If you’re sick of watching your operating costs spike every time the utility raises rates, it’s time to start thinking about installing solar panels for your business.
Commercial solar panels will shrink your electric bills and protect you against rising energy costs. But every business is different. Your company’s financials, energy needs, and roof space will all influence your return on investment.
At My Generation Energy, we help Massachusetts businesses weigh these factors carefully. Here’s what you should be thinking about when deciding whether commercial solar panels are worth it for your business.
How Will Your Business Benefit from Solar?
Solar panels are a low-risk, high-reward investment. The ROI is different for everyone, but as long as the sun continues to rise every day, a properly sized solar panel system will pay for itself.
Here’s a look at the benefits you can expect from installing solar panels on a commercial building.
Pay Less for Electricity
Solar panels will significantly reduce or even eliminate your electricity usage costs, saving you money every month. In Massachusetts, your savings will be noticeable. We pay some of the highest electric rates in the country, especially on Cape Cod and the Islands. That means your savings stack up faster, speeding up your break-even point and increasing your ROI.
Hedge Against Rising Energy Costs
Electricity costs have been rising faster than the rate of inflation since 2022, and that trend is expected to continue. Installing solar panels is the only way to protect your business against rate increases. You’ll have consistent, stable electricity costs that aren’t at the mercy of market volatility.
Earn Tax Benefits & Financial Incentives
Commercial solar panels are eligible for incentives to make them more affordable and financially beneficial to businesses.
Some of the best incentives available in Massachusetts include:
- Investment Tax Credit – Save 30% on installation costs. Expires soon! Start your project now to claim the ITC before it’s gone.
- MACRS & Bonus Depreciation – Commercial solar qualifies for accelerated depreciation through MACRS. Qualifying businesses can claim 100% first-year bonus depreciation or opt into a 5-year schedule.
- Property Tax Exemption – Your solar system is exempt from property tax assessments for 20 years.
- SMART or RECs – You may be eligible for either SMART incentive payments or Renewable Energy Credits, which provide cash incentives for generating solar power.
Reduce Your Environmental Impact
Installing solar panels will reduce your environmental impact and demonstrate a commitment to sustainability. That’s good for the planet and good for business. It can boost your reputation and open up new opportunities to market yourself as a green business.
What to Consider Before Installing Commercial Solar Panels
So, what’s the downside? There’s no real “downside” to solar. But there are things to consider before installing them. Every business is different, and these will help you decide whether the investment makes sense for your business at this moment in time.
Upfront Cost
Solar panels are an investment. The money you put into solar will come back to you through electric bill savings, but whether that investment makes sense for your business depends on its specific financial situation. We provide cost and ROI estimates upfront so you can make an informed decision.
Space Constraints & Sunlight Access
We can make solar work for most buildings, but some are better suited to it than others. If you don’t have enough roof space for the number of solar panels you need, your savings will be lower. Even a small system can make a dent in your energy costs, but only you can decide if it’s worth it.
Sunlight access is also a consideration. If your property is heavily shaded, your output may not be high enough for you to justify the cost. Again, that decision is personal. We’ll complete a detailed assessment to determine how much power you can expect to generate and what that looks like in terms of savings.
Roof Upgrades
Commercial solar panels last for 25+ years, so it’s best to install them on a newer roof. If your roofing system is getting old, it may need to be replaced before you can install solar. That adds to the cost and is something to think about when making your decision.
Learn More with a Free Solar Site Assessment
If you’re interested in solar panels for your business but need more information, My Generation Energy is here for you. We’re a locally owned commercial solar installer that’s been serving businesses on Cape Cod, the Islands, the South Shore, and in Greater Boston since 2008.
Reach out to us today to schedule a free site assessment. We’ll give you all the information you need to decide whether solar is worth it for your business.
