Seven Ways Going Solar Can Potentially Save Your Business Money According to Jayson Waller

Less than 1% of commercial electricity demand is served by on-site solar, according to the Solar Energy Industries Association (SEIA). But that’s changing—fast.

Considering the number of companies pledging better sustainability in the near future, we may see a snowball effect with many companies jumping on board as the bottom-line benefits of solar power evolve into becoming part of strategic business planning.  

Companies like Apple AAPL, which set a net-zero climate impact goal by 2030, and Amazon AMZN, pledging 100% renewable energy by 2025, aren’t just being good corporate citizens. They are setting themselves up for substantial savings and creating stability for the future. For those with either one very large office space or central headquarters plus locations around the globe, the potential for savings is enormous.  

So how exactly can solar save your company money? Here are four ways, according to solar power entrepreneur Jayson Waller:

1. Reduce your electricity bills. Electricity costs equate to as much as 20% of office building expenses. According to SEIA, one way to reduce your electricity bill is by adding solar and potentially saving between 20-40%. Of course, installation is also an investment. How soon you see a return on that investment depends on how large the installation is. A partial reliance on solar will contribute less to the bottom line.

2. Mitigate against future cost increases. Do you recall ever seeing your electricity bill—personal or business—trend downward? No one knows how high traditionally sourced electricity costs will climb in the future. Generating your own electricity means you aren’t as beholden to an outside party for this significant expense.

3. Increase your property value. We know that adding solar panels to residential dwellings may increase property value by 4.1%. It is likely to be a similar case for commercial properties. Further, adding solar may also increase top-line revenues for commercial landlords.

4. Get a tax break. You’ll have to act sooner rather than later to ensure you have a chance to qualify for this benefit. The federal government offers tax breaks to encourage the switch to more sustainable energy sources. But many of these incentives are ending soon. Today, business owners can get up to 26% in federal tax credits based on the cost of a solar panel system.

5. Earn more business. If customers see that you care about your impact on the environment, they may be more willing to do business with you and buy your products (sustainable products grew 5.6 times faster in 2018).

6. Invest the savings in other improvements. Saving money on your electricity bill means having enough to invest in that project you’ve been meaning to tackle or taking on other sustainability initiatives.

7. Keep the lights on. Having a battery backup system with solar power could potentially keep your doors open while competitors on your block suffer from the impacts of power outages or brownouts.

By investing in your own renewable power source, you reduce your reliance on third parties. Your business will be able to operate with more autonomy, and with fewer concerns about price fluctuations, supply reliability, and environmental impacts. As energy prices continue to rise in many areas and non-renewable sources become more scarce, going solar is a renewable energy strategy that makes good fiscal sense.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. The content was purely for informational purposes only and not intended to be investing advice.

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