May 4

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ROI of Solar Panels in Your Business

Many businesses are now going solar. It’s an investment you would want to consider if you are looking for ways to be eco-friendly and save on your electric bill at the same time. The initial amount that you need to spend may be high, but you will see a return on your investment in the long run. Moreover, financing options are available if you cannot afford to pay for the installation.

In this article, we listed some of the benefits you can gain from installing solar panels in your company.

  • Save on energy bill. The top reason businesses go solar is the money they can save on their energy bill. You, too, can enjoy this if you install solar panels. If you generate more energy than you use, you might even be able to earn or get rebates by contributing to the grid.
  • Unlimited power source. The sun is the primary source of energy in solar panels. It’s an infinite source, so you will never run out of it. Even during rainy or cloudy days, the system can still harness energy to support your operation. The solar panels do not rely on heat but on the sun’s light, which is still present even in bad weather.
  • No brownouts. If you have the right size of solar panels, they can effectively supply the energy that you need to keep your business operation going. You don’t need to worry about brownouts, which may be the case if you rely on the grid. Power outages could mean delay, which can negatively affect your business. It could slow down production, or you may not be able to assist customers on time.
  • Environment-friendly. Today, businesses are finding ways to do their part in saving the environment. If you want to join this initiative, installing solar panels is an excellent step. It’s a great way to go green because it does not need to use non-renewable resources like coal. On the other hand, being dependent on coal creates harmful gases that contribute to global warming. Use solar panels to minimize your carbon footprint.
  • Improve your brand. Making your company eco-friendly will improve your reputation. Customers support green businesses, so using solar panels is one way to promote your company.
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The benefits you will get from installing solar panels in your business may inspire you to push through with it. However, various factors will affect your return on investment or ROI. Making the right choices can help you get the highest possible ROI, and we listed some steps to help you.

Source: harmony1.com
Source: harmony1.com

Choose the right installers

The price of installing solar panels varies from one company to another. While the installation cost is one thing to consider, it should not be the sole deciding factor. If you get the lowest price but the quality of the service is low, you might have problems with the solar panels later on. This will be inconvenient and costly. Instead, choose a reputable company with a proven record in this field, like the installers you will find when you click here. They have extensive experience installing commercial solar panels, and they offer their service at a competitive rate, so you can be sure that you will get your money’s worth. It will help ensure that you get a high ROI.

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Get the appropriate solar panel size

There is no one-size-fits-all for commercial solar panels. The right size for you depends on your specific needs. It is essential to choose the correct solar panel size; otherwise, it may not be sufficient to support your needs. On the other hand, getting one bigger than what you need can be a waste of money. Your installers can help determine the correct size for your business. Some of the things to consider are the size of the building and the average energy usage. The climate in your location also plays a part. Although the temperature does not affect power generation, the amount of sunlight does. So even if light may still come through in cloudy weather, you may still need more powerful or bigger solar panels to generate more electricity.

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Source: inventiva.co.in
Source: inventiva.co.in

Consider roofing inspection

Roof problems could affect the solar panels. For instance, if there are issues in your roofing that you need to fix after installing the solar panels, the repairers would also need to remove them. Reinstalling them could mean extra cost, which affects your ROI. So, before installing solar panels, hire a professional to perform a roof inspection. You may need to pay for this, but it is much cheaper than a more expensive roof repair or replacement after getting the solar panels. Some of the common roof issues to take care of include rotting, damaged shingles, and structural concerns.

Ensure warranty

Ensure that the solar panels come with a warranty and that you understand the coverage. Without proper coverage, the expenses for the repair or maintenance will come out of your pocket. Most installers provide free service and care for a certain period. They may also cover the repair or replacement of particular parts, such as the photovoltaic cells, panel covers, panel frames, batteries, wirings, and inverters. Your commercial property insurance may also have coverage, so always check with your insurance provider to determine what it covers.

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Source: electricalsensations.com.au
Source: electricalsensations.com.au

Know your finance options

If you have the money to push through with the installation, your ROI will be higher in the long run since there are no interests you need to pay. However, finance options are available if you cannot afford to pay for them out of your pocket. For example, you can get a loan, but you will take care of the repairs and maintenance since you own the solar panels. There are also lease options where the lease provider will cover the maintenance and repair, but the solar panels will not be yours.

Choose your options wisely when getting solar panels for your business. The right choices will benefit your business and give you the highest possible ROI.


Tags

 , Benefits, business, Installing, ROI, roof, Size, Solar Panels


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