Technology in the energy industry is evolving at a rapid pace. Solar panels are becoming leaner and more efficient – providing more capacity at a lesser cost, mimicking the path of more traditional computer hardware. Below are 5 reasons why we believe solar is worth considering today to boost your bottom line.
- Your energy bill is one of your biggest – when was the last time you reviewed it with an expert? Solar isn’t always the answer for reducing costs but if you’re not at least considering it as part of an overall effort to reduce your company’s energy costs you may be leaving a lot of dollars on the table.
- With the current Federal Tax Credit available the cost of your install may not be as high as you think. The clock is ticking though. The current credit rate is 30% of the cost but this incentive is NOT permanent. The legislation is on a schedule to decline and eventually drop off completely (without further action from Congress). Between the current Federal credits, state incentives, depreciation benefits and available USDA grants, going solar may not cost as much as you think.
- The states have various ways to connect you to the grid and all kinds of different incentive programs. Navigating your state’s system may be challenging but, while it is important that you have a general understanding of what system will work best for your needs, the qualified expert you hire should handle the bulk of the heavy lifting.
- Financing is available. Banks are catching on to the benefits of providing financing for these projects – particularly for large manufacturers. More and more we hear about banks working out the collateral issues that may have caused issues in the past and seeking to educate themselves on what these projects entail. Bottom line here – the cost savings related to solar can provide a benefit above and beyond the cost of financing which is becoming more readily available.
- To remain competitive in today’s rapidly evolving marketplace, businesses must appeal to the needs of end users. People are becoming more and more conscious of their impact on the environment. Whether you believe in climate change or not the fact is that consumers care about where their products are coming from now more than ever. Solar panels are a clean energy technology. As consumer attitudes trickle up the supply chain you may find that your environmentally friendly decision to incorporate solar is a key differentiator for you in your marketplace.
What’s the next great challenge for the solar industry?
How about storage? While the technology for generating energy has grown by leaps and bounds we still see much waste as storage technology is limited and very expensive. The ability to efficiently and cost-effectively store, instead of losing, the energy produced will be a game changer.
For More Information
Through our volunteer work within the energy industry and our experience assisting clients to navigate through these types of projects, we’ve made a lot of contacts. We’d be happy to connect you with an experienced solar professional that can not only provide you with the information needed to make an informed decision as to whether or not solar is a good fit for you but who will also fully guide you through this process from the planning stage through completion and provide continuous monitoring and system alerts. And of course, as your trusted advisor, your CPA can make sure the numbers make sense for your business and that you’re maximizing the tax incentives available to you.