By deploying solar energy, businesses can significantly reduce operating costs, increase resiliency, and gain a competitive advantage.
The financial benefits of switching to solar are most prominent when incentives and energy prices are high, which is now. Meanwhile, the costs of waiting to adopt solar increase with rising temperatures, energy costs and consumer trends. Typically there are significant upfront investments with the addition of solar energy, but adding solar power to your facility today also comes with incentives, depreciation, and long-term financial benefits that can outweigh the initial costs.
Today incentives are excellent, and costs are low. Solar returns are better today because solar panel costs dropped 90% from 2010 to 2020. Another reason is due to federal incentives from the Inflation Reduction Act. In addition, rising temperature and energy costs increase returns. Temperature controlled facilities with large flat roofs have even greater returns. Solar panels also mitigate the risk of power outages that have been increasing from extreme weather events, improving reliability, resiliency, and energy independence for the business.
Waiting to adopt solar can result in wasted energy costs and missed incentives or tax credits. Governments use incentives and regulations to combat climate change and reduce carbon emissions. The US Federal Inflation Reduction Act is the most significant. However, many states and utilities offer additional time-bound incentives. Businesses that delay solar adoption miss out on these substantial financial savings. Furthermore, companies that delay adoption may face a competitive disadvantage. Fossil fuel-based energy sources are a major contributor to GHG and brand owners may support a competitor that helps them meet their sustainability goals. Additionally, employees may choose to work for a more sustainable employer. Finally, by not deploying solar power, businesses are at risk of increased insurance rates.
In conclusion, deploying solar energy can provide significant financial savings, reduce environmental impact, and increase businesses’ competitiveness. Conversely, waiting to take advantage of incentives and rising energy prices can result in missed opportunities and increased costs, making now an excellent time for businesses to consider solar energy.
Contact the Double Green team at [email protected] 307-855-1342 for your solar business case and a ranking of solar deployment of your facilities to evaluate returns.