Benefits of solar panel installation for home/commercial buildings

Benefits of solar panel installation for home/commercial buildings

9 October 2021 at Waaree

Have you thought about solar panel installation on your house or other residential structures? In today's environment, we rely on electricity to maintain our daily routines. We use electricity to prepare food, dine, drink, rest comfortably with air conditioners, connect with friends, relatives, and business colleagues via electronic communication devices, and for a variety of other functions.

Solar panels are an excellent way to save money on electricity and minimize your home's environmental effect. And there are various benefits of solar panels, such as supporting small businesses and contributing to alternative energy.

Solar energy is abundant, renewable, and sustainable. As the cost of using solar to generate electricity decreases year after year, more Americans are opting for solar. In the United States, nearly a million panels have already been deployed. Additional advantages of converting to solar power are listed below.

If you've considered it but aren't sure if it's a good idea, read this article to learn more about solar panels and the benefits of solar installation for a home.

Commercial solar panel benefits

Solar energy enthusiasts can describe how it can light up houses or how the average person can handle the expense of installation, but what about commercial structures? Is solar worth it for a retail area? The truth is that having industrial solar panels has numerous advantages. Here are a few to bring to your next board meeting.

1. Finances

Solar panels are primarily a sound investment. Every good firm must weigh the financial benefits and drawbacks of any significant decision. Here are a few factors to consider:

  • Utility Bills:
  • The most significant financial gain is the electricity bill savings. Electricity price fluctuation and inflation, as many businesses are aware, can be a significant problem. Solar energy takes advantage of this, lowering inner energy costs as Power Company prices continue to rise. 

    According to research, before solar panel installation, the typical commercial property owner paid $1950 per month. After installing solar, the cost is lowered by 75% to only $500 per month. This energy stability allows businesses to reduce their electricity liability.

  • Period of restitution:
  • You can expect the installation to be repaid in 3-7 years, while the system will last 25-35 years and provide a return on investment from day one.

  • Net metering:
  • It is a term that refers to the practice of Commercial buildings that can also use net metering, which is the practice of selling energy back to power suppliers. This additional sum helps offset the system's upfront outlay and can get used for profit in the future.

  • Cost of upkeep:
  • Solar panels require very little maintenance. As a result, the most significant financial loss is the upfront cost of the panels and solar panel installation.

  • Solar system dimensions:
  • The financial benefits aren't limited to large corporations. Solar panel systems are available in various wattages and sizes, so even a small business could benefit.

    Have you read: Types of solar panels - Find the Right Solar Panel That Fits Your Home

2. Solar incentives.

Due to the apparent subsidies granted to defray the project's cost, large and small enterprises may finance solar panels.

  • Federal Investment Tax Credit—a statute passed in 2016 created a federal incentive that credits up to 30% of the cost.

  • The Tax Cuts and Jobs Act - Allows for an expedited amortization of the cost of a solar panel.

  • Performance-based rewards, such as solar renewable power licenses, enable the company to be compensated for the energy it generates.

3. Increase the number of customers you have.

Because of the attention they attract, solar panel installation might also be a wise commercial decision. Specific customers value ecologically conscious firms and will choose your company above others because of the solar panels. Solar panels also receive media attention due to the growing focus on environmental consciousness, particularly in the commercial setting. It is a branding and marketing tactic.

4. It contributes to the local economy.

Lastly, because of the expense, solar panel installation benefits the local economy. Local lenders profit from solar investments, and your company gains traction due to the increased visibility. In general, as the demand for solar installations grows, so does the utilization of local employees and solar companies.

Residential solar panel benefits

  • Energy bills get reduced or eliminated.
  • We create a lot more than we use on sunny summer days, exchanging with the utilities. We take from the network on hot summer days when the air conditioning gets turned on or cloudy days when the sun is shining.

    Even if it's cloudy where you live, you'll get more than two hours of sunlight every day, whereas sunny areas get an average of 5.5 hours of sunlight per day.

    Solar panels for a home will keep drawing power even when gloomy weather, even though sunny days yield more solar energy. Even if the sunshine is indirect or dispersed, it will still aid in powering your home.

  • Begin saving right away.
  • You can spend thousands of dollars on energy each year. In fact, including transport and household energy, the average yearly energy expenditure per person is $3,052. As soon as solar panels get installed, these costs can be reduced or eliminated. They also provide long-term benefits because capturing the sun's energy is almost free.

    Solar panels increase the resale value of your home dramatically. Most purchasers know what a property with solar panels for a home entails, mainly since the equipment is already in place and they don't have to pay for the initial investment or installation. As per studies, the average homeowner sees a $5,911 improvement in resale value for every installed kilowatt. Placing a 3.1-kilowatt system might improve the price of the property by more than $18,000.

Bottom line

Many potential subscribers have paid off their systems in less than three years. Making good decisions is essential to running a business, whether you're launching a new endeavor or keeping the family firm afloat. Solar production varies with every property, but going solar is always preferable to doing nothing.

Every day, business and home property owners get confronted with various significant and minor decisions that affect the outcome of their efforts. The next step is to have a professional solar evaluation to determine how much you will gain from solar panel installation.

We at Waaree Energies Ltd. provide solar panels for both residential and commercial buildings.

Read further: Benefits of Solar Panels for Schools and Universities