Solar power has become increasingly popular over the years and more and more businesses are acknowledging the benefits of solar energy. Having commercial solar panels installed on your business property can bring about several rewards including lower electricity costs and fewer carbon emissions. This, in turn, can help to cut overhead costs and boost the reputation and credibility of your brand. With that in mind, here are some of the key benefits that solar power can bring your business.
Reduced electricity costs
One of the main advantages of installing solar panels is that it can significantly reduce your business electricity costs. Electricity is a large overhead cost for most businesses especially those in manufacturing, food and drink production, engineering and cold storage . Solar panels offer electricity at roughly a third of the price of grid-supplied electricity. In addition to the immediate savings, investing in solar panels allows you to effectively forward buy your electricity at a price of 4-5p per unit. This compares to around £15 from the grid and could save your business significant amounts of money in the long-run, especially because electricity prices are increasing. Average electricity prices have increased by around 6% in the last 12 months alone!
Reducing your electricity costs will mean that you have more capital to invest in core areas of your business that will drive growth and profits. Overall, solar panels can be a reliable way for businesses to reduce their electricity costs and safeguard their future electricity supplies.
Fewer carbon emissions
Another great benefit of installing solar panels on your commercial building is that it will allow you to generate your own green electricity. Unlike traditional fossil fuels, renewable energy from solar produces no harmful emissions or pollutants. Using solar panels is a reliable way to reduce your environmental impact and lower your company’s carbon footprint. Sourcing electricity from solar panels instead of fossil fuels will dramatically cut greenhouse gas emissions. This will result in less pollution which will help fight climate change and give the environment time to heal.
Companies have a corporate social responsibility (CRS) to ensure that their business operates in a way that has positive social and environmental effects. Installing solar panels is an effective way for businesses to improve their CRS image by taking an active role in addressing environmental issues. This is likely to appeal to eco-conscious consumers, which will increase sales and profitability in the long run.
Improved green credentials
As mentioned, generating electricity from solar panels is one of the most effective ways to reduce your carbon footprint. Installing a solar panel system is also a highly visible way of showing your support for sustainability. Global warming is a hot topic and many consumers are now looking to support eco-friendly brands that adopt green practices in the workplace. Recent surveys show that an impressive 88% of consumers want brands to help them become more environmentally-friendly in daily life. With that in mind, using solar energy can help to improve your overall brand image and reputation. This, in turn, should help you attract new customers, increase sales, and boost revenue potential. You can also leverage your green credentials to gain the interest of stakeholders, lenders, and other key business parties.
High return on investment (ROI)
The payback time for commercial solar panels is typically around 6-8 years and the ROI is between 14%-16%. This makes solar panels an attractive investment for many businesses, particularly those with high energy consumption i.e. agricultural or manufacturing companies.
Another advantage of solar panels is that they require minimal maintenance. Once the solar panel system has been installed, it should provide you with a reliable electricity supply. On top of this, most solar panels are guaranteed for 25 to 30 years with solar panel cleaning being carried out every 12-24 months to ensure full outputs.
Most systems should continue to produce electricity for around 40 years or more according to thegreenage.co.uk.
As you can see, installing solar panels on your commercial property can bring about several rewards. This includes lower electricity costs, fewer carbon emissions, and improved brand image. Overall, most businesses have the potential to benefit from installing a solar panel system and generating green electricity. This is especially true for companies that require high volumes of electricity to operate. If you would like more information on commercial solar panels then you can contact experts at Mypower by clicking here.