*Article contributed by Sarah Williams.
A PE stamp for solar panel work guarantees not only a high-quality professional job but also potential savings. This extra money can improve your cash flow, pay debts, and even provide more benefits to your employees.
Here’s how a solar panel installation can mean more bucks to your coffers:
1. Less Dependency on Conventional Electricity
According to Electricity Local, Florida doesn’t have the most expensive electricity rates in the United States. It’s not the cheapest either, unfortunately.
Commercial spaces could consume an average of $639 per month. Businesses that need power the most could end up spending as high as $3,288 monthly.
The Sunshine State is nearly 2% costlier than the other states and ranks fifteenth when it comes to commercial electricity bills.
Using renewable energy may not eliminate your need for conventional electricity, but it can significantly reduce it.
The state receives plenty of sunshine throughout the year. This allows your business to store extra energy for later. It may come in handy from May to October when rainfall is at its highest.
2. Tax Incentives
Although the costs of solar panels are expensive, they have been declining. That’s according to a 2018 report by MIT News.
For the last few decades, it has already dropped by as much as 99%. Factors such as competition and favorable tax schemes contribute to making it more affordable.
For example, in the United States, business owners can enjoy a 30% investment tax credit. You can use this to reduce your total tax owed to the federal government. This credit also works even if you’re financing your solar energy with a loan.
Meanwhile, Florida exempts both residential and commercial owners from paying more money for property tax upon installing solar panels.
Some of these incentives may disappear within the next few years. There’s no better time to switch to solar energy than today.
3. Increase in Property Value
In a study by Zillow, one of the leading real estate marketplaces, solar panels can increase property value. If you’re doing business at home, it can boost its market value by 4.1%.
The rate of increase can vary between states, and it is more likely to be significant in key cities or metropolitan areas like Orlando, Florida. Adding solar panels could potentially raise your property value by 4.6%.
What does this mean for your business? For one, it makes your books attractive, especially your balance sheet and cash flow statement. It may help you secure a favorable business loan later.
In case you decide to sell your property, the demand is high. Prospective buyers may also be willing to pay a premium price because of your solar panel installation.
Make Your Solar Panels Count
No doubt, solar panels can help your business save significant money for years. Having it is easier said than done, though.
Just because Florida has a lot of sunshine doesn’t mean you can install solar panels anytime and in any part of your building.
You still need to adhere to the building codes, meet all the state requirements, and possess the permits and other legal documents. Most of all, you should be able to maximize sunlight. For this reason, it’s always best to work with expert engineers, since these certified professionals give a PE stamp, to signify the reliability of the installation.
*Article contributed by Sarah Williams.