Is solar a worthwhile investment for your business?
As a rule of thumb, if your business has an energy bill, roof space, you own the building or have 5+ years remaining on your lease, then you can have solar.
Is it worthwhile? Well that depends on how you look at it and your individual situation. Some business-owners want a financial saving as energy bills are increasing. Some businesses just want to offset their carbon and be more environmentally friendly. Most businesses get both, money saving and carbon offset.
Most businesses with a monthly energy bill of $1,000 or more will save 40% to 70% off their energy bills by adding solar. What determines the savings are buried in the numbers on your energy bill, including the way you use your energy and how much $ per kilowatt hour ($/kwh) you are currently paying to your energy company. If you are paying $0.20+ per kwh then you will make a great saving with solar. If you are paying under $0.10 per kwh, then you will still save, but less.
The only way to determine if solar energy is going to be a positive asset to your business, reduce your energy bills, offset your carbon emissions and even make you and your customers feel good about your sustainability, is to have an assessment done by a solar professional. These are free of charge and give you a very good idea of if solar will work for you.
Solar is not suited to all businesses and all situations. For example, if you currently lease and only have a few years left on your lease, you will probably not be interested in investing. However, your landlord may be, because if they start charging their tenants for electricity directly they could actually pay for their solar system.
If you have 5+ years remaining on your lease or you own the building, then solar can have some outstanding benefits. Even businesses with very low energy use can add a small solar system similar to the size you may add to your home. This will still provide savings of 40%-70% off your current bills.
Once you determine how much you are going to save and how long the return on investment is going to be, there are many ways to fund solar. These include paying cash, finance, Power Purchase Agreement and more. Often you may not need to use your business capital to switch to solar energy. You are already paying an electricity bill and always will be, so you are always advised to use this money to invest in solar. With solar you should be paying less than you are paying now - so as long as the figures stack up, this should be a no-brainer.
Talk to your solar professional to discuss the options which suit you and your business.
