Solar industry is booming now, peoples are aware about the sustainability so they prefer solar energy rather than old energy sources.
Solar power is one of the best sources of energy that is less harmful to our environment on the other hand it can reduce your monthly electricity bill drastically.
Due to these reasons solar power is use to generate electricity domestically and commercially.
Now if you want to move on to the solar power for your business then here are some of the economic benefits of solar power for business that you need to know.
5 Economic Benefits of Solar Power for Businesses
1. It can reduce energy cost
Solar energy can reduce your energy cost, yes it’s true. If you are using solar energy to power your business then you can save a lot of money on your energy expenses.
If we compare the operational cost between solar energy vs traditional energy (produced by coal), you can find a major difference in result.
For example, you need to generate 1 kilo watt of electricity to fulfil your power demands.
Now if we compare the electricity production cost of these two above options then you can see that it cost only 2 rupees to produce 1 kilo watt electricity by solar energy whereas you need to spend 4 to 8 rupees to produce same amount of electricity through traditional energy (produce by coal).
This above calculation is for domestic use, it goes up to 10 to 12 rupees on an average to produce same amount of electricity for commercial uses.
2. Increase your property value
If you are using solar energy to produce electricity on your property then it can help you to gain some extra profit while selling it.
Solar power can increase your property value through many reasons like nowadays buyers are seeking for sustainability and long-term savings opportunities which can be easily obtained by solar power.
As we told you before that solar power reduces energy cost and provide more reliable source of electricity compare to traditional one so, obviously a smart buyer will always prefer a property which has solar system.
Also, solar power has few low tax benefits in various countries, this is one of the main reasons behind the increasing your property value.
3. Tax benefits
One of the major economic benefits of solar power is tax benefits. If you are using solar power to fulfil the energy needs for your business or even for your home then you will get some extra tax rebates for choosing sustainable eco-friendly energy.
This tax rebates varies on country to country or even states to states. Here are some examples below.
Solar Energy Tax benefits in different countries in World
| Country Name | Tax Benefits |
| United States | 26% tax credit for solar power installation in domestic and commercial. |
| India | Businesses can quickly write off 40% of the cost of their solar installations. |
| Germany | Ensures a stable revenue stream and pays a fixed amount for solar power on the grid. |
| Australia | Provide tradable certificates for small scale solar installation that can be sold to recover installation cost. |
| Japan | Ensure long terms contracts and financial returns. |
| Canada | Provides various tax rebates that can reduce the cost. |
| United Kingdom | Pays for excess electricity. |
| Chaina | Overall tax discounts. |
| France | Reduce income tax liabilities. |
4. Onetime and long-term investment
Being a reliable source of energy, this is one-time and long-term investment that helps you financially especially. Due to this nature of solar power as a user you don’t have any headache of price fluctuations of the traditional electricity.
5. Income opportunity
After generating a large amount of electricity through solar power, you can sell the excess electricity you don’t need for money. By doing this you will get an external source of income.
As you read on our above point that countries like United kingdom pays for your excess electricity, which means by using solar power you can unlock a new income opportunity for you.
FAQs. Economic Benefits of Solar Power for Businesses
1. What are the benefits of a solar system?
There are various benefits of a solar system such as eco friendly energy, renewable, low maintenance, low cost energy resource etc.
2. What is the future of solar energy?
Renewable energy like solar energy is the only future, we have to shift on solar energy from our traditional energy resources to reduce various environmental effects.
3. How long will solar last?
Solar panel last up to 30 years, so it’s a long term investment.
Conclusion
So, that’s it here we mentioned about few economic benefits of solar power for business, from lower tax rates to higher property values in all factors solar systems are always beneficial for users and also for our environment.
Hope this article is helpful to you if yes then please comment me below and feel free to ask me any questions regrading this topic on below comment section.
I am pursuing my degree on Mass-Communication and Journalism right now , I am highly passionate about technology and technical gadgets. I am also a tech content writer since 2020 on a well known tech review website.