There are a significant number of benefits to installing a Solar electric (PV) power solution:
Solar is a zero-emission energy source; including both pollutants (CO2, SO2 and NOx) and noise. This makes it the most environmentally sound energy source.
Solar offers long term savings on energy bills and is cost efficient when analyzed on a cost per kilowatt hour (kWh) delivered basis (when rebates and incentives are included).
Electricity Pricing Hedge/Protection
A solar electric system will enable the homeowner to effectively fix a substantial portion of electricity costs over the expected life of the solar system (~30 years).
A solar system will increase the value of a facility as it reduces the ongoing annual running costs of the property. Installing a solar electric system also enables the owner to capture federal, state and local solar rebates and tax incentives.
Solar offers modularity at any scale which makes it ideal for on-site locations; it can be scaled to meet a broad range of project requirements.
Long Useful Life and Minimal Maintenance
Solar panels typically last up to 30 years and have manufacturers guarantees of 25+ years. Solar power systems have few, if any moving parts and once installed, require very little ongoing maintenance; they typically need washing to remove dust every few months.
Peak Power at Peak Demand
Solar panels generate peak power when electricity demand is at its highest and most expensive (midday). Using a time-of-use tariff and under net metering, homeowners are able to produce and sell electricity back to the utility at high rates (midday) and purchase electricity back at low rates (evening).
On-Site Distribution Capabilities
Solar installations offer partial protection against grid failure, particularly if (battery) storage capacity is also located on site.
Electricity Price Stability: Solar power creates a financial hedge against rising utility costs by generating predictable, sustainable renewable energy.
Investment Tax Credits (ITC): Federal Government through Department of Treasury offers investment tax credit for qualified project expenses to provide incentive for Solar development. As a system owner you also take advantage of an accelerated depreciation model for your Solar Generating assets.
Solar Renewable Energy Credits (SRECs): Each time a solar system generates 1,000 kWh of electricity, an SREC is earned and placed in the customer’s electronic account. SRECs can then be sold on the SREC tracking system, providing revenue for the first 15 years of the system’s life.
Electricity suppliers, the primary purchasers of SRECs, are required to pay a Solar Alternative Compliance Payment (SACP) if they do not meet the requirements of a particular State’s Solar Renewable Portfolio Standard (RPS). One way they can meet their RPS is by purchasing SRECs.
Reduced Emissions: Reducing carbon, sulfur and other harmful emissions is a major worldwide imperative. Solar power is emission-free, so it causes no harm to the environment.
No Environmental Impact: Solar energy systems produce no noise and no air pollution during operation. In addition, the increased use of solar power helps decrease the quantities of oil or fossil fuels needed.
Corporate Brand Awareness
Increase Awareness: Solar energy technology has been generating significant public awareness as concerns about environmental issues, global warming, and energy independence intensify. Companies that use solar energy often benefit from increased awareness and positive image.
Investor Relations: Businesses investing in solar energy tend to garner significant support from current and potential shareholders. Green investing is becoming increasingly important.
Higher Employee Satisfaction: In a survey by the National Wind Coordinating Committee, “improving employee morale” was the third most important reason that companies gave for buying Green Power.
Positive Customer Image: Companies that incorporate solar energy are viewed as proactive industry leaders and stand out from the competition.
Attract Strategic Partners: Leading companies want to align themselves with innovative, front-runners like themselves. Green Power is one more tool that companies can leverage when seeking strategic partners to grow their business. Some noteworthy retailers are now requiring suppliers to meet certain environmental criteria in order to do business.
Corporate Social Responsibility: In today’s competitive environment, many companies have adopted comprehensive Corporate Social Responsibility (CSR) plans as part of their corporate governance policy. Deploying solar energy solutions in your business may help you meet important CSR metrics.