most consumers would be willing to pay more for goods and services from companies with sustainable practices. The same results suggest that consumers place an even higher value on companies that can back up their "green" claims.
Still, for many business owners like you, the decision to switch to solar energy is far more straightforward and far more practical: slashing energy expenses.
Savings – on many fronts
Switching your commercial property to solar energy can save you money in myriad ways. Some are what you might expect, but some might even surprise you.
But the value of cost savings for something as mundane as energy expenditures can't be overstated. Reducing – or nearly eliminating – your reliance on local utilities will add up to substantial savings that you can direct right back into the things you care about. So whether you use your savings to take care of your employees, to develop exciting new services or products, or just to improve your physical facilities, your solar savings are on the table and waiting for you to take advantage of the opportunity. Let SHINE Partners show you how.
1. Reduced reliance on local utilities
Whether for your home or business, most people are familiar with the feeling of being gouged by your local electric providers. Indeed, several internet-based services now exist that will switch you back and forth among several providers in an endless rat race to keep your rates per kilowatt-hour low.
Forget all that! Installing a reliable and high-quality solar panel and energy storage system on your commercial property, using a trusted provider like SHINE Partners, can drastically decrease the amount you spend each month on electricity. Our solar experts will design the most efficient solar panel system your commercial property can support, ensuring you take full advantage of the free energy that shines on your property nearly every day.
In ideal cases, a rooftop full of solar panels can bring energy costs for your commercial property close to zero.
2. Performance-Based Incentives
Performance-based incentives (PBI) may be available from local or state governments or electric providers in your area. In brief, a PBI is an incentive program that pays based on how efficiently your solar panel system performs on a per-kilowatt-hour basis.
PBIs reward solar panel installers for doing their job well and owners for choosing to invest in a more sustainable future. In other words, the prospect of a PBI is another great incentive to use a credentialed solar provider like SHINE Partners so that you can save as much as possible through these kickbacks.
3. Federal, state, and local tax credits
Solar panel owners can take advantage of an entire slew of potential tax credits. As a baseline, any U.S. commercial property owners who switch to solar energy can avail themselves of the Federal Investment Tax Credit. The federal ITC can currently save you 26 percent of the total costs of your solar installation. Another great reason to act fast and switch to solar now is that the ITC won't be around forever. Under the current plan, the tax credit will drop to 22 percent next year and then lapse entirely in 2024.
Many states and even some counties and cities may offer tax credits and incentives for installing solar panels on your commercial property. Consult your local appraisal district to see what additional savings you could be missing until you take the plunge.
4. Accelerated depreciation of your installation costs
Let's face it: even though a solar installation can save your commercial property many thousands of dollars in the long run, it's still a substantial investment at the outset. But even that burden can be lightened.
The Modified Accelerated Cost Recovery System reduces your overall tax burden, not unlike a direct tax credit, which can speed up the return on your solar investment. The federal MACRS system alone can decrease the overall cost of your solar system by as much as 30 percent, and many states have their own MACRS equivalent that can drive those savings even higher.
Like the federal ITC, the MACRS incentive isn't eternal. So unless it's extended, 2022 is the last year you can take advantage of the substantial savings offered by the MACRS.
The savings are on the table
All you have to do is reach out to SHINE Partners and claim the available savings for you and your commercial property. The more you save, the more available funds you have to pump right back into your property and the things you care about.
Give us a call today at 800-516-4452, email us at info@shine.partners, or visit us online at https://shine.partners and let us know you're interested in saving money with a commercial property solar installation. We'll get you in touch with our solar panel experts, who can assess your property's shape, space, and orientation and give you an estimate of the money you can start saving right away.
