Solar energy is one of the fastest-growing industries in the world. In 2022, it is estimated that 60% of renewable energy growth will come from solar energy. Declining solar costs and increased awareness of the benefits of solar energy drive this rapid growth.
As more businesses look to solar energy to save money on their energy bills, there is a growing demand for third-party advisors who can help them navigate the solar market. You can partner with solar energy to take advantage of this growing industry and increase your revenue.
This article will show you the benefits of partnering with a solar company and how it can generate more revenue.
The Benefits of Partnering with a Solar Company
Get referral payments
If you’re looking for ways to maximize your revenue, you can get referral payments for bringing in new customers. Many solar companies offer referral programs that pay you a commission for every new customer that you bring in.
By referring your clients to a solar company, you can monetize your customer base and make more money. It is a lucrative way to generate additional income without having to do any extra work.
Diversify your income
In today’s competitive energy market, it is becoming increasingly difficult for energy advisors to compete on price alone. Energy prices are rising at an average rate of 4% each year, making it harder to profit.
Many energy companies offer discounts and incentives to win new customers, which can further pressure your bottom line. As a result, you need to find ways to differentiate yourself from your competitors as an energy advisor.
By partnering with a solar company, you can offer your clients a one-stop shop for all their energy needs. It will not only set you apart from other energy advisors, but it will also provide you with a steady stream of income. By diversifying your revenue sources, you can ensure that you are always making money, even when energy prices are unpredictable.
Expand your business into EV systems
As the solar industry grows, so does the demand for electric vehicles (EVs). Solar companies are increasingly offering EV-charging stations as a service for their customers.
If you partner with a solar company, you can offer EV-charging stations to your clients and expand your business into the EV market. It is a great way to generate additional revenue and tap into the growing demand.
If you want to expand your business into new markets, like EVs, partnering with a solar company can get you started. Solar companies can provide you with opportunities to join this rapidly-growing industry.
Help your clients save money on their taxes
As a third-party advisor, you can help your clients save money on their taxes by recommending they go solar. Businesses installing solar panels can qualify for tax credits and deductions. These solar incentives can reduce their taxable income, increasing profits.
By recommending that your clients adopt solar energy, you can help them save money on their taxes and generate additional revenue for yourself.
Here are a few common solar incentives that New Jersey businesses can take advantage of.
Federal Tax Incentives
Businesses can receive the ITC or the PTC for their commercial solar installation:
- Solar Investment Tax Credit (ITC). The ITC is a tax credit that enables businesses to deduct 30% of the cost of installing a solar energy system from their federal taxes.
- Production Tax Credit (PTC). The PTC enables businesses to receive a tax credit of $0.026 per kWh for solar energy produced over ten years.
New Jersey Tax Incentives
In addition to federal incentives, New Jersey businesses may qualify for state and local solar incentives:
- Sales tax exemption. New Jersey offers a total exemption from the state’s sales tax for businesses that purchase solar energy equipment.
- Property tax exemption. Companies that install a solar energy system can enjoy a property tax exemption in New Jersey.
Help your clients save money on their energy bills
Solar can help businesses reduce their electric bill by offsetting the cost of the electricity that they use from the grid. The average commercial solar system can reduce energy costs by 75%, resulting in significant savings.
Commercial solar also reduces bills through utility credit programs in New Jersey, such as net metering and the Successor Solar Incentive Program (SuSI).
- Net metering. When a business generates more solar energy than it uses, the excess energy is returned to the grid and sold back to the utility for credits. You can use these credits to offset future energy costs (up to twelve months) when solar production is low.
- Successor Solar Incentive Program (SuSI). Businesses can earn one credit per megawatt-hour (MWh) that their solar energy system generates. The credit is worth $100 for commercial systems smaller than 1 megawatt (MW) and $90 for larger systems (1 MW-5 MW).
Partner with Solar Energy
If you’re looking for a new opportunity to increase your revenue, look no further than the solar industry. Partner with solar energy, and you can monetize your customer base and make more money while helping your clients save on their electric bills. It is a great way to expand into new markets and offers financial benefits for you and your clients.
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!