Solar power is on the rise. As the cost of a solar energy investment drops, more homes and businesses are making the switch.
In the US, only about 3% of electricity is generated by solar. Most of our power still comes from fossil fuels.
The government is hoping to speed up solar adoption, hence why they are extending so many financial incentives for those switching to solar.
Wondering if investing in solar energy is worth it for your business? Keep reading below to learn why switching to solar energy might be one of the best things you can do for your company.
The biggest reason you should be investing in solar in 2022 is the tax incentives that are available. The most prominent is the federal solar tax credit.
The tax credit is available for new solar system installations on both homes and commercial properties. If installed in 2022, you’ll get a 26% tax credit back on your total installation cost.
Waiting until 2023 means the credit drops to 22%. In 2024, the credit disappears for homes and drops to 10% for commercial installations.
The credit has been around since 2006 and is a huge reason we saw such a wave of growth in solar energy in the 2010s. Here is some more information on the growth of solar in the past decade.
Additionally, your state or city may offer additional incentives for installing solar.
There are also special tax deductions available to businesses who install solar, known as Modified Accelerated Cost Recovery System (MACRS), along with bonus depreciation.
These programs make it much easier to generate your ROI with solar energy.
The major long-term benefit of solar energy is the reduction in your utility costs. Whether you own a simple office building, a retail store, or a manufacturing plant, solar power reduces or eliminates your electricity cost.
And since modern solar systems have a useful lifespan beyond 30 years, the savings really add up. Installing solar energy for my company is a long-term play that will lower your monthly expenses, make it easier to weather financial difficulties, and keep more money in the company, allowing you to focus on growth.
Consumers are becoming pickier and pickier about the companies they choose to do business with. Many customers want to support companies that are making a difference in the world, either socially or environmentally.
Even if your company isn’t an eco-conscious business, you can still choose to include solar power in your marketing message. If you sell products, you can include messaging on the packing that says your products are made using renewable energy.
This gives consumers a reason to buy your product instead of a similar product by a competitor who isn’t using renewable energy.
Investing in solar energy is not only a smart financial decision. It’s also one of the most helpful things you can do to reduce your carbon impact as a company and move towards a more sustainable future.
We need as many homeowners and businesses as possible to go solar, so we can flip the script when it comes to renewable energy and climate change. Are you going to make the switch?
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Read Also: How Do Solar Panels Work? The Main Things to Understand?
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