3 Reasons Why Your Business Should Transition To Solar Already

It’s no secret the renewable energy market is booming. You’ve seen the ads and I’m sure you’ve read the articles— solar, wind, and hydroelectric power are the energies of the future.

According to the IEA’s Renewables 2019 market report over the next five years, the renewable energy market is expected to grow by over 50%. The largest component of that growth, over 60%, coming from solar.

So what are you waiting for, it’s time to transition your business to solar already. 

Return on Investment (ROI)

In the past, arguments around going green and expanding the use of solar energy were based on moral standings. It’s the right thing to do socially and environmentally. Now, however, things have changed. 

With the increasing efficiency of solar panels, falling costs and a significant federal tax credit, solar is now a solid investment for your business with the potential for significant ROI.  

Until the end of 2019, the Solar Investment Tax Credit (ITC) is worth 30% of your total system cost. After that, the credit falls to 26% in 2020, 22% in 2021, and just 10% for 2022 and beyond. 

Now is the time to invest in solar for your business before you miss out on savings from the federal government.

State and local tax credits are also available in the U.S, depending on your location. With the increased efficiency of panels, falling installation costs and significantly associated tax breaks, solar—now more than ever— is a solid investment for your business.

In the past, payback periods—the period it takes to recoup your initial investment—was almost a decade long for solar installation. Today, companies can recoup their costs on an average of just 8 years. 

Solar now, more than ever, is a solid ROI proposal.

LEED Certification

Getting certified as a leader in going green can be huge for any business owner. Not only is it great for your business’s reputation, but it can help attract valuable employees. 

The Leadership in Energy and Environmental Design or LEED Certification was developed by the U.S. Green Building Council (USGBC) to recognize leadership in environmental responsibility. It is known as the best certification in the industry.

Back in 1993, senior scientist Robert K. Watson of the Natural Resources Defense Council (NRDC) campaigned for and then helped develop the certification as a way to push businesses into sustainability.

Today, the LEED certification is well-respected and can really help a company’s bottom line by attracting new customers and solid employees. 

Easy Financing For Green Energy Production

Perhaps the number one reason to go green now and install solar panels for your business is the ease of financing. Commercial real estate lenders are now offering great deals to install solar panels at small and medium-sized businesses. 

In the past, commercial real estate loans rarely involved renewable energy, but now there are a plethora of options that have led to quality results for real companies. 

While the average commercial lender may avoid situations where banks have refused funding or construction has been halted, many renewable energy lenders are willing to take the risk. This is because they know the ROI and savings from the product make borrowers more likely to make their payments. 

If you are a small business, taking advantage of low rates and quality lenders can help accelerate your business into the 21st century. 

Clearly, now is the time to transition to solar. With tax credits expiring and new innovations driving price reduction in the market the ROI for solar panel installation is better than ever. 

So, what are you waiting for…go solar today!