While solar energy is a goal for many businesses, it often stays on the to-do list for longer than it should. At Green Power Energy, we appreciate the fact that managers and business owner’s number-one priority is taking care of their customers. In fact, we’re the same way.
The point of this article is to help commercial prospects take the first step in outfitting their business with solar power. We’ll be addressing some of the common misconceptions that cause people to “wait for the right time” and how solar can make your business more profitable.
Increasing Your Profits
Perhaps the most popular reason for the growth in Connecticut’s solar power is the state’s high cost of electricity. Your business’s demand for electricity will never go away. However, solar energy can eliminate or reduce the cost of your electric bill.
Believe it or not, Connecticut has the highest price of electricity in the continental United States. According to the Energy Information Administration, in 2018, Connecticut’s average price per kilowatt-hour (kWH) was 18.41 cents. That’s 7.93 cents more than the national average of 10.48 cents per kWh.
For an average household, we can expect about 10,000 kWh are used annually. In Connecticut, that equates to an electric bill that’s $793 more than the national average.
Lower Your Operating Costs
The technical definition for efficiency is “the ratio of the useful work performed by a machine or in a process to the total energy expended”. While maintaining current revenue and simply adding solar energy to your business, you can make your business more profitable and efficient.
Your bill can be lowered through a policy called “net metering”. Net metering actually allows your electrical meter to move in reverse. For example, when your energy production exceeds your energy usage, the excess energy will be sent back to the utility company.
In a recent study, 2020 State Solar Power Rankings Report, experts found Connecticut to be the 6th-best solar environment in the nation – with an “A” rating in net metering. Additionally, the study found that the average payback for solar investment is 8 years with an internal rate of return for solar investment of 16.3%.
Planning For The Future
There are some misconceptions within the solar industry. Since we’re in the Northeast, customers often think that waiting until spring, just before the long summer days arrive, is a good idea. In reality, your solar panels will be producing energy (and saving you money) throughout the entire year – even winter.
Being in the construction industry, we understand that some things need to be put on hold – that’s normal. However, we also know that getting jobs done can require a lot of planning and engineering. Whether your “good time” to start your solar upgrade is one month or one year away, our solar consultants can use that time to find the best possible solar solution for your business needs.
To take the first step toward increasing your business’s efficiency and profit, call Green Power Energy today and talk to one of our solar consultants.
Visit Green Power Energy today for more information.