{"id":2619,"date":"2023-06-14T16:12:02","date_gmt":"2023-06-14T16:12:02","guid":{"rendered":"https:\/\/colitetech.com\/?p=2619"},"modified":"2024-04-18T19:04:40","modified_gmt":"2024-04-18T19:04:40","slug":"long-term-benefits-of-solar","status":"publish","type":"post","link":"https:\/\/colitetech.com\/blog\/long-term-benefits-of-solar\/","title":{"rendered":"Long Term Benefits of Solar"},"content":{"rendered":"
[et_pb_section fb_built=”1″ _builder_version=”4.17.4″ _module_preset=”default” min_height=”1414.8px” custom_margin=”||15px|||” custom_padding=”14px||17px|||” collapsed=”off” global_colors_info=”{}”][et_pb_row _builder_version=”4.17.4″ _module_preset=”default” min_height=”149.8px” custom_margin=”-2px|auto|11px|auto||” custom_padding=”0px||2px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text admin_label=”Text” _builder_version=”4.24.2″ _module_preset=”default” header_font_size=”32px” header_2_font_size=”28px” header_3_font_size=”24px” header_5_font=”||on||||||” header_6_font=”||||on||||” header_6_font_size=”16px” min_height=”113.8px” custom_margin=”||-3px|||” custom_padding=”||10px|||” global_colors_info=”{}”]<\/p>\n
Renewable energy systems offer numerous benefits for customers, some of which are realized within the first year of installation while others grow over time. Increasing understanding of the long-term advantages of renewable energy is driving rapid expansion in the sustainable energy market, particularly solar PV. It is projected<\/span> that solar energy, with aggressive cost reductions, supportive policies, and large-scale electrification, could potentially contribute up to 40% of the nation’s electricity supply by 2035, and 45% by 2050.<\/a><\/strong><\/span><\/p>\n Solar is already the fastest growing energy resource<\/a><\/strong><\/span> in the United States as a result of larger capacity additions and favorable tax credit policies. The tax credits and other funding help solar projects achieve an incredible return on investment, but many businesses are also incentivized by more long term, nonfinancial benefits as well.\u00a0<\/span><\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/colitetech.com\/wp-content\/uploads\/2023\/06\/Solar-Deployment-2020-2050-energy.gov_.png” alt=”graph of solar deployment forecast from 2020 to 2050″ title_text=”Solar Deployment 2020 – 2050 energy.gov” align=”center” _builder_version=”4.21.0″ _module_preset=”default” width=”70%” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.17.4″ _module_preset=”default” min_height=”36px” custom_margin=”8px|auto||auto|false|false” custom_padding=”0px||29px||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_line_height=”1.5em” header_font_size=”28px” header_2_font_size=”28px” header_3_font_size=”24px” header_5_font=”||on||||||” header_6_font=”||||on||||” header_6_font_size=”16px” min_height=”32.8px” custom_margin=”12px||19px|||” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n The immediate benefit of a solar PV system is the direct energy offset from producing your own energy. Energy produced via a rooftop array, parking lot canopy, or grount mount array of solar panels goes straight to the business’s operations and reduces the amount of energy purchased from the power company. Colite Technologies\u2019 customers have seen energy offsets anywhere from 20% to over 100% for their facilities. This averages out to savings of nearly $15,000 per year in energy expenses!<\/p>\n As a whole, the industry standard for the performance life of a solar PV system is around 25 to 30 years. This means that a solar system installed today will continue to produce energy for the next 25 to 30 years with routine maintenance. Therefore, when the energy savings are calculated over a 25-year period, the total comes to more than $370,000 for each customer.<\/p>\n Not only does solar directly reduce your energy use, but many utilities also offer programs that ensure excess energy generated by the solar system is not wasted. Net metering is a common option that power companies use to pay or credit a customer for any electricity that is fed back to the grid. It usually utilizes a bi-directional meter that measures both electricity consumed by the facility and unused electricity that goes to the grid. The utility then calculates the net consumption and bills the customer accordingly. This is particularly beneficial for times where the solar system is generating more energy than the building uses, and you, the building owner, can get paid for the surplus power.<\/p>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/colitetech.com\/contact\/” url_new_window=”on” button_text=”Interested in starting a project? Let’s talk!” button_alignment=”center” _builder_version=”4.21.0″ _module_preset=”default” custom_margin=”19px||25px|||” global_colors_info=”{}”][\/et_pb_button][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n Other long-term benefits of commercial solar are tax credits and rebates that can be leveraged in your business\u2019s finances. There are numerous tax credits from federal and state governments for renewable energy investments, the most popular one being the business Investment Tax Credit (ITC).