Solar is one of the fastest growing renewable source of energy around the world. Countries, businesses and individuals are investing in solar power systems to supplement or replace other energy sources. Although solar only contributes a small percentage to the total global energy production, installation has more than quadrupled in the last five years.
One of the biggest beneficiaries of solar energy is businesses. Numerous business headquarters and operation centres have incorporated solar power systems. Here are some of the benefits they enjoy
This is one of the main reasons why many businesses have transitioned to solar energy. Businesses have high operation costs especially when it comes to power. Depending on the nature of your business, the cost may be higher and take up most of your budget. Solar significantly reduces energy costs. Although the initial costs of installation are high, the lifetime cost of solar energy is extremely low. Businesses are guaranteed to save on energy and recoup the installation cost within a short period.
For a business, power outages result in downtime and the consequence is often losses. Although the national grid serves numerous business it can be unreliable. The grid is often vulnerable to adverse weather and natural disasters. Solar energy, on the other hand, is often set up to exclusively serve a particular building. As a result, outages are less frequent and only planned power cuts occur. Moreover, solar power systems can charge back up units when used alongside the national grid. If power outages are common in your business premises a solar power system is a worthwhile investment.
Electricity from most non-renewable energy sources is vulnerable to the market forces. Energy from oil powered stations is subject to the prevailing oil prices. Moreover, government policies on emissions and industrial carbon footprint affect the price of coal and gas-fired electrical generation. Alternative sources like nuclear are heavily regulated and the cost of meeting the production criteria is transferred to the consumer. Solar is buffered from market forces since the source is naturally available with no limiting factor. The total solar energy that strikes the earth continuously is 173,000 tetrawatts. This is approximately 10,000 times the current global energy consumption. Considering the energy is available throughout the lifetime of the sun, no other renewable source of energy comes close to the potential of solar.
The impact of non-renewable sources of energy on the environment is a matter of international concern. Almost half of the Sustainable Development Goals highlighted by the United Nation are directly concerned with the environment or focus on the sustainability of natural resources. Solar energy helps conserve the environment since production has no harmful by-products. Moreover, the energy is renewable. Going green with solar energy improves a business brand. Numerous clients and partners are big on environmental conservation and your transition to green energy is bound to be rewarded.
As a business, you are guaranteed specific tax benefits for converting to solar electric power. Local, state and federal governments support the transition towards solar energy through tax incentives and financing programs. Numerous governments give rebates on the total cost of setting up a solar power system. The percentages vary but an average of 20% of the total cost of the systems is often awarded as a tax credit. Friendly finance options are also available for solar power systems. The interest accrued from the finance arrangement is often lower than standard finance packages.
There is no downside to installing solar power systems. The initial cost is the only thing that deters businesses from investing. However, the benefits are guaranteed and the return on investment is handsome. Therefore, don’t shy away from solar energy. It’s the future and now is the best time to invest.