Solar energy has proven to be the right fit for most companies. What do property managers and business owners need to know about solar energy for business?
Solar Energy Drives Businesses’ Profitability
One of the best things about solar power for business is that it can significantly drive profit. Solar energy systems guarantee an ROI. In New Jersey, solar energy revenue can be generated through various methods:
- Federal Solar Investment Tax Credit: A 30% federal solar tax credit is in place for businesses that purchase their solar energy system in 2022.
- Net Metering: Net metering enables businesses to sell their unused electricity back to the grid.
- State Renewable Energy Credits: This gives property owners credits with a fixed value for every kilowatt-hour of energy that their solar energy system creates.
- Solar Investment Property Tax Exemption: While a solar energy system adds significant value to a property, the tax valuation of the property will not be increased based on the solar energy improvement.
- Sales Tax Exemption: Each component of a solar energy system is tax exempt.
Combat the Monthly Costs of Rising Energy Prices
Utility companies can raise their rates at will. Solar energy protects against business vulnerability to rising utility costs. The cost of solar energy systems and the clean energy that it produces are fixed.
A consistent clean energy source can boost profit margins for the entire organization. Solar energy production is year-round, even in cold weather climates, where the panels extract energy from sunlight instead of heat.
Solar power for business is increasingly cost-effective, making solar energy an investment worth considering now. A property assessment of energy usage can help identify areas where more money can be saved.
Solar Energy as a New Business Generator
Simon-Kucher & Partner’s 2021 Global Sustainability Study found that a staggering 85% of consumers consider a business or brand’s sustainability practices when making purchases. Consumers remain committed to companies that work to minimize their carbon footprint. Investing in a solar energy system not only rewards businesses financially but can also help capture an additional market share of green consumers.
The opportunities to market a business as green are limitless. They include press releases, ribbon cuttings, and on-site displays that highlight the amount of solar energy that an organization produces in real time. Converting to solar energy is a lucrative opportunity to convert new customers and make them loyal to your brand.
More customers yield more revenue, which further enhances any organization’s bottom line.
Take Action Now
Solar energy for business makes financial sense. Getting a property analysis for solar energy is the first step toward increasing profitability and becoming energy independent.
At Geoscape Solar, we help businesses utilize solar energy for profit. Your business will become energy independent, be able to decrease utility costs, and leverage available solar incentives for a quick ROI.
To discover how installing solar energy on your property will increase your business profitability, contact one of our energy specialists!