In the competitive business landscape, every dollar counts. Have you considered how much money your business is wasting by not embracing solar energy? Savings from solar comes in multiple ways using it for your building or to sell back to the utility. While you're busy juggling expenses, your competitors are cutting costs and bolstering their bottom line with the power of the sun. Here, we delve into the financial ramifications of draining your business's resources. While others take the opportunity to capitalize on solar panel savings.
Businesses can determine the financial impact of solar based on four considerable factors. Calculating the economic impact of not adopting solar energy estimates the magnitude of your missed opportunities. Here's a simplified approach to help you estimate the potential financial losses without solar energy:
1 . Access Current Financial Landscape
It is imperative to understand where your usage is going. Calculate solar cost by your current monthly or annual energy expenses. Review your past energy bills to understand how much electricity your business consumes on average each month. Keep this number in your head and understand solar can entirely offset this expense. To determine solar potential, estimate the amount of sunlight, shading, and tilt of your roof. This will affect how much energy your solar panels can generate.
Consider your current energy usage and solar potential. Based on this information determine the size of the solar system you'll need. A larger system will generate more electricity and grant hefty clean energy credits. Also, consider available local and other federal incentives. Research any available incentives, rebates, or tax credits for installing solar systems in your area. Business credits for solar panels can significantly reduce the upfront costs.
2. Project Solar Potential
Once you have a standard of your solar generation, compare it with your current electricity costs. This will give you an estimate of your potential annual savings. Estimate the amount of energy your solar system would generate based on your location, available sunlight, and system size. This will give you an idea of how much your energy bills would decrease after going solar. Calculate the payback period for your solar investment. By doing this you can uncover the long-term financial benefits.
If net metering is available in your area, you can store excess electricity. The power produced is free and can be used during cloudy days and winter months. Factor in the potential kWh credits and payments you'll receive for the utility. Seek a quote from a reputable company to gauge solar system installation expenses. A Smart Roofs commercial energy assessment is custom to your business's needs. For a personalized projected solar savings visit here.
3. Consider Energy Rate Protection
Consider the potential future increases in energy costs. While energy prices may vary, historically, they increase over time. My grandparents cost under $20k. It's worth 20 times that now. Going solar can provide a hedge against future price hikes. Electric company energy rates increase consistently across the states. Consider the expected rate of inflation and future increases in electricity when estimating lifetime solar savings. Solar energy provides a hedge against rising energy costs since sunlight is free.
There is a valuable opportunity cost associated with implementing clean energy. Assess risk to evaluate the opportunity cost of renewable energy for your business. Contemplate alternative avenues for investing the funds for your business. Consider potential expansions, marketing endeavors, or other enhancements that could yield revenue. This could include new equipment, advertising, new buildings, more staff, or industry-specific improvements.
4. Predict Energy Savings
Predicting solar savings involves estimating how much money you'll save on electricity bills. Generating your own solar power saves instead of purchasing electricity from the grid. For those contemplating the leap into solar energy adoption, predicting savings becomes imperative. Adding to the importance of forecasting the economic benefits of transitioning to solar power.
Compare estimated solar generation and potential net metering benefits with current electricity costs. Subtract solar generation from annual consumption and multiply by prevailing electricity rates to gauge first-year savings. Factor in potential credits or payments for excess electricity. Lastly, be sure to factor in maintenance costs. Solar panels require minimal maintenance. There are small costs associated with cleaning, monitoring, and occasional repairs. Account for these costs when measuring solar panel power calculations.
Once you have these figures, compare the potential savings from going solar with the cost of not doing so. Keep in mind that this is a simplified estimation and discussing with a solar energy expert can provide more accurate insights. tailored to your usage. Savings fluctuate due to weather conditions, energy price fluctuations, and system performance. Consulting with a clean energy expert can provide a more accurate prediction of how much you’re losing without solar. We have modeling software that uses LIDAR and system specification to give you an average per year. Measures performance will be plus or minus 4%.
The decision to embrace solar energy isn't an environmental choice; it's a strategic financial move. By leveraging the power of the sun, businesses can mitigate costs, enhance competitiveness, and create sustainable growth. So, ask yourself: Is your business losing money by not going solar? The answer might be glaringly evident once you explore into the numbers.
Stop your business from losing money:
Smart Roofs Energy is a turnkey solar energy company. Solar power gives companies control over their electric bills. Offerings include rooftop & ground mount solar PV, carports, EV chargers, batteries, solar farms, and more. Reach out to find out how much you can save.