Business owners are constantly concerned with mitigating risk and ensuring that they have enough cash flow to cover their expenses. This same mindset applies when considering whether to install solar panels on your building. While it may seem risky, this is an investment you should make as soon as possible. Businesses of all shapes and sizes are making the switch after realizing how solar can transform their operations.
Return on Investment
According to data from EnergySage, commercial solar installations can almost completely eliminate a business’s energy bills. Their research found that on average, businesses faced a monthly energy bill of $1,950. After switching to solar, the bills dropped to an average of $500 — a 75 percent decrease.
With such a large return on investment, it’s easy to see how solar panels can quickly pay for themselves. Most businesses pay off their solar panels in three to seven years. After this, they enjoy free (or nearly free) electricity for the lifetime of the solar panel system, which is typically 25 to 35 years.
As solar panel technology has improved and become more widespread, installation prices have dropped. At the same time, the price of electricity is highly volatile. Installing solar panels serves as an excellent hedge against energy market fluctuations. Switching to solar helps you gain control over what would otherwise be a somewhat unpredictable part of doing business. This makes it easier to project business expenses so you can control your bottom line.
Installing solar panels may not be as big of a business expense as you might expect. In reality, this investment could help you save significantly in the long run. Don’t wait. The sooner you act, the sooner you can save. Contact us today to learn more about installing a panel setup optimized for your location.