The advancement of solar energy has made many homeowners, businesses, organizations, and industries more confident in switching to solar rooftop panels. However, commercial solar is a wide concept and serves different customers and arrangements. Apart from businesses of several formats, from small businesses to large companies, commercial rooftop solar panels have fulfilled the power needs of universities, schools, NGOs, and government office buildings.
The growing demand for power, the rising cost of traditional power grids and non-renewable sources of energy, and reducing solar installation cost are making businesses look for solar power. In this post, you’ll dig deep into how businesses can enjoy cost saving through solar power systems.
Cost Effective Method
Firstly, the great potential of solar panels in lowering energy costs benefits businesses in enjoying long-term returns. Companies can produce their electricity using sunlight (a free and abundant source of energy), which can significantly drop their utility bills. Rooftop panels supply reliable and clean electricity to buildings. Thus, they don't need to purchase more units from the grid, consequently, saving on energy costs.
Reduce Operating Costs
Solar energy which serves as an affordable source of electricity is a safe investment for a business. The second major benefit of installing solar power systems is that it reduces the operating costs of an organization or a business by saving money on electrical expenses. Solar system installation is the recommended option for businesses looking for solutions to make efficient use of their resources.
As highlighted above, solar panels reduce the need to buy more power from the grid, it saves monthly utility expenses. Installing solar panels at your workplace with efficient power backups or solar batteries go towards ensuring constant supply of affordable electricity. This can eventually go towards decreasing other spending like rent payments, insurance premiums, and/or staff salaries.
Tax Benefits and Government Incentives
Thirdly, rooftop solar panels can benefit businesses by increasing their cost savings through government solar subsidies, tax benefits, and other incentives. Just like homeowners opting for rooftop solar panels for home, organizations or commercial building owners can avail of government incentives.
The Indian government is offering tax benefits and launching various policies for commercial and industrial solar energy systems. Moreover, businesses can benefit from accelerated depreciation on their installed solar power plants. As a result, they can substantially decrease their tax liability. Net metering mechanism helps with extra earnings by exporting excess power produced from their solar systems back to the grid.
Better ROI
Lastly, solar power systems can be an excellent long-term investment for businesses with a good payback period. Generally, it is said that rooftop solar panels pay back between 5 to 10 years. However, the truth is that the payback duration is often shorter than what is assumed. Many business owners are noticing significant returns on their investment or ROI within 3 to 4 years.
Remember, the payback duration may be different from business to business. The reason is that it depends on several factors like your location, power consumption, etc. For instance, if you are running a business in a sunny region with higher electricity consumption, then it will take a longer time for your solar systems to pay off.
Low Maintenance
Since rooftop solar panels do not demand higher maintenance, a business needs less or no maintenance expenses. They come with a longer lifespan of 25-30 years with yearly inspection, regular cleaning, and timely maintenance. The rooftop solar systems can be installed on any type of roof ensuring that it must be in good condition.