<\/p>\n The Inflation Reduction Act<\/a><\/strong><\/span> significantly expands and builds upon the ITC with extended eligibility and bonus credits for meeting additional criteria. Taking advantage of multiple tax credits helps decrease the initial costs of installing a solar system and spreads the remaining costs over time.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.21.0″ _module_preset=”default” min_height=”256.3px” custom_margin=”3px|auto||auto||” custom_padding=”0px||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text admin_label=”Text” _builder_version=”4.24.2″ _module_preset=”default” header_font_size=”28px” header_2_font_size=”24px” header_3_font_size=”20px” header_5_font=”||on||||||” header_6_font=”||||on||||” header_6_font_size=”16px” min_height=”14.8px” custom_margin=”6px||12px|||” custom_padding=”0px||8px|||” header_font_size_phone=”18px” header_2_font_size_tablet=”24px” header_2_font_size_phone=”16px” header_2_font_size_last_edited=”on|desktop” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” min_height=”126.8px” custom_margin=”-18px||26px|||” custom_padding=”6px|||||” global_colors_info=”{}”]<\/p>\n Investing in solar power offers the reassurance that a portion of energy expenses is shielded from rising energy prices. From 2021 to 2022, commercial electricity rates increased 6.2% and industrial electricity rates jumped 8.7%<\/strong><\/span>.<\/a> Utility companies will continue to increase rates in the future as they upgrade equipment, infrastructure, or build entirely new generation units to meet higher demand. However, since a solar PV system is owned by the property owner in most cases, any electricity produced from solar is not subject to utility rate increases. This eliminates uncertainty in fluctuating energy costs and provides a reliable source of power that is controlled by the owner.<\/p>\n Onsite solar also proves beneficial in instances such as power outages. As long as the sun is shining, the solar panels will be generating electricity and can keep your critical operations going. Now, you may think, “What if the power outage is during the night?” Battery energy storage technology is rapidly evolving and becoming much more practial to pair with solar PV. The batteries can store the energy produced by the solar panels during the day and have it available when needed. However, this option is mostly applicable to smaller energy users. It is not quite viable for large energy users, like manufacturing plants, because the battery techonology is not there yet. On the other hand, if you are serious about your energy independence, microgrids<\/a> <\/strong><\/span>paired with battery energy storage can be an option for small scale uses. Again, keep in mind that microgrids are limited by available battery technology and do best when using diversified energy sources.\u00a0<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.17.4″ _module_preset=”default” min_height=”333.5px” custom_margin=”-12px|auto|12px|auto||” custom_padding=”0px||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.21.0″ _module_preset=”default” header_font=”||||||||” header_font_size=”28px” header_2_font_size=”24px” header_3_font_size=”20px” header_5_font=”||on||||||” header_5_font_size=”18px” header_6_font=”||||on||||” header_6_font_size=”16px” min_height=”31.2px” custom_margin=”7px||8px|||” custom_padding=”7px|||||” header_font_size_tablet=”28px” header_font_size_phone=”18px” header_font_size_last_edited=”on|desktop” header_2_font_size_phone=”16px” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.24.3″ _module_preset=”default” header_font_size=”32px” header_2_font_size=”28px” header_3_font_size=”24px” header_5_font=”||on||||||” header_6_font=”||||on||||” header_6_font_size=”16px” min_height=”115px” custom_margin=”||15px|||” custom_padding=”4px|||||” global_colors_info=”{}”]<\/p>\n Environmental sustainability is another key driver for businesses investing in solar energy. Many companies have robust sustainability goals that include reducing greenhouse gas emissions and using less resources to help lessen their impact on the natural environment. There is a growing urgency to address climate change and the pressure from consumers, particularly younger generations<\/a><\/span>, <\/strong>is reaching the top levels of organizations. Further, an increasing number of businesses are subject to climate reporting and must measure, track, and report on their carbon footprint.<\/p>\nLower Energy Costs<\/h1>\n
Don’t forget about tax credits!<\/strong><\/em><\/h4>\n
Risk Mitigation<\/h1>\n
Long-Term Sustainability<\/h1>\n