Business Priorities When Buying Commercial Solar Panels
There are some things you should know before you install solar panels on your commercial property. These include cost, profitability, O&M, and permits. Solar energy can also be a great way of reducing your daily energy consumption. Check out the Chambers for Innovation and Clean Energy website if you are interested in solar energy for business.
Solar panels for commercial use are a great way to reduce operating costs and lower your energy bills. If you purchase the right panels for your business, you can expect to see a rapid payback period. And since the average panel will last for around 40 years, you can afford to invest in high-quality equipment.
The net present value is the first step to determine whether commercial solar panels are profitable. Then you can calculate the hurdle rate. In this scenario, you can select a hurdle rate that’s as high as you want, as long as the rate is above zero. Higher hurdle rates will reduce the net present value but won’t negate the benefits of solar investment tax credit and accelerated depreciation.
If you’re interested in installing solar panels at your business, you’ll need to get the proper permits. There are several steps you must take before you can install solar panels, and failing to obtain them could put you in hot water with authorities and cost you hefty fines. A solar company can help you complete the forms and submit them the city.
Permit requirements vary from one state to the next. If your building is located in a historic district, you may need to get permission from the town’s historic commission. You may also need permission from the homeowners association if your property is located in a community.
One of the most critical factors in solar asset ownership is the level of ongoing maintenance (O&M) required. Without proper O&M, a solar installation will fail to perform to its full potential and produce an adequate return on investment. For example, dirty panels won’t capture sunlight as efficiently as clean ones, and faulty panels can negatively impact the output of the entire installation. Additionally, a system outage can negatively affect revenue and productivity.
Commercial solar O&M providers are just like any other investment. They offer a variety of services and prices. Based on your budget and requirements, you will need to determine which level of service you require. At the very least, your O&M provider should provide monitoring, performance alerts, preventative maintenance, and inspection services. They should also have a team that responds quickly to maintenance and emergency calls.
Businesses can save thousands of dollars each year by using commercial solar panels. The initial costs are also affordable. The size of the facility will determine the savings. For example, a small office building may only require five panels, while a large office complex may require dozens. The savings are also dependent on the size of the electricity bill. A commercial solar panel system will save businesses approximately 75% on their total electricity bill. You may also be eligible for incentives from your local government to install solar panels.
Solar panel arrays require a lot of space. The more space the solar panels cover, the more energy they can produce. The cost of a solar array depends on how much electricity you need and what financing options you have available. The benefits of a solar panel system are immense if you make the purchase. In three to seven years, the investment will pay for itself. In addition, your business will receive free energy for up to 25 or 35 years.
Before installing commercial solar panels, it is important to understand the ROI of the project. The ROI of solar power depends on a number of factors, including the amount of electricity used and the amount of energy generated. This figure can also be affected by the costs of solar panels and any incentives offered by state and federal governments. It is also important to understand the costs involved in the installation process. If you want to receive the maximum ROI, consider consulting with an experienced solar company.
First, ensure that you purchase a high-quality panel. Panels of low quality will lose their performance over time and need to be replaced frequently. A panel of low quality will last only five to ten year and is more susceptible to weather damage. Also, consider the warranty of the panels and the inverters. A good solar energy company will provide comprehensive warranty and coverage information.