You like the idea of switching your business over to solar energy. You also probably have heard that solar will be great for your bottom line, not to mention the environment.
Your company might have a sustainability committee or executive devoted to exploring renewable energy. But that could be where it all stops. Read on to get a stronger grip on what you should know before taking the plunge into solar energy. This way you’ll be able to make a better educated decision on whether your businesses can actually benefit by making the transition.
The Solar Energies Industry Association (SEIA) reports that in the last decade, solar has experienced an average annual growth rate of 68 percent. Largely this is due to the dropping cost of solar panels and installation along with the government’s passage of the Solar Investment Tax Credit. Residential and commercial solar installations are expected to double from 1 million in 2016 to 2 million in 2018. Non-residential solar installation is on the rise, with community solar taking a leading role.
Fortune 500 companies, including Apple, Walmart and Amazon, have also been in the news for embracing clean technology for their buildings. New Jersey can boast that it’s 5th in the nation when it comes to solar installation.
Here are seven important things to know before making that first call to a solar company:
- There is no disruption to your business during or after the transition to renewable energy such as solar. You are connected to the grid at all times.
- Installing solar panels can increase the value of your business and/or building.
- New Jersey’s payback period for solar is within 3-4 years of installation. You’ll be able to cover almost 100 percent of the solar system cost by Federal and State incentive programs. This includes Federal Investment Tax Credits (ITC), an accelerated deprecation program and the New Jersey incentive of Solar Renewable Energy Certificates (SREC).
- The price of a solar energy system can vary dramatically (up to a 100 percent difference) based on the area, equipment used, quality of the installation company, etc. It’s best to get quotes from multiple vendors before moving forward.
- You don’t need to go out of pocket. Solar companies offer financing solutions—such as a lease—that allow your solar savings and incentives to fund the project.
- Solar equipment comes with a 25-year warranty and maintenance contracts so that you never have to worry about a broken panel.
- You are tapping into an unlimited and clean energy source, which is good for our planet and for future generations.
With the right partner guiding you through what can be a complicated process and with multiple partners plying their services and wares, solar can be an incredibly lucrative option, not only for your business but for our environment. When you’re ready to take the next step, call a broker like SolarKal who can help guide you through the process and is agnostic when it comes to installation options and partners.
By Yaniv Kalish. SolarKal, a solar advisor, was recognized as one of the Top 100 Energy Startups. They were also announced as a winner in New York State’s 76 West Clean Energy Competition. They help New Jersey companies navigate the transition to solar, from the first site visit to the final installation. Visit SolarKal.com for more information.