Small and large business organizations are always looking at the best possible ways to keep costs down, and decreasing your energy expense will be a tremendous advantage in your business.
Going solar has become more and more affordable in recent years thanks to increased support for renewable energy incentives & rebates, as well as improvements in the development of solar technology. Looking to the future, it is increasingly likely that businesses will be required to meet certain environmental goals. Solar is one of the easiest ways to meet these environmental targets while also saving money on operating costs. Additionally, a visible, public commitment to green energy can be an important statement and generate a lot of goodwill for a business.
The Inflation Reduction Act of 2022 (IRA) was a gamechanger for commercial solar. The IRA locked in the Investment Tax Credit (ITC) at 30% for the next decade. But, the IRA also provides “adder” credits for some businesses in a certain location, or those that install system with US made components. In some circumstances, these credits can be over 60% of the cost of the system! Contact Texon Solar to discover how many of these adders your commercial property can claim.
How has the IRA changed the incentives for my commercial property?
The IRA has now locked in the ITC credit for all commercial projects at 30% for the next decade. But, more importantly, the IRA developed “adder” tax credits that can tremendously increase the tax credits. If your property is located in an Energy Community, then your business can qualify for a 10% bonus. Also, Texon Solar will use US Made solar panels for your project, so that will allow your company to qualify for another 10% bonus. And, if your property is located within a designated Low Income area, that is another 10%! So, you have the potential to have the federal government reimburse up to 60% of the cost of the solar energy system! You can still depreciate the solar panels as well, giving some companies 70% of the cost of the system!
How can I determine which tax credits my commercial property can receive?
The Government is constantly updating maps and guidelines to determine exactly which properties can qualify for each tax credits. In some instances, it matters which side of the street your property is located! Contact a Texon Solar expert who can guide you through the process and will show you exactly how we determine which incentives you may be able to claim.
Can I get a loan for my solar energy system, or must I pay cash?
For established companies, solar loan are ideal vehicles to allow commercial properties to transition to solar energy.
The big advantage of the solar loan approach is that it provides you with the money to purchase the system outright, and in many cases, with no down payment! So, one month you simply stop paying your high electric bill and start making a solar loan payment – in many cases LESS than you are paying for your electric bill now. There are a host of excellent solar loans available including “traditional” solar equipment loans, but there are some very interesting alternative energy loans that are available in some areas. Please ask to see if these loans are available for your property.
How can Texon Solar be your reliable partner in green solar energy solutions?
Texon Solar will custom design a full energy proposal detailing how much energy can be produced by solar panels on your property, and at the same time give you an cost/expense analysis for your system. You will get a detailed 25 year pro-froma allowing you to make an informed decision about the path to achieving your organization’s clean and sustainable energy future.
Showing that your business if concerned with green energy be beneficial for your brand image and give you a tremendous marketing advantage over your competitors. Businesses that focus on sustainability and are experiencing powerful brand effects. A solar panel system on your business would make a solid statement to your customers. Their relationship with your brand will grow significantly, allowing your clients and employees to walk just a little taller, knowing you’re your business is running on clean energy. Research shows that sustainability isn’t just good for the planet; it’s good for your business.
