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3 Reasons Why Your Business Should Install Solar Panels

Solar panels for business

3 Reasons Why Your Business Should Install Solar Panels

Rent. Insurance. Taxes.

As a business owner, you have to manage a lot of overhead costs to remain in operation. Fortunately, your energy bill doesn’t have to be one of them. 

Here are three key reasons why your business should install solar panels:

No. 1: The Federal Tax Credit Expires in December 2020

If you run a profitable business, you also have to pay federal taxes. But if you act quickly, you can earn a hefty tax credit just for installing solar panels.

In 2020, you can earn a 26% tax credit on all solar panel arrays installed before December 31. So, if you spend a total of $10,000 on solar panels in 2020, you will get back a $2,600 (dollar-for-dollar) tax credit. 

Good things don’t last forever, though: The tax credit will be reduced to 22% in 2021, then it will be permanently reduced to 10% in 2022. 

On all commercial solar installs you can also benefit from accelerated depreciation on the balance of the system cost AFTER the tax credit, so in the case of the above example, with $10,000 spent on solar; as a business owner you would get the $2,600 tax credit, and also be able to write off depreciation on the $7,400 balance! 

Since prices on panels and inverters have stayed level since 2016, there is no good reason to wait and miss out on this federal tax credit opportunity as well as the write off on the depreciation! .

No. 2: Solar Panels are a Hedge Against Inflation

As long as you’re in business, you’ll always need energy — and the cost of electricity has gone up 4% per year for the last 30 years.

Will you still be in business in the next decade? There are many variables to that equation, ranging from the type of business you’re running to rapid technology changes. But if your business has been around for 20–30 years, there is a great chance that you will still be around in the year 2030.  

By 2030, hundreds of thousands of electric vehicles will be plugged into the electric grid, driving up prices per kilowatt and possibly doubling or tripling your energy costs. Buying solar panels eliminates that uncertainty.  

Modern monocrystalline solar panels last 35–40 years, with a 5 to 7 year ROI on most commercial installs. When you buy solar today, you will know the exact cost upfront — there are no additional costs after the panels go up. This makes the price of solar far more predictable than the cost of electricity from the power grid over the next 30–40 years.

As electric prices go up (by the year 2025) your system will pay for itself even faster than the projected ROI at install. 

If you expect to be in business 5–10 years from now, solar panels will be far cheaper than your current electric bill — and they’ll add value to your building if you sell your business in the future.

No. 3: Customers Prefer Sustainable Companies

Here’s the bottom line: People like to do business with environmentally responsible companies. 

Tampa Bay Solar can install solar panels on your roof and a charging station for electric cars in your parking lot. Previous Tampa Bay Solar clients have even put the inverters on display, so that their customers can see the solar energy output in real time. 

Environmental sustainability is moving higher and higher up on the nation’s priority list, especially among younger generations. If a business owner wants to appeal to the up-and-coming generation, it makes sense to be socially responsible by installing solar panels. 

Also, there is a good chance that your future employees will drive plug-in electric vehicles. By offering free charging at your location via solar panels, you are offering those employees an extra perk that they may not get working for a competitor.   

Ease Your Journey to Solar with Tampa Bay Solar

Every month that you put off installing solar panels, you send money to the electric company that will never be returned. The ROI on paying $400–$1000 per month to Duke or TECO is below 0% when you factor in inflation! 

Tampa Bay Solar has completed large commercial solar panel installs for the Florida Aquarium, Suncoast Federal Credit Union, Pasco County Schools and numerous other commercial clients. With 750 completed installs, Tampa Bay Solar can custom engineer any solar array on any type of roof.

Many of our installers are proud military veterans, so when you do business with Tampa Bay Solar you’re putting a veteran to work!   

Not sure how to get started? Contact us today for your free energy audit, and we’ll show you how easy it is to gain energy independence for your business.

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