You have probably seen the growing concern for protecting the environment, ways to “go green”, and the increasing amount of clean energy options, but you may not have considered how some of these could benefit you and your business. Solar energy being the most applicable option for individuals and business owners to produce their own clean energy is on the rise, but many are still concerned about whether or not it would be a good investment. In most cases, they can be a good investment, but the return on investment might seem too far in the future for it to be considered.

How Solar Can Benefit Your Apartment

There are a number of factors involved when considering solar energy for your business. Particularly for those who own and operate apartment buildings, the benefits can be astounding. One of the biggest reasons PV solar (photovoltaic solar panels) hasn’t been considered is simply due to a lack of information of all the benefits provided. A few of the benefits specifically for apartment buildings include:

  • Greatly reduced (or even completely eliminated) electric bills
  • No longer being subject to the always increasing rates for the cost of electricity
  • Little to no maintenance required
  • 30% tax credit on the total project cost (at least through the rest of 2017)
  • Quick return on investment (usually less than 10 years, sometimes less than 5)
  • Increased property value
  • Marketability and resident retention
  • Other tax benefits like depreciation, which can be taken over the first 5 years

The Main Benefits Broken Down Simply

Let’s elaborate a bit on a few of these benefits. Nationally, the rate of cost of energy increase is up to 6%. If you continue to purchase energy from your local energy company, you have no choice in the matter, and are subject to these rate increases. With solar, you are producing your own energy, and no longer need to purchase it from an energy company who consistently increases the price tag. You will also receive up to 30% of the total project cost back in your pocket at tax season. That is, for example, if you spent $100,000 to install solar in 2017, you will receive a tax credit of up to $30,000 (assuming you have paid at least that amount in taxes for that year). After going solar, you can now market your apartment building as a Green company. People are willing to pay a premium for being a part of these, and it will greatly increase your marketing ability.

Depending on the size of your building, available roof space, and average energy consumption, your return on investment can easily be under 10 years, and in a lot of cases, under 5. After the system is paid, it’s nothing but free and clear savings in your pocket, and a clear conscience that you are a part of the clean energy movement. So why wait? Contact your local solar contractor today to get a free quote!