While most of Connecticut’s popular incentive programs for solar installations revolve around residential properties, commercial solar installation in CT can also provide huge benefits. Commercial properties can still qualify for some great loan programs to help with financing all while enjoying a wide range of benefits including:
- High return on investment
- Reduced operating costs
- Increased property value
- Tax credits
- Positive brand image
High Return on Investment
Most common investments give nowhere close to the return on investment as a solar installation. Commercial businesses enjoy an average return on investment of 13.91% with a short payback period of just over eight years. So, if you pay for your solar installation with a 5% interest loan, you’ll still make back almost 9% of your investment after paying your interest. This makes a solar installation one of the smartest investments you can make for your business.
Reduced Operating Costs
Any investment that reduces your operating costs give you huge benefits. You can take that reduction in operating costs as a way to increase your profit margins or you could use solar as a competitive advantage to reduce the cost of your products. Reducing your operating costs also helps you survive the slow seasons almost every business experiences. You just might find solar brings you the competitive edge you need to start thriving in today’s highly competitive business environment.
Increased Property Value
By increasing your property value you can qualify for stronger business loans and build your overall wealth. According to the U.S. Department of Energy, every $1 in reduction of utility costs increases the value of a property by $20. This number only grows in areas with high utility costs like Connecticut. With the high return on investment solar provides, you can increase your property value all while earning a hefty return. You can use the increased property value to boost your retirement or enjoy a stronger exit when you finally decide to sell your business.
Taxes seem to be the burden of every business. So, any opportunity to reduce your tax burden always helps boost your bottom line. When you invest in solar for your business, you can deduct 26% of your solar installation costs through the Federal Solar Tax Credit. Most other investments you must depreciate throughout the years preventing you from taking the entire deduction your first year. But with solar, you can take the entire deduction the year of your solar installation.
Positive Brand Image
In today’s world where everyone cares about how their products are made and the environmental impact of the products they purchase, installing solar makes for a great way to build a positive brand image. You can use your new solar installation as a method for marketing or even mark up your products stating your environmental practices. People simply expect to pay more for products from green businesses, so lean into that expectation and add solar to your marketing messages.
Please visit Green Power Energy for more information.