Whether you own a commercial building or the land it sits on, there are a lot of responsibilities that come with its management. While owning property is a great investment, there are also risks that exist in the form of maintenance issues, repair problems and even appliance replacement. Now, you have the ability to flip the script and invest back in your property with a commercial solar photovoltaic (PV) project. The benefits of solar can help you grow your business by producing your own electricity.
The Benefits of a Commercial Solar PV Project
Some of the biggest benefits of a commercial solar PV project include:
- Lower Utility Bills: As soon as the solar project is finished and turned on, you start generating your own electricity. This means that you instantly save money on utilities, which in turn will have a positive impact on your bottom line.
- Solar Renewable Energy Credits (SRECs): In addition, every state sets various benchmarks for green energy production. This is funded through a system called solar renewable energy credits, which are used to measure progress. Every bit of renewable energy that you make is tracked. Then, you receive certificates that can be sold to other organizations, helping to generate additional revenue.
- Tax Breaks: In addition, the federal tax breaks that you enjoy from solar project have been extended. The tax break comes in the form of 30% of the total cost of the solar project. This includes parts, labor and any other service costs. You can even claim depreciation on the solar project as well, thereby accelerating your tax savings.
- Increased Property Value: With all of these benefits, it should come as no surprise that your solar project is going to increase your property value as well. Furthermore, some sources show that for every dollar you invest in your solar project you will be rewarded with a $20 increase in your property value. This helps you build equity in one of your most important investments.
While all of these benefits are nice, it is also important for people to think about who they want to handle the installation of their commercial solar project.