Contrary to what some people believe, the use of solar panels for generating electricity does not only benefit big businesses, and in fact can be extremely beneficial to owners of small to medium-sized businesses as well. It is a common misconception that only huge businesses can afford the initial cost of installation for the hardware used in a system of solar panels. In recent years, many options have become available to help smaller-sized businesses handle the installation costs, and enjoy the huge benefits of saving on electric bills afterward.
There are several ways that the initial cost of installing a solar panel system can be managed in an affordable way, the first of which is by leasing the system rather than buying it outright. Leasing would make sense for your business if you are ineligible for the numerous tax credits and other types of assistance offered by federal and local governments.
In a lease arrangement, the solar company will own and maintain the equipment, and you generally agree to purchase low-cost electricity from them for a period of 25 years. The big advantage to leasing is that no money down will be required, because you don’t own anything.
Another financing can be secured through agencies like the Department of Energy or the Department of Veterans Affairs. If you can get the up-front money needed to purchase a system, you will then become eligible for significant tax credits offered by the federal government, as well as by most states in the Union. Local governments sometimes also add credits to the mix, further reducing your net outlay for a new solar panel system.
Finding and Comparing Rates
When you’re ready to go invest in solar for your business, we can connect you with an installer that can outline the efficiency of electric power generation that each of the available panels has, in relation to its cost. These can be very useful in helping you to determine just how much bang you’re getting for your buck. In general, the most efficient panels can convert just under 20% of the sunlight they receive into usable electricity, but these will also be the most expensive panels.
If you intend to lease or purchase your solar power from a commercial solar power company, it will be to your advantage to use our network of solar providers to see who can best fit your needs. This way you can compare solar companies in your area, and visualize what kind of monthly rates you might expect.