Article at a glance
- Sell surplus power to utility companies and offset installation costs.
- Solar reduces fossil fuel use, cutting your carbon footprint.
- Federal incentives make solar more affordable.
- Eco-conscious operations attract investors and support growth.
Many consumers choose companies according to their eco-friendliness and sustainable business practices. As more people become aware of how their shopping habits impact the environment, more businesses are going green.
Embracing renewable energy sources like solar power is a great way to become an environmentally friendly business. Still, many question solar power’s profitability.
Thankfully, the business energy consultants at Navigate Power know that solar is a long-term energy investment capable of saving businesses money in multiple ways. Our post below explains the benefits of embracing solar power and going green, including its financial opportunities.
Utility Companies Pay You for Solar Power
The sun is one of the world’s top renewable energy sources, making solar panels an excellent option for companies desiring a green, eco-friendly approach. Contractors install numerous solar panels on roofs or land in areas with lots of sunlight. The photovoltaic cells inside each panel absorb the sun’s rays and convert its electrons into electricity.
All of the panels connect, forming a grid. The system’s energy goes into a nearby power inverter to produce alternating current from direct current. That electricity can power your business.
Net metering can contribute to solar power profitability. Suppose your solar energy system produces more electricity than you need to run your business. In that case, local utility companies may pay you for the excess energy, so nothing goes to waste.
This system could help you recoup your solar panel installation expenses without sacrificing your business’s energy needs.
Reducing Your Environmental Footprint in Manufacturing
One problem with businesses that don’t use renewable power sources is the overuse of fossil fuels. Oil, gas, and coal emit harmful greenhouse gases that contribute to pollution. Unfortunately, this fuel is mostly what the country uses to generate electricity, and it’s not renewable or sustainable.
Solar power is a renewable energy source that doesn’t produce harmful gases. It’s a great way to generate plenty of electricity while ensuring your business has a proper carbon footprint reduction. Since you won’t need to rely solely on the local utility company’s electrical grid for power, the need to manufacture electricity using conventional fuel sources lessens.
Commitment to Resource Efficiency and Recycling
The sun is ever-present; solar panels can absorb sunlight and generate electricity even on cloudy, rainy days. When you commit to using solar energy at your business, you show your competitors, consumers, and investors that you understand the power of recycling and resource efficiency. Solar power is sustainable, and these systems can produce electricity for decades without harming the environment.
Access to Government Incentives and Subsidies
The federal government and some local governments offer tax credits and financial incentives to install solar panel systems. These credits can minimize your business’s tax obligations and cover part of the solar system installation cost.
The solar tax credit is the main option. This federal tax break gives businesses a 30% tax credit toward their solar system investment.
Profitability in the Solar Industry
Despite high upfront costs, there’s no denying the potential profitability of solar power. This renewable energy source is ideal for businesses desiring a greener approach to manufacturing or day-to-day operations. Below are ways your business could profit from solar power.
Additional Read: 5 Practical Energy Saving Solutions For Offices & Industries
Technological Advancements and Cost Reductions
Energy-efficient technology and practices are one of the most cost-effective ways to reduce your carbon footprint. As technology evolves, outdated strategies, products, and systems can better accommodate the need for eco-friendly business solutions.
Embracing solar power is a major step toward becoming a green company with sustainable business practices. Yet you could maximize the savings potential of renewable energy by taking additional actions like installing modern appliances and LED lighting to boost your business’s overall energy efficiency and save on utility costs.
Ability To Attract Investors and Secure Funding
Becoming a green business with a solar power system can help attract stakeholders and investors, which is great if you’re ready to scale your organization to have steady growth. Since consumers typically view environmentally conscious businesses more favorably than those without commitments to incorporate eco-friendly practices, many investors also hold green businesses in high regard.
Many business owners struggle to attract new investors and stakeholders regardless of their stance on environmental protection. If you want to enhance your brand’s reputation as a green business that cares about its customers and the environment, sustainable energy like solar power is the way to go.
Financial Stability and Growth Opportunities
Installing solar panel systems might have a high upfront cost, but they can pay for themselves over time. These systems have a high return on investment. Depending on your system setup and your business’s energy needs, you could recoup all of the money you invest in the equipment and its installation, even if you don’t see immediate results.
You must also understand that technological advances and the popularity of solar power contribute to solar panels becoming cheaper. It’s even possible to purchase panels in bulk from some companies at a discount. The materials making up solar panels are sturdy and durable enough to withstand exposure to the elements, yet material costs are steadily decreasing.
Energy efficiency is another way to reduce the cost of a solar system installation. When your business doesn’t have to rely on the local electrical grid, its monthly expenses will decrease.
All of these factors can help secure your business’s financial stability. As a result, you’ll have more opportunities to grow your enterprise.
Explore Your Options Today With One of Navigate Power’s Renewable Energy Consultants Today
Adopting green energy solutions can be challenging for businesses, especially considering their upfront costs. Still, the profitability of solar power makes this choice one of the top long-term investments a business owner could make in their enterprise.
Navigate Power is an energy consulting firm that can guide you through these unique challenges and deliver cost-effective business solutions to businesses seeking greater energy efficiency and profitability. A renewable energy consultant on staff can help you find the best solar power plan for your business. Speak to a business energy consultant in Chicago today — call (800) 541-1137 for a consultation and learn more.
