Follow This Advice For Saving On Solar

As you’ll notice, marketing solar tax credits are just the tip of the mountain when it comes to calculating the actual costs of investing in solar power for business. We’ve highlighted six parts you may not have thought of or know about, ideas that could save your business tens, even hundreds of thousands of dollars a year. 

Earning credit for going solar: the solar Investment Tax Credit (ITC)
First created in 2006 (and extended in 2015), the solar Investment Tax Credit (ITC) is a federal policy designed to encourage the deployment of solar energy in the U.S. by offsetting the cost of commercial solar systems. The solar ITC allows organizations that invest in qualifying solar projects to receive a credit against the income taxes they’d otherwise owe the federal government. 

Net Metering

Net energy metering (NEM) is necessarily a billing arrangement that allows organizations are generating their electricity to deliver unused energy back to the grid and be charged at the retail energy rate. In most instances, these credits are utilized to your monthly electric utility bill or rolled over month-to-month until they’re used up. You can even be compensated for any excess energy you produce. It can be a highly effective way to reduce the overall price of solar panels for business.

It’s necessary to know that NEM policies can vary widely depending on your utility and state. So be certain to do your homework to find out if net metering is currently an alternative in your state. The Database of State Incentives for Renewables & Efficiency (DSIRE), which is supported by the U.S. Department of Energy, is a great place to find out.

 
Solar Credits

Considered the currency of renewable energy, Solar Renewable Energy Credits (SRECs) allows organizations to track, and potentially profit from, the volume of clean, renewable energy produced by a commercial solar system. The more electricity generated, the more SRECs created. Many organizations choose to sell these credits to help offset the cost of installing modern solar panels.

While SRECs can be traded directly, most organizations choose to use a third-party aggregator to sell their SRECs. As with NEM, SREC policies and markets vary widely by state and are not in place everywhere. Check DSIRE to find out whether these innovative credits are available to you.

Electric meters and your utility rate arrangement contribute to the actual cost of solar panels for business knowing what fetches what, and when: utility rate structure

Like most businesses, you probably pay two kinds of charges on your monthly utility bill: usage charges (based on real kilowatt-hours used), which can vary by time of day, and demand charges, which are estimated based on your maximum kilowatt usage in a month (typically measured in 15-minute intervals).

Knowing how your utility structures these rates, and their impact on your monthly energy prices, could save you thousands of dollars every month. Getting those details will help you decide how to manage your usage better and whether investing in solutions like industrial solar and solar battery storage may make economic sense.

Reducing expenses using the energy you’ve stored: solar battery storage
An ever-growing number of businesses are taking a closer look at the potential of battery storage to lower their monthly power bills, especially when paired with a commercial solar system. These refrigerator-sized batteries can offer a highly effective way to reduce demand charges by discharging their stored energy when needed to offset spikes in demand—potentially leading to substantial savings.

Solar And Battery

Battery storage systems can be bought outright or leased from your solar provider, which helps eliminate up-front and ongoing maintenance costs. Combined solar and battery storage systems qualify for the solar ITC, and there may also be state rebates available with the buying or lease of a storage system.  Ask your provider or an independent energy consultant to analyze your load profile. They can help you estimate whether solar energy storage is a good fit for your business.

People thinking about how many solar panels for business cost taking advantage of policies and rebates near you: state and local incentives
Promoting the growth and proliferation of clean, sustainable energy in business isn’t just a federal interest—many state and local governments offer support, rebates, and other incentives, too. And that can mean additional ways to offset the cost of installing industrial solar panels.

As previously stated, the Database of State Incentives for Renewables & Efficiency is an excellent site to find federal, state and local renewable energy initiatives, including solar, in your area. Search by city, state or ZIP code for the latest policy and incentive information, and compare their Other Resources page for links to state and local clean energy organizations that could provide even more info and money-saving tips.

Curious about solar hard costs vs. soft costs near you, and how that might affect your own solar panel pricing? We here at HahaSmart you will have a look at what we can offer you on the cost of solar panels and cost of solar installations. We will strive to find you the best prices available. Follow the solar experts. Try our price checker tool. It tells you how much solar power you need and how much you can save on your energy bills each month. Please visit our solar blog to find out more about the benefits of going solar.