Last modified on April 17th, 2017
By Elizabeth Millar
Solar power is the energy of the future. Clean, renewable, and free, solar is a “fuel” we all need to embrace. Prices for installing solar panels continue to plummet, financing options are becoming more attractive, and federal tax credits are extended through 2019. From money and energy savings to attracting new clients, switching to solar to provide clean electricity to your properties is a trend you can’t afford to miss out on.
#1 Save Money on Energy
Top on the list of reasons to switch to solar is the money you’ll save. Did we mention solar energy is free? That means no more astronomical electricity bills. Of course, there’s the upfront cost of the equipment to capture that energy, and it’s still a good idea to remain hooked up to the grid as a back-up power supply, should you run into a few sun-free days. But even with those costs, you can expect up to a 75 percent reduction in your electricity bill. This means that if you buy the system outright, you are likely to recoup your costs in three to five years, and of course continue to enjoy savings for the life of the system.
#2 Save Even More Money with Tax Breaks
Federal tax credits of up to 30 percent for a system remain in place through December 31, 2019— plus you can deduct up to 85 percent of the cost of your system from your taxes. Many states and local utility companies also offer incentives and rebates for going solar, cutting your costs and saving you even more money.
#3 Fixed Monthly Costs
While energy usage in your properties probably follows a predictable ebb and flow, installing solar will protect your bottom line from unexpected wild swings and scary price spikes.
#4 No More Power Outages
With solar power installed, your buildings become self-sufficient. If the power goes out in the neighborhood your tenants will still be happy and illuminated.
#5 Attract New Clients
More people are taking eco-friendliness into account when deciding which businesses to frequent. Millennials especially care deeply about the environment and are likely to be swayed by the lure of clean energy solar offers. Increase that pull by also installing an electrical vehicle charging station. The combination of solar panels and EV charging means your tenants can run their vehicles without polluting the planet in any way—a win for them, a win for the planet and a win for you.
Make the switch to solar today and see increased profits, increased property values and happier tenants. If you’re not sure where to start, you can look at solar panel options at your neighborhood Home Depot.
Jennifer Tuohy is constantly learning about and providing advice on the ways technology can make our world a greener, more sustainable place to live.