For many businesses, the costs of operating and using electricity can be a significant part of their expenses. Solar energy has long been looked at as one possible solution to this problem. Solar panels and other forms of solar power technology allow businesses to produce their own electricity by harnessing the power of the sun. Though installing solar panels requires an initial investment — which may be offset by tax incentives or other benefits — they can save businesses thousands of dollars in energy costs over the years.
As with any investment, however, there are some things to consider before you install solar panels on your business property. Solar panel prices vary based on the product type and complexity of the installation. Solar panel costs may increase further depending upon local, state, and federal tax credits and incentives. Solar panels will generally provide the most benefit if they are installed on a home or building that is located in an area where sunlight is plentiful throughout the year. Solar panel price should be weighed against how much money you can expect to save through reduced energy costs over time.
The following five questions should help businesses make an informed decision about whether solar power is right for them:
1.What type of utility plan does my business currently have?
The type of utility plans my business require depends on the nature and size of my operation. Generally, office utilities list and budget depends on the particular needs of my business and the licensing requirements set by federal and local authorities.
One of the utility plans can be generating the electricity on our own through solar panels installation on our rooftop or ground mount. Cleaner energy sources like wind and solar help lower the environmental impact of the energy grid. The sun shines while most of us are at work and the wind blows while we’re asleep. With a TOU plan, we can potentially save energy and lower electricity bills by using renewable energy when it’s naturally available.
If we can shift some of our electricity use to take advantage of the lower priced (off-peak) time periods, we have the ability to lower our overall electricity costs. Running your dishwasher during Off-Peak periods instead of during On-Peak periods is an example of shifting in usage to lower our electricity costs.
Time-of-use rate plans can help us save money because they offer lower energy rates when energy demand is low. By shifting our energy use to partial-peak or off-peak hours of the day, when rates are lower, we can reduce our business expenses.
With TOU rate plans, rate charges change between the longer winter period (August-May) and shorter summer period (June-September). As a result of these seasonal pricing differences, it is likely that on a TOU rate plan, your winter bills will be lower than you are used to, while your summer bills will be higher.
2.How much roof space do I have available?
Rooftop solar PV systems can be installed on any type of roof having sufficient load bearing capacity. A 1 kW rooftop system generally requires 10 sq. metres of shadow-free area. However, actual area requirement may vary depending on the efficiency of solar module, and their placement etc. Solar modules (and cells within) need uninterrupted sunlight to produce maximum electrical energy. With the shadow even on a part of the module, the generation reduces to a great extent thereby wasting installed system capacity. Also, prolonged (regular, though intermittent) shadow on some cells or modules reduces their life substantially and these become useless much before their standard life of over 25 years. On a clear sunny day, 1 kWp solar power plant can generate 4 to 5.5 units in a day.
3.How much money do I save by installing Solar panels?
Solar panels help to save energy and can make an excellent financial return. While the initial costs can be a little high, the payback period is comparably short. Rising property values, lowered utility costs and the federal tax credit all ease the upfront costs of installing solar panels. Since the price of energy isn’t dropping, investing in solar energy is the smart move to save money, with the added bonus of shrinking the carbon footprint.
4.Do Solar panels fit in with my company’s overall environmental goals?
Solar power is a renewable energy source, and it can reduce your carbon footprint. Solar panel installation can also help businesses attract and maintain good employees who care about the environment. Solar panels sit idle during the hours of darkness and when it is cloudy out, thus they don’t emit any pollution or greenhouse gases. Solar panel installation also means that you are not generating more pollution through the burning of fossil fuels to produce electricity. Solar panels may reduce your energy costs, but they can also create a lower-cost product or service that will attract environmentally conscious customers. Under the new ECO4, solar panel grants are available to households across the UK in 2023. Read the Warma UK guide to know how to qualify for a solar panel grant.
5.How much do Solar panels cost?
Solar panel cost varies widely by type of system, product, and installation. Solar panel cost for a residential home may be substantially less expensive than the same system installed on a business property because commercial systems are often larger and require additional equipment. Solar power has been gaining in popularity as technology has improved. In October 2021, roughly 47.66 GW of solar photovoltaic (PV) capacity was installed in India (Source – This was informed by the Government in the Parliament). Solar panels offer a renewable source of energy that can save businesses money and reduce emissions. Solar panel installation may also be a good fit for your company’s overall environmental goals, so it can help you stand out from competitors who aren’t going solar.
Solar power is a popular option for residential homeowners, but it is also becoming more popular with businesses too. Solar panel installation can help you reduce your energy costs, but they are an investment that needs to be well thought out and researched so you get the most value for your money. Solar power has been gaining in popularity as the technology has improved, and now businesses of all sizes are starting to install Solar panels. Solar panels have become cheaper as more businesses invest in them, and many states offer tax incentives for installing Solar panels as well. Solar power offers a renewable source of energy that doesn’t produce emissions or pollution.