Solar power was the cleanest and the fastest-growing source for generating electricity for residential and commercial use worldwide. The last decade has been a phase where people have put in continuous efforts to encourage growth in the renewable form of energy.
The International Energy Agency reports of 2016 state that two-thirds of new power added to power grids worldwide was produced by renewable energy resources out of which, solar power accounts for the major share. Since 2009, the total installed costs of solar have fallen by as much as 70 percent around the world. Therefore, people have profited by saving bounties from solar power.
Now is the time when almost all business ventures are looking forward to installing solar panels to reduce the cost incurred to run the plant. Not only is this an attempt to reduce the monetary load on the business, but it can serve other benefits as well. These are:
- Builds financial stability – It is evident that a renewable source of energy is free and available in abundance. On the other hand, the government, in an attempt to save the non-renewable sources of energy has increased the cost every year. In order to bring financial stability to the plant, people resolve to install solar photovoltaic panels. It also saves the person from dependency on other forms of energy which in return reduces the profits fetched. Moreover, the cost of buying and installing rooftop solar panels has reduced due to the schemes introduced by the companies. This makes the initial investment considerably low and reduces the gestation period of this investment.
- Save during tax time – Not only does government provide subsidies on solar panel installation, the businesses powered by solar power save on taxes as well. Solar installation for offices is considered an eco-friendly step towards the betterment of the environment. It is seen as capital improvements and might be eligible for tax waivers. This further adds on to the return on investment from the system.
- Decrease carbon footprint – As per the government's laws, it is also important that the plant adheres to a limit of carbon emission. Solar panels are a good step that allows the production unit to meet such requirements. The solar panel setup does not require elaborate infrastructure; it can be done by installing a rooftop solar panel and processing grid.
- Add value to your business – Solar panels can be used over a stretch of 20 years. A pre-installed solar panel becomes a good proposition for business or infrastructure that has to be sold. Having a solar panel installed can be is a progressive investment that gives returns, as the cost can be charged from the buyer. Moreover, people who know green energy and future buyers will appreciate the fact that the installation is already taken care of. They see it as a source that will reap energy savings immediately.
Use MYSUN's solar calculator and know how much can you save on your electricity bill by going solar.