When it comes to reducing the cost of your overhead and making your business more sustainable in the long-run, you need to consider all options. Investing in a solar panel installation might be one of the ways to achieve this, but the frugality of this action is definitely not a simple matter to calculate. For instance, calculating the ROI in the long run can be complicated due to options like government grants or selling excess power back to the utility company. Apart from this, you also get more self-sustainability and a more predictable utility bill, which is a huge plus on its own. With this in mind, here are several things you need to consider when you decide to save money with solar energy for your business.
The first thing you need to understand about solar energy is the fact that it can take 7 to 20 years for you to pay off this investment.The average cost of the installation comes somewhere at 17,000, but some states offer grants that might help you pay this off much sooner. That is the cost for a scenario in which you’re running a home-based business or an SMB.
For some businesses, this is a problem, due to the fact that they hate the idea of being tied to the same office/headquarters for a prolonged period of time. On the other hand, if this is your permanent base of operations, you can drastically reduce the cost of your company’s overhead and in this way improve your month-to-month finances. This is why more and more companies decide to go with commercial solar power.
The next thing you need to keep in mind is the fact that relying on solar energy requires much more than simply investing in some panels. Your grid needs to be adjusted, but most importantly, you need to get a quality battery and a reliable inverter.
Furthermore, there is a great discrepancy between a 3kW (which goes as low as $3300) solar system or a 10kW one, which is why you want to choose the most appropriate option. However, what if you deem that you need a 7kW system or can afford a 2kW one? Well, some companies like Skylight Energy can tailor a system based on the needs of your business. In this way, you can make the project of saving money with solar energy much more efficient.
Those running their business from Australia might also want to check if devices that their solar provider is using are approved by the Clean Energy Council. Moreover, seeing as how it is still electricity that we’re talking about, you need to make sure that these products also meet international and Australian safety standards.
The greatest problem with planning your utility bill lies in the fact that there’s no guarantee that the price will remain where it currently is. While, in theory, this could go both ways, in reality, the price of electricity is going one way – up. On the other hand, switching to commercial solar power gives you a much more predictable monthly expense. As for harnessing your own solar power, this could mean that you get to avoid one major expense year in and out.
Another thing you might want to consider is selling solar power back to the utility if your solar system produces more energy than you consume. In most cases, your operations won’t rely 100 percent on solar power, which means that you can perhaps trade this excess electricity for a reduction on your bill. Some companies apply a credit to your monthly bill. Sure, the profits and reduction in overhead that can be achieved in this way won’t double your account balance, but when you’re running a small business, every bit helps.
At the end of the day, the benefits of going with solar energy of your business go past the financial advantages. People who only look to make their business more frugal might primarily care about the money; however, every true entrepreneur knows that factors like expense prediction and self-sustainability can be equally as important. As a small business owner, you don’t have the privilege of overlooking anything that gives you even the slightest competitive edge.
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