Nowadays, more and more businesses around the world are making the shift to renewable energy sources for a huge number of reasons, from environmental to economic and it’s a change for the better. International Renewable Energy Agency (IRENA) Director-General Adnan Z. Amin recently highlighted the importance of businesses utilising renewable energy source, stating that “turning to renewables for new power generation is not simply an environmentally conscious decision, it is now – overwhelmingly – a smart economic one.”
Making the switch to solar power for businesses can be a profitable, reasonable, and compelling way to significantly lower energy costs and reduce your business’s carbon footprint. Initially, it may seem that installing solar energy is a substantial investment, but in the long run, it provides many advantages that will more than justify the initial costs. In fact, in recent years, the cost of solar installations have been steadily decreasing while production costs of conventional electricity have soared, causing more and more businesses to make the switch to solar.
If you are looking into using solar power for your business, continue reading to learn more about the long-term benefits of solar for your business.
Reduce your Energy Costs
Scaling down your business costs is done of biggest pros out there for business owners. The demand for electricity is increasing all the time as we consume more power and this is especially true for businesses. People are working longer hours than ever before and the use of lights, computers and other technologies is increasing. An average property owner can reduce energy costs by up to 75% by going solar and businesses can enjoy similar benefits too. Depending on the size, location, and efficiency of your solar installation, you can reduce or eliminate electricity bills altogether.
Another thing that makes solar power installations a great long-term investment is the fact that they are virtually self-sustainable, requiring little to no maintenance. They are highly resistant to weather conditions and are extremely durable. After the initial installation cost and any non-planned maintenance, you can rely on solar power to provide you with a consistent flow of free energy with unwavering costs over the warranted period. This allows you to make your plan your business budgets with a certain degree of predictability.
Return On Investment
Due to government incentives and the lowering costs of solar installations, solar power continues to be a sound investment from both a long-term and short-term perspective. The upfront costs may seem high but going solar can provide substantial savings over the years. Considering that solar PV panels are warranted to last at least 25 years, with a return on investment of up to 18% you can expect an initial outlay payback of 6-8 years making solar panels a solid investment in the future of your business.
Protection Against Changing Utility Rates
If there is one thing most business owners get frustrated with, it’s fluctuating expenses. When your monthly outgoings are not consistent it’s difficult to stay in control of your finances from month to month. However, being in control of your own energy production allows you to anticipate your expenses, knowing that the price of your electricity will not climb. Investing in solar energy shields you from unavoidable spikes in electricity rates and protects your business from increasing costs over the years.
Companies that are going green are attracting customers that value the importance of environmental issues. Besides short-term attraction, going green can be a long-term strategy for your business as well. You can use it as a great PR and marketing tool as being environmentally responsible is good for your brand and can only help you in attracting customers and increasing revenue over time.
A Green Future For Your Business
Everything requires energy to work and function effectively and this is no different for businesses. Investing time in understanding the benefits of renewable energy sources and planning a switch to solar is a wise business decision. With government incentives, electricity tariff increases and solar panel prices dropping more than 80% since 2008 going green is a sound, cost-effective and practical choice for the future of your business.