If you’re thinking of having your business use solar power, it’s certainly a wise idea. There are many beneficial reasons to place solar panels on your company’s buildings. One of the most important benefits of solar panels is that using them helps you save money.
By getting usable energy from the sun’s rays, your business won’t be as dependent on energy from fossil fuels. But that’s only the tip of the iceberg when discussing why solar panels are so beneficial.
Plus, solar panels are much less expensive than they used to be. Data from the Solar Energy Industry Association reports that the cost of solar panels has dropped 73% since the year 2006.
Interested in learning more about the financial benefits of solar panels? Here are four reasons to profit from solar energy in 2021.
1. Financial Savings
As touched upon earlier, solar panels can bring about sizable savings for your business. Did you know that over 100 companies in the Fortune 500 use solar power in their everyday business operations? A few of these companies are huge brands, including IKEA, Apple, and Walmart.
One reason solar energy became so popular for companies is that it helps them save money. With solar panels, your business gets some or all of its energy from the sun’s rays. When this happens, your business reduces its reliance on fossil fuels.
So, how much money can you save by placing solar panels on your company’s buildings? The answer to this question depends on a few factors, including how many solar panels you plan on using, their efficiency ratings, and other factors.
To receive an exact quote, it’s best to speak with a company that installs solar panels. In the meantime, here’s a solar panel saving calculator that automatically lets you know how much you’ll save by going solar. It’s also important to note the government tax credits and grants available for companies that use solar energy to operate their respective businesses.
On a side note, while on the subject of savings, do note that solar energy can be a good source of earnings to – be it as a business or a career. Do check out this infographic on the bright future of solar energy.
2. Increase Your Building’s Resale Value
Chances are, you’re not currently thinking about selling your company’s building or buildings. With that said, the day will likely come where your business needs to relocate. Unless you’re leasing, it’s helpful to sell the building your company operates out of. And, if you’re like most people, you don’t want to wait endlessly for this property to find a buyer.
If you want to speed up how long it takes your building to sell, having solar panels can quicken this process. Like you, other business owners know the importance of saving money. Considering that, it’s enticing for other business owners to know they’ll save big by purchasing a building with solar panels.
CNBC reports that solar panels increase a property’s resale value by up to 9.9%. While it might sound somewhat small, 10% of a commercial property’s cost can be quite a hefty sum!
3. Solar Energy Benefits Your Brand
It’s now more important than ever for companies to show they’re committed to social and environmental causes. But, as they say, actions speak louder than words. A great way to show that your brand is all about going green is by actively using solar panels.
By using solar panels, your brand makes a deeper connection with those who deeply care about this form of renewable energy. Another advantage of solar energy is that it can elevate your brand to being synonymous with companies that are going green.
4. Earn from Utility PPAs
A utility PPA (power purchase agreement) is a type of contract that exists between a provider of electricity and what’s known as a power purchaser. More often than not, the power purchaser in this agreement is a business. What’s great about this agreement is that it allows power purchasers to sell back their unused energy.
There are two main types of PPAs. You can either enter into a direct PPA or a virtual PPA. A direct PPA is best for businesses that have a sizable energy footprint. With this type of agreement, an electricity provider delivers power directly to the company that’s buying their energy.
A virtual PPA looks a little different when compared to a direct PPA. If your business utilizes a virtual PPA, there won’t be any physical power deliveries. In this type of agreement, a company still purchases power from an electricity provider. However, the business that bought power can later resell it for electricity’s current market price.
What’s also great about a virtual PPA is that these agreements don’t have to be between companies and electricity providers in the same vicinity. With no deliveries taking place, the two parties in a virtual PPA can be hundreds or thousands of miles away from one another.
In closing, companies looking for a better way to do business should strongly consider implementing solar energy. Using this type of energy creates a stronger brand while helping your business save a lot of money.