The emergence of commercial solar power is a magnanimous innovation in the world of business. With the continuously increasing demand for electric power, the significantly high price of oil and the growing concern for the environment, many businesses are resorting to alternative sources of energy. Among the renewable energy sources, solar energy is a sustainable choice and one that can be used in various applications. Many businesses are now tapping into this alternative source of energy, hoping to benefit from its numerous advantages. You should start considering converting and investing to solar power as the energy source for your business operations. Here are some reasons why.
- Low Operation Costs
Because you will be harnessing your own electric power through solar panels, you will not have to buy electric power from electric companies which source their supplies of energy from petroleum products. With solar power maintaining the operations of your company, costs will be much lower than before. A significant decrease in your annual expenditures will result once you’ve turned your company to solar power. You basically source your energy from the sun, which is free and renewable, unlike the fossil fuels and petroleum products which are depleting in supply and are very expensive commodities.
By investing in solar power, businesses can insulate themselves from these increases by producing their own cheap electricity. And by guaranteeing themselves a certain electricity rate with solar, businesses can take the variable nature out of their utility costs and begin to categorise their utility costs as more of a fixed expense, providing for a more predictable and stable balance sheet in which to work.
- Increasing Building Value
Most buildings with built-in solar panels increase their value by a significant number. Commercial solar panels are good returns on investment because besides decreasing your operation costs, it also increases your building’s value. Solar panels do not have high maintenance costs and have a lifetime of about 40-50 years. You can expect your company to have sustainable energy supply for half a century. This gives your building a significant value to other businesses. So in case you will not be using your building anymore, you may lease or sell it to another company which will consider the solar panels as a big benefit to their operations.
- Net Metering
Net Metering is a service to an electric consumer under which electric energy generated by that electric consumer from an eligible on-site generating facility and delivered to the local distribution facilities may be used to offset electric energy provided by the electric utility to the electric consumer during the applicable billing period. It is a billing mechanism that credits solar energy system owners for the electricity they add to the grid. Thus, investing in solar panels allows you to sell off to the main grid the excess solar energy you harness which adds up to the profit of your business. Moreover, this policy allows you to set-off your credits to the main grid in case you outsource energy from them during the night.
- Government Incentives and Tax Credits
Since the Government promotes and supports investment in renewable energy, it offers incentives and tax credits to commercial establishments which shall shift their electric power to renewable energy sources, such as the solar power. There are Small-Scale Renewable Energy Schemes or Large-Scale Renewable Energy Target programs the Australian Government offers in order to facilitate the shift of most businesses to renewable energy sources. The Clean Energy Regulator issues the certificates businesses must obtain before they could be creditable to the incentives and tax credits.