Businesses in Florida can benefit significantly from installing a new solar energy system on their commercial property. The advantages of a new solar installment on your business are:
- Tax credits
- Increases your ROI
- Provides stable power
- Improves the environment
- Increases the property value
- Enhances business reputation
Tax credits for solar energy installations
The investment tax credit (ITC), also known as the federal solar tax credit, allows you to deduct 26 percent of the cost of installing a solar energy system from your federal taxes, with no limit on the amount you can deduct. According to the Database of State Incentives for Renewables and Efficiency (DSIRE), if you start a new installation on your commercial property before December 31, 2022, you will be eligible for the 26 percent tax credit. After that date, the credit will be reduced to 22 percent until 12/31/2024, when it will be reduced to only 10 percent. There has never been a better time to take advantage of the ITC credit for your business!
Increase your ROI
Whatever size business you have, your top priority is to increase your profit margin, and saving money on large power bills is a big step toward that goal. In terms of returns on investment (ROI), net metering is one of the primary benefits of switching to solar energy.When there is insufficient energy to produce power, your local power company will credit your company’s excess energy and use it to your advantage, thus reducing your power bill significantly.
The newly passed bill HB741 from the Florida State Senate plans to phase out net metering by 2029, but you can still be grandfathered in for 20 years by initiating a new solar energy installation before the December 31, 2022 deadline.
Enjoy peace of mind with stable power
Florida is known for its year-round mild weather and sunshine, as well as its unpredictable storms and extended hurricane season. Power outages can last for days or even weeks, potentially causing you to lose business and revenue. Having the Tesla Powerwall installed alongside your array will keep your business powered and operational until the power grid is restored.
Improve the environment and helpreduce carbon emissions
Your property can help lower the carbon footprint by installing clean solar. Even if your business isn’t directly using solar energy, it will be reducing the demand for carbon-emitting electricity by putting the producedexcess energy back to the grid. Not only will this benefit the environment, but it will also enhance your company’s brand by establishing a green image.
Increase the value of your commercial property
Whether you are selling your commercial property or not, it is critical to note that installing a new solar energy system on your building could potentially increase the overall property value by 4.1 percent, allowing you to pursue other opportunities and endeavors.
Invest in your business today! Contact us at ProSolar Florida today and speak with one of our experts about the advantages of clean, green solar energy for your business.