Solar can definitely help your business save money if your utility is Southern California Edison and your bill is divided a certain way between the electric charge itself and the demand charges. According to Energy Sage, on average, businesses with solar panels offset their electricity use by 75.3%. Of course, you have to own your building and purchase your panels.
Financial Benefits of Solar for Coachella Valley Businesses
Contrary to some perceptions, solar isn’t expensive. In fact, Energy Sage reports that businesses generally pay off their solar panels within three to seven years. A business can enjoy free, clean electricity for the life of their solar investment, which currently averages between 25 and 35 years.
Just like individuals, businesses are eligible for a 30% Federal Tax Credit. Additionally, a business may be able to write off another 30% of the net system cost on their taxes through the Modified Accelerated Cost Recovery System (MACRS).
Renova Energy Helps Local Businesses Secure Financing for Solar
Can’t afford to purchase a solar system? If your installation is large enough, financing may be available in the form of a Power Purchase Agreement, or PPA. Renova can find companies willing to finance the equipment and installation and contract with your business to purchase all the electricity that the system produces for a set amount of time. The energy rate will be lower than what you would have paid otherwise, but enough to cover the payback costs of the equipment and installation for the financing company.
Renova Accommodates Businesses of All Shapes & Sizes
If your roof isn’t suitable for solar because of its orientation, shading, or a large number of protrusions like HVAC systems, if the system is large enough and the numbers work, it can make sense to have the solar panels on an elevated ground mount, or carport structure, like the one that Renova installed at The River at Rancho Mirage. This gives your business the benefits of money-saving solar in addition to shade for employees and customer vehicles.
And while saving money is the most obvious benefit, going solar shows customers that your business is committed to sustainability, attracting environmentally-minded customers and top talent.
If you own a business in the Coachella Valley, contact Renova today about your energy-saving options for your home or business.