Looking for new ways to reduce high electric costs without making any sacrifices to your business? Installing solar panels on a commercial building can not only help you save money, but can also help you make money over the long-term.
However, you might be wondering if solar is the right choice for your business or building, given its high upfront costs and other questions you might have. Find out if going solar would be a smart move for your building.
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Does Your Commercial Building Use a Lot of Power?
Commercial buildings in Las Vegas can use a lot of power throughout the year, especially during the hot summers and short, sharp winters. Even buildings that are entirely empty (due to shelter-in-place restrictions) are still consuming large amounts of electricity, mainly thanks to HVAC units that need to run and electronic systems that are still plugged in. Electricity Local reports that the average monthly commercial and industrial electricity bills in Nevada are $440 and $19,800, respectively. As utility costs continue to increase with time, it’s wise to find ways to reduce power usage in your commercial building.
Benefits of Using Solar Panels for Commercial Buildings
Solar panels can reduce your energy costs by harvesting solar energy for your business or building throughout the lifetime of your solar panels, which can be twenty years or more. With a solar array, you can avoid spikes in demand and price for energy. The property will also be insulated from power outages or disruptions that can affect grid users. Solar power usage can entice new tenants to your building or raise the profile of your own business, by using the eco-friendly energy from your building as a selling point.
How Long Does it Take to Install Commercial Solar Panels?
Commercial solar projects can take weeks or months, depending on the total number of solar panels, the installation location of the solar panels, the type of building, and many other factors. The weather, the size and experience of the crew, and local regulations from the government and utilities are other significant factors that affect the timeline of a solar panel installation. Working with an experienced local solar company can speed this process along, as they’ll know how to navigate each step of this process.
Commercial Solar Panel Installation Costs
While solar panel systems’ costs vary from state to state, Nevada has strong fundamentals that make solar panels a good option for many businesses. According to EnergySage, a leading solar shopping marketplace and information source that is supported by the U.S. Department of Energy, Nevada has one of the lowest solar panel installation costs in the country, with 2020 prices at $2.80 per watt and $2,800 per kW.
Solar panel installation costs depend on several factors, including the size and experience of the team working on your system, the time it takes to schedule inspections, and how long it takes to make the necessary arrangements with your local utility company, so they can accommodate your production. The average commercial solar installation costs range from $40,000 to half a million dollars. But of course there is a return on investment, with electric bills being significantly reduced.
Commercial Solar Panel Financing Options
If you’re looking for ways to finance a solar panel purchase, you’ll have several options:
- Federal Investment Tax Credit: The federal government offers businesses the opportunity to deduct 26% of the cost of their solar panel system from their taxes.
- Solar Loan: The company that sells you the solar panels will often provide you with financing for your purchase in the form of a solar loan. Private lenders also issue loans for solar panels. Solar loans are just like any other loan, so try to choose one with a low interest rate.
- Solar Lease: Instead of purchasing a solar system outright, you can instead lease it and purchase the energy they produce. This can still save your business money on utilities while helping you avoid the large capital investment solar panels require.
- Solar Power Purchase Agreement (PPA): Business owners also have the option to enter into a solar power purchase agreement (PPA), which allows them to pay only for the electricity the solar panels on their roof generate. They do not have to pay for the solar panels themselves.
How Installing Solar Panels on Your Commercial Building Will Reduce Costs
By understanding the solar-to-electric process, property owners are more likely to understand its benefits. In summary, the solar panels’ photovoltaic cells transform energy from sunlight into direct current electricity. This type of electricity is sent through an inverter, turning it into alternating current electricity, which is then sent to the building’s electrical panel to be used throughout the property. This eco-friendly process can help your business or building save money in the following ways:
- Reduced or potentially negative utility bills
- Increased property value due to solar panels
- Improved brand image thanks to renewable energy
Bell Solar and Electrical is one of the leading commercial solar panel installation companies in the Las Vegas area. We’ve been serving customers across the Las Vegas Valley since 2007 and are ranked among the top 10% of contractors in the State of Nevada. If you’re interested in installing rooftop solar panels on your commercial building, we’ll work closely with you to help you find the solution best suited to your needs. If you’re interested in solar options for your home, we can also schedule an estimate with you.