From the moment your system is installed, you will see a dramatic decrease in your energy bills. As energy prices continue to rise, your savings rate should also continue to increase, meaning the numbers get even better over time. Some energy providers will even let you sell excess energy you produce but don’t use.
Data collected on electricity costs in major Canadian cities between 2018 and 2022 show increasing costs during that time period for cities across Canada from Calgary and Edmonton to Winnipeg and Halifax. For businesses still purchasing all of their energy needs from outside sources, there is little they can do to shield themselves from these increases.
If you have your own means of generating power, you are sheltered from some of those increases. No matter how expensive electricity gets, you can continue generating some or even all of your power using free sunlight.
While looking for ways to conserve energy and operate more efficiently is a significant step toward reducing your carbon footprint, solar technology can reduce your emissions even further by ensuring much of the energy you use comes from a renewable source.
Going solar sends a message to potential customers, stakeholders, and your community that you care about sustainability. You can even think of solar panels on your roof as a billboard that advertises your commitment to the environment.
Solar energy can quickly make your business worth more in two ways. First, you reap the benefits of your new environmentally friendly public image. Second, your physical property will be more valuable real estate.
Governments worldwide are finding ways to incentivize green energy production. That means you may see a break on your company’s tax bill if you install a system of solar panels. For a concrete idea of what this looks like in Canada and the US in numbers, refer to the linked article.
When the power goes out, you can face disappointed customers, missed deadlines, ruined merchandise, and damaged equipment. When some of your electricity is generated in-house, you have an automatic backup system when the electric grid fails.
If you choose to invest in a battery system, you can use your solar-generated energy even after the sun sets.
Whether from seasonal cycles or changes in the overall energy market, a solar array can decrease fluctuations in your energy bills. Being able to predict this major monthly expense more accurately frees up your capital because you will no longer need to have a large cushion to cover unexpected energy costs.