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Are you looking to move forward with solar power in your business? Then you’re in the right place. These days, solar is the top choice of many customers across the US.
From homes to farms to businesses, solar has proven to be useful and cost-effective. Most importantly, it’s good for the environment. If you’re about to finalize a solar installation project in your business, you should take a moment to read through these frequently asked questions about commercial solar panels.
So are you interested in learning more about installing panels in your company? If so, read on and find out more.
How Much Does It Cost?
Generally, the cost ranges from $3.00 to $10.00 per watt. This means that for a 10 kW solar system, the cost would range from $30,000 to $100,000. Prices can be higher or lower depending on the necessary components for your installation, such as wiring, inverters, and the type of mounting system.
In general, panel prices comprise about 25-35 percent of the project cost. Other costs associated with the installation include labor, overhead, and permitting. Additionally, the availability of solar incentives and rebates can significantly reduce project costs.
With the help of government and utility-sponsored incentive programs, the cost of a commercial solar panel installation can decrease by up to 50-70%. In some cases, businesses can even make money off of their installation.
How Efficient Are Solar Panels?
These are incredibly efficient and are capable of producing usable energy from the sun’s rays. In fact, they have an efficiency rate of nearly 22%. This means that, on average, a typical panel can produce enough electricity to power a home or office with minimal effort.
Additionally, since they don’t require any fuel, they are a cost-effective choice for anyone looking to go green. They are also easy to install and require minimal maintenance.
While the initial cost may be high, solar energy offers many long-term benefits that far outweigh any upfront costs. With solar, consumers no longer need to rely on traditional fuels or high electricity rates.
Do Solar Panels Work in Cloudy Weather?
Cloud cover affects the amount of light that can reach the solar panel, reducing the amount of electricity it can generate. Yet, when it is cloudy, the light emitted is still sufficient to allow electricity to be generated. On cloudy days, the amount of electricity generated can vary significantly, depending on factors like cloud cover and the angle of the sun.
To make the most out of panels during cloudy weather, it is important to make sure they are easily located and installed in such a way that they receive as much light as possible. Another plus side of cloudy weather is that cooler temperatures can actually increase efficiency. Therefore, although cloudy days will not produce as much electricity as sunny days, they will still work in cloudy weather.
Who Should Install It?
It can be a complicated process and it is important to make sure it is done correctly. Professional installers are familiar with the technical requirements and have the necessary tools, equipment, and experience to complete the job safely and properly.
They also have access to a wide range of products and services, allowing them to design and install a system that best meets the needs of the property and its owner. Installation is not a job for an amateur, to ensure it is done correctly, it is best to leave it to this solar company.
How Long Does It Last?
They can last between 20 and 30 years, depending on the type and quality of the system and the manufacturer. The majority have a minimum life expectancy of 25 years, meaning they can produce electricity at normal output levels even after that time. Some systems may even last up to 40 years, depending on proper maintenance and other environmental factors.
Factors such as snowfall and extreme weather can reduce their lifetime if not removed or kept in check. It is also important to note that the output power of the panels does decrease over the years.
Yet, the electricity output is estimated to be anywhere from 73-83% over the years. They are low-maintenance, making them an attractive renewable energy option for commercial use.
How Much Can You Save?
Depending on the size of the project, the payback period for the system can range from 5-10 years. During this period, the energy generated from panels can entirely offset electricity costs, resulting in significant electric bill savings. Through a Power Purchase Agreement (PPA) program, a business can even save more due to an added incentive from the electricity provider.
Tax credits, rebates, and other grants may also be available to lower the upfront costs of the system. With proper management of a clean energy project, a business can save hundreds, if not thousands, of dollars per month on its electricity bill. That can add up to big savings, as well as big returns on the initial investment.
What Are the Tax Benefits?
Businesses are eligible for accelerated depreciation, which allows the value of the system to be deducted up to five times faster than normal depreciation rates. Additionally, businesses qualify for a federal tax credit of 30% of the total system cost. This credit can help to recoup a portion of the initial costs.
In many states, businesses may also be eligible for state-level incentives such as tax credits or cash grants. Solar systems are also eligible for net metering, which allows businesses to be reimbursed for any excess energy they generate. These benefits, along with the money saved on electricity bills, make commercial solar power a very attractive option for businesses looking to save money on taxes.
Enjoy the Benefits of Using Commercial Solar Panels Today
The use of commercial solar panels is a great option for any business or commercial property. For more information, contact a solar provider today to get an estimate and see how you can benefit from having leased or owned solar panels. Start taking advantage of the savings that come with solar panels and a renewable energy source today.
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