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Commercial Solar

The Financial Benefits of Installing Commercial Solar Panels

Solar power is the cheapest source of electricity available today. This is a lightbulb moment for many businesses, acting as an irresistible incentive to go greener.

Companies know installing commercial solar panels will reduce their energy bills and protect them from price rises. They can also charge electric vehicles and enhance their green credentials using a steady supply of free, clean energy.

Read on for the lowdown on all the economic benefits of solar energy and the cost savings of commercial solar panels.

Key Considerations When Installing Commercial Solar Panels

Installing commercial solar panels is a strategic investment because sustainable energy solutions have become essential to modern living. Solar panels will significantly reduce your business’s greenhouse gas emissions.

To get a sense of the cost savings your business will make by installing solar panels, you will need to examine some of the critical dependencies. You should start by asking these questions:

When does your business use most of its electricity? It’s more likely that those businesses that use most of their electricity during the day will benefit most from cost savings.

Do you understand your electricity bill? If you can see how much energy your business uses, you’ll get a clearer idea of the number of commercial solar panels that are most appropriate for your needs.

What electricity tariff has your business signed up to? This will likely depend on whether your business consumes more or less than 100 megawatt hours (MWh) per year. The two main types are flat rate tariffs and demand tariffs.

Do you have your distributor’s approval to connect your system to the grid? You will need this before installation takes place. The process may vary depending on the size of your planned system and whether you want to feed surplus electricity into the grid.

Is a feed-in tariff right for the size of your business? Most small to medium-sized businesses will typically benefit from using as much of the energy their commercial solar panels generate as possible. Although you could sell excess electricity back to the grid, you should consider the economic benefits of solar energy carefully.

Do you own your premises? Lots of small to medium-sized businesses rent their workspaces. Because solar installations will involve making alterations to buildings, you must consult your landlord or body corporate first. This may have an impact on the expected cost savings of commercial solar panels.

Financial Incentive and Government Support

Several government rebates, subsidies and loan options are available to offset the cost of commercial solar panels and associated battery costs.

The government’s Small-scale Renewable Energy Scheme (SRES) will make most new business rooftop solar systems cheaper. This program centres on tradable certificates or subsidies known as small-scale technology certificates (STCs). Most business rooftop solar systems will qualify, provided the installer has the necessary accreditation.

The scheme calculates the value of STCs you’ll receive based on the projected quantity of electricity your solar system will generate until 2030. What matters is the size of your system and the climate zone of your business’s location.

You will sign over ownership of the STCs to your installer for a discount.

Local Schemes

These vary across the country, and they are all subject to change. In Queensland, there are several rebate options. These include:

  • The Energy Made Easy Scheme
  • The Queensland Business Energy Saving and Transformation Program
  • The Small-scale Renewable Energy Scheme for STCs

These schemes include renewable energy feed-in tariffs. Your business may also be eligible for rebates of up to $12,500 on the purchase of energy-efficient equipment, including batteries that store solar energy. Air conditioning and zero-emission vehicle incentives are also available.

Cost Savings and ROI Analysis

There are a number of dependencies that will affect the accuracy of your calculations. These include:

  • The size of your solar system and the number of commercial solar panels
  • How much electricity your system will generate
  • Whether you have a battery to store excess electricity
  • Installation and running costs
  • The amount of electricity your business uses and the peak hours & days
  • Fluctuations in electricity tariffs
  • Whether you sell excess electricity back into the grid

It may be helpful to take an average of your annual electricity consumption over the three years prior to installing commercial solar panels. However, bear in mind that commercial rates will likely fluctuate in the future.

As a rule of thumb, you should, on average, start seeing substantial savings within five years. However, you should use the dependencies above to get the most accurate cost-saving estimates and timeframes.

Although the upfront cost of solar installation is not insignificant, a business should consider the long-term return on investment (ROI). Solar systems typically have a lifespan of twenty-five to thirty years. The savings generated over this period are likely to exceed the initial investment by a substantial margin.

The Long-Term Financial Benefits of Commercial Solar Panels

One of the key economic benefits of solar energy is the protection it offers businesses against future hikes in energy prices. Commercial solar panels also reduce the impact of power outages.

Given Brisbane’s high number of sunshine hours, businesses can realise the cost savings of commercial solar panels much more quickly.

Solar installations also demonstrate a business’s commitment to helping the environment. Clients and consumers increasingly look for businesses with strong environmental credentials. This makes commercial solar panels a powerful marketing tool, which can have a positive effect on customer relations and future sales.

You should also expect to see more technological advances over the coming years. Batteries are likely to be able to store more electricity, and panels will become ever more efficient.

Why You Should Choose Charged Energy

We have all the solar energy facts and figures you need at our fingertips. So, if you’re wondering how much your business could save by installing commercial solar panels, get in touch with us at Charged Energy today. One of the team will be able to explain all the economic benefits of solar energy.

Join the other businesses already enjoying the cost savings of commercial solar panels. Talk to the solar energy experts in the Redlands and beyond today.

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