Solar energy systems are a powerful way to lower electricity costs and hedge against rising power rates. In addition, businesses can enhance their public image with a visible commitment to sustainability and attract environmentally conscious customers. Read on Best Solar Companies in Illinois for more information.
Several government incentives and financing options make going solar an affordable business strategy. Learn about the financial benefits of solar for your commercial property.
Solar energy systems convert sunlight into usable electricity, reducing the need for grid power. This can lead to lower electricity bills, especially when combined with schemes such as net metering. This allows excess power to be sent back to the grid, earning credits that can be used to offset the cost of electricity consumed when panels aren’t producing enough, such as at night or on cloudy days. Moreover, because traditional energy costs tend to increase over time, solar power shields you from rising energy rates and provides long-term financial savings.
Solar self-consumption also reduces utility fees that are charged to provide you with access to the electric grid. These fees are usually comprised of two primary charges: one to procure the actual electricity that you consume-the supply charge, and another to get that electricity to your home-the transmission and distribution charge. Installing a solar energy system cuts down on the need for both of these charges, as the electricity your solar panels produce is being used immediately or is stored in a battery for use later, thus eliminating the need for your home to pull from the electric grid.
Many homeowners choose to finance their solar projects with a loan or mortgage, but there are also state and federal incentives available that can help you save on the upfront cost of going solar. Currently, the federal Investment Tax Credit (ITC) offers a 30 percent rebate for residential (under Section 25D), commercial and utility (under Section 48) solar investors. You can find information about state and local incentive programs and their requirements through the appropriate websites and utility companies.
Business owners also benefit from access to affordable and predictable electricity through community solar programs. In fact, King Energy’s onsite installations have generated over $470,000 in energy savings for participating small businesses since 2021. These energy savings translate into more revenue for restaurants, retailers, service businesses and other commercial enterprises, helping them grow and create new jobs. Additionally, property owners transform unused roof space into reliable revenue streams through solar rent payments. This combination of new income and lower energy rates increases Net Operating Income and boosts property value.
Reduced Greenhouse Gas Emissions
Using solar energy as an alternative to fossil fuels helps reduce greenhouse gas emissions. Fossil fuels produce greenhouse gases during extraction, production and combustion, causing air pollution that contributes to climate change and environmental degradation. Moreover, mining, drilling and fracking of fossil fuels have other detrimental impacts on the environment, including habitat loss.
Solar panels produce minimal greenhouse gas emissions during operation, and their carbon footprint is even less when they’re recycled. This is especially true of utility-scale solar farms, which can span hundreds of acres and power tens of thousands of homes.
The process of manufacturing solar panels is also environmentally friendly. First Solar’s American manufacturing facilities are among the most advanced of their kind, using a high level of automation, Industry 4.0 architecture, machine-to-machine communication and artificial intelligence to enable greater precision and continuous improvement. Moreover, First Solar’s vertically integrated manufacturing means its streamlined bill of materials can be transformed into PV modules under one roof, and its supply chain is one of the most traceable and transparent in the industry.
As a result, solar adoption drastically decreases air pollutants like nitrous oxides, sulfur dioxide and particulate matter. These pollutants are associated with respiratory and cardiovascular problems, and can lead to lost workdays due to illness. Solar energy also helps to combat climate change and create a greener planet for future generations.
Moreover, it can help to conserve and expand forests, which are essential to reduce greenhouse gas emissions. However, solar energy should complement rather than replace efforts to plant trees and other carbon-reduction strategies.
Another way solar companies reduce greenhouse gas emissions is by helping to support clean energy projects in their local communities. Many communities are looking for ways to support local economies and improve the quality of life, and solar energy is a great solution.
If you’re ready to go green, contact Fenice Energy for more information about solar panels and our comprehensive clean energy solutions. We offer financing and installation, so you can save money on your utility bills while reducing greenhouse gas emissions and contributing to a healthier and more sustainable world.
Reduced Transmission and Distribution System Stress
When electricity is pushed through large transmission grid wires, it can experience energy losses. This can cause overburdening of the system and lead to outages in the area. When solar panels are installed on homes and businesses, it can significantly reduce the amount of energy being sent through the grid, thus reducing the stress on the system. The fewer times the system is overloaded, the more likely it is that a power outage will be avoided and your energy prices will remain consistent.
When compared to fossil fuels, solar energy has a much lower environmental impact due to mining and material use. Additionally, unlike traditional grid power, solar systems do not require fuel. Solar companies like Brooklyn SolarWorks invest in America by sourcing their components from American suppliers, and employing Americans to install and maintain these systems.
As solar continues to gain momentum, it will continue to have a positive economic impact. This includes providing an opportunity for small and medium-sized enterprises (SMEs) to create jobs at the local level, as well as stimulating demand in the market for specialized materials and equipment needed to manufacture solar energy systems. This creates a virtuous cycle that can help the economy grow, as solar provides a platform for businesses to flourish in an increasingly important industry.
Another way solar helps is by creating a more sustainable energy system for our future. As more and more consumers choose to go solar, it helps alleviate the stress that is put on the grid during peak energy usage times, such as mid-day on the hottest days of summer. This allows the grid to better balance energy supply with demand and avoid expensive outages, while at the same time lowering utility rates for the entire region.
Finally, solar energy helps to decarbonize the local power system by reducing the need for new infrastructure investments. When utilities have to build additional poles and wires to keep up with increasing demand, it can become very expensive for everyone involved. Solar can drastically reduce the need for these upgrades, thus saving customers a substantial amount of money over time.
Increased Property Value
As real estate markets become more competitive and environmentally conscious, many buyers are willing to pay a premium for homes with solar energy systems. A recent study by Zillow found that homes with solar sold for 4.1% more than comparable homes without them. While this increase varies by region, it is clear that solar energy systems can add value to your home and help you sell it faster.
Solar panels can also enhance the appeal of rental properties, increasing marketability and attracting a new generation of eco-friendly tenants. With a growing number of young families prioritizing sustainability and energy efficiency, renting a property that produces its own clean electricity offers peace of mind and comfort. Additionally, a clean energy system can be a great selling point in the case of commercial properties that wish to strengthen their corporate social responsibility profile.
Property owners can choose to purchase their solar energy system outright or explore financial options such as leases and loans, which can allow them to enjoy the benefits of renewable energy before deciding to transfer ownership. It is important to consult with a knowledgeable solar contractor and financial advisor in order to make the best decision for your individual situation.
Solar systems that include battery storage systems can further increase a home’s value by providing an alternative source of energy. These self-sustaining systems can provide electricity when the grid is down, which can be a huge benefit in regions that are prone to frequent power outages and other natural disasters.
In addition, appraisers can consider the electricity produced by a solar energy system to be income, which may lead to a higher appraisal of a property. However, the size of a solar system and the quality of its components can have a significant impact on how much a property is valued.