The main benefit of solar power for a business is that their normal operating hours are usually during the day when the sun is shining, which allows the bulk of electricity consumption cost to be offset because there usually lower energy use overnight.
Additionally, businesses benefit greatly from solar power in the following ways:
- Insulate against the rising cost of electricity – electricity prices are expected to increase further over the coming years. Taking action now by installing a commercial solar power system can reduce your current electricity usage and protect your business from these further price increases.
- Generate clean power – generating electricity from a solar power system produces no pollution, helping to protect our environment for many years to come.
- Rebates and tax reductions – the Solar Credits Program provides assistance to businesses by reducing the upfront investment cost of installing a solar power system. GST registered businesses are able to claim back the GST on commercial solar power systems.
- The cost of solar panels has reduced significantly, which in turn results in a higher return on investment.
- Due to the current high cost of electricity, the payback time on a commercial solar power system can be as low as 3 years.
- Business can achieve an internal rate of return as high as 40%.
- Create positive cash flow.