Electricity costs are rising across Canada, which increases business operating expenses and makes future budgeting uncertain. Installing solar panels on commercial buildings can help cut energy costs significantly and support environmental sustainability.
With the growing impact of global warming, more consumers are choosing green products and services that help reduce this threat.
Going solar not only benefits the environment but can also enhance customer loyalty, attract skilled employees, and boost your brand’s reputation.
Available Incentives for Solar on Commercial Buildings
Currently, there are two major incentives that make solar panels more affordable for businesses, helping improve the return on investment and reduce the payback period.
Clean Economy Investment Tax Credits: Businesses can get a 30% tax credit for purchasing solar systems. This incentive may decrease in the future, so it’s wise to consider solar now.
Accelerated Depreciation for Commercial Solar Systems: The federal government allows businesses to claim 100% depreciation in the first year for commercial solar systems. This helps reduce the installation costs faster, providing quicker financial benefits. This depreciation lowers a company’s tax liability, making solar an even more attractive option. Be sure to consult your accountant to understand how this can benefit your business.
Benefits of Commercial Solar.
- Cost Savings: Reduce operating expenses by cutting energy bills.
- Environmental Impact: Lower your carbon footprint and promote sustainability.
- Use of Roof Space: Utilize roof areas that are usually unused for generating electricity and additional cash flow.
- Brand Image: Improve public relations and your brand’s green image.
- Energy Independence: Gain more control over your energy supply and costs.
- Financial Stability: Benefit from long-term savings and stable energy costs.
- Increased Property Value: Solar panels can potentially raise your building’s value.
Considerations
Upfront Costs: Solar panels require an initial investment, but the incentives available make it easier for businesses to integrate solar power into their business plans and achieve long-term
success. These advantages make solar panels a smart investment for commercial buildings, providing both financial and environmental benefits.
New Dawn Energy Solutions helps businesses and homeowners switch to solar with free solar proposals. If you’re interested in getting a free solar proposal, you can call us at 416-885-9377, fill out the form by clicking here, or email us at info@newdawn-es.com.