Solar power can help benefit business owners once a system is installed. Here are three main benefits that solar panels can yield for businesses.
First and foremost, solar panels can help improve cash flow for many businesses.
This is achieved by controlling operational expenses, such as energy costs. Energy costs tend to fluctuate (sometimes wildly) and lead to lower profit margins. With solar panels you can harness the power of the sun to power your building and even vehicle fleet. A business can begin to regain control over expenses, re-duce overhead, and increase cash flow over time.
Next, installing solar panels can help you reduce your tax liability.
Through the Investment Tax Credit (ITC), you can deduct 30 percent of the total cost spent to install the system and claim it on your fed-eral tax return. The ITC can even be rolled over to the following year if you don’t have enough tax lia-bility.
Finally, you can also increase your cash flow from SREC’s, or Solar Renewable Energy Credits. Many states have mandated that power companies purchase power from private solar power systems. In these cases, you can receive an SREC for every 1000 kWh of power your system generates.
You can be paid for each SREC or even sell excess power back into the power grid.
When you install solar panels for your business, you can expect multiple positive benefits for your bottom line. Let Sunrise Solar help design and install the best system for your business. We can even help you with available programs or credits in you state.
Contact us today!