Businesses in the United States spend over $60 billion every year on energy.
The Department of Energy forecasts energy costs to be at their highest in 15 years this winter. On average electric rates increased by 3% to 13%, depending on the utility. Northeastern states already have some of the highest electricity rates, which makes any increase even more painful.
Switching to solar energy is a compelling solution. Businesses can offset 100% of their electricity expenses, which helps counteract increasing costs for seemingly everything, everywhere.
Businesses that don't make the switch now are missing out on these financial opportunities:
Offsetting up to 100% of electric bills. The adoption of solar energy is saving businesses up to 100% of their business operations. All types and sizes of businesses are benefiting from powering up with renewable energy. This includes manufacturers, restaurants and breweries, car dealerships, hotels, and more. What would you do with the extra money in your pocket every month?
30%-50% deduction from federal taxes.
There are large financial incentives for adopting solar power. The investment tax credit (ITC) is a tax credit that reduces the federal income tax for a part of the cost of a solar panel system installed in the same tax year. Businesses are deducting 30% or more of their solar installation from their federal taxes. This tax credit is a gift for businesses that invest in renewable energy. A commercial solar installation usually takes 6-9 months to finish. Act now to save big on your 2024 taxes.
Missing out on $1 billion in grant funds.
Agriculture producers and small businesses in rural areas have another financial incentive. The Department of Agriculture (USDA) has $1 billion in grant funds under the Rural Energy for America Program (REAP). These REAP Funds apply to energy efficiency projects, including solar power installations. Awarded grants cover up to 50% of the cost of a solar installation. The next quarterly deadline to apply for this grant is December 31, 2023.
The Investment Tax Credit (ITC) and The Rural Energy for America Program (REAP) are just two financial incentives for renewable energy projects. There are state and municipality incentives as well. A solar expert can combine all available solar incentives for your business based on its type and location.
The global energy landscape is undergoing a transformative shift. The International Energy Agency predicts that by 2025, renewable energy will supply 35% of the world's power. Businesses that are leading this shift are viewed as forward-thinking and environmentally conscious. Your reputation can also impact your bottom line.
Make your 2024 business outlook bright with renewable energy. Revolutionize your energy consumption and reduce your operating costs.