Why are businesses compelled to go solar during an economic downturn? Simple, they want to take advantage of available incentives, and they’re just sick and tired of rising costs.
Here are a few reasons why businesses are looking into going solar in 2023:
Cost Savings
Solar energy is a renewable and clean source of energy that can help to reduce energy costs significantly. By installing solar panels, a commercial facility can generate its own electricity, thereby reducing its reliance on drawing power supply from the grid and avoiding rising electricity rates
Environmental Impact
Solar energy is a clean and renewable source of energy that can help to reduce a facility's carbon footprint. By generating electricity from solar panels, a commercial facility can significantly reduce its greenhouse gas emissions and push the nation towards its goal of net zero by 2050.
Financial Benefits
The Investment Tax Credit (ITC) provides a tax credit of up to 30% of the total cost of the solar project, making it a very attractive incentive for commercial facilities looking to offset tax liability towards an energy efficiency or renewable energy project. Additionally, local incentives of up to 25% or more and accelerated depreciation can provide additional financial relief to customers looking to recoup their investment in the early stages of their project.
Elevated Reputation
Going solar can further elevate a business's reputation and demonstrate a commitment to sustainability and reducing its environmental impact. This is particularly important for businesses that know they must appeal to their rapidly growing audience of environmentally conscious customers and stakeholders.