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Category: Solar News

Renewable Energy in Texas Soars!

Posted on by D.Smith

This summer, Texas needs every available megawatt to power our grid and renewable energy generation continues to reach new heights in ERCOT, providing us with reliable, affordable power.

On June 17th, ERCOT hit a new wind generation record with 27,849 MW generated across the state. The following day, wind generated 27,202 MW of energy for the Texas grid, coming in at #3 for all-time wind generation.

On June 18th, ERCOT hit a new renewable generation record with 37,946 MW generated across the state.

On June 22nd, ERCOT hit a new solar generation record with 19,287 MW generated across the state.

Battery energy storage also continues to break records when the grid needs it most, such as last month during the May 8th Weather Watch issued by ERCOT when a record 3,195 MW of energy from batteries was utilized to fill the gaps brought on by traditional power plant outages that were higher than expected.

U.S. solar power generation forecast to grow 75% through 2025

Posted on by D.Smith

The Energy Information Administration expects solar generation to grow from 163 billion kWh in 2023 to 286 billion kWh in 2025.

A recent report from the U.S. Energy Information Administration (EIA) showed strong growth for solar energy and moderate growth for wind energy.

During the period from 2023 to 2025, the EIA expects solar generation to grow 75%. The U.S. generated about 163 billion kWh in 2023, and EIA expects this to reach 286 billion kWh by 2025.

According to PV Intel data, solar power generated 5.78% of U.S. electricity from January to October 2023, an increase of 16% over the previous year.

Wind power generation is expected to grow 11% from 430 billion kWh in 2023 to 476 billion kWh in 2025.

EIA expects coal generation to drop from 665 billion kWh in 2023 to 548 billion kWh in 2025. Natural gas is expected to continue to generate 1,700 billion kWh in 2024 and 2025, making it the largest source of electricity in the U.S. Over the next two years, both natural gas and nuclear power are expected to remain relatively flat in their generation contributions.

In total, the U.S. electric power sector produced 4,017 billion kWh. As a group, renewable energy generation has passed total nuclear generation in 2021 and surpassed coal in 2022. Renewable energy sources include solar, wind, hydroelectric power, biomass, and geothermal.

Increasing renewable energy capacity is driving this shift in generation mix. Solar developers are expected to increase total operating capacity by 38% by 2024. Total solar capacity is expected to increase from 95 GW at the end of 2023 to 131 GW by the end of 2024.

U.S. Energy Information Administration (EIA) estimates utility-scale solar projects larger than one megawatt will have installed 45 GWdc by 2024, which is expected to increase to 53 GWdc in 2025. The total solar power capacity expected for 2024 is 53.5 GW when Wood Mackenzie Power and Renewables conservatively projects 6 GW for residential solar and 2 GW for commercial. According to projected figures, 65 GW of solar power could be installed by 2025.

 

Solar is the future

Posted on by D.Smith
NextEra is one of the largest owners of gas fired power plants in the US.
When asked this week if gas or renewables will meet the country’s growing electricity demand – their CEO answered thusly:
——–
The CEO said he expects an almost 40% rise in US power demand over the next two decades, compared with just 9% over the previous 20 years. Renewable energy will meet most of the consumption boost because new gas-fired plants are much more expensive, take too long to connect to the grid and have to be supplied by hard-to-build gas pipelines, he said.
He said that adding battery storage to wind and solar farms can make those carbon-free sources almost as reliable in providing around-the-clock power as fossil fuels are.
“If I want to pay double, I can go with a gas-fired plant,” Ketchum said.
 

Tech Firms Ask NextEra for Enough Electricity to Power Entire Cities

NextEra Energy Inc

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Technology companies are so desperate to build massive data centers in the US that they’re asking clean-energy giant NextEra Energy Inc. to find them locations with enough electricity to power entire cities.

“We’ve had some come to us and say, ‘Can you show us sites that can accommodate 5 gigawatts of demand?’” John Ketchum, Florida-based NextEra’s chief executive officer, said in an interview at Bloomberg News in New York on Wednesday. “Think about that. That’s the size of powering the city of Miami.” Ketchum declined to name the companies.

That much power — roughly the equivalent of five nuclear reactors, or enough to power almost 3 million homes — would require a mix of new wind and solar farms, battery storage and a connection to the grid, Ketchum said. He added that finding a site that could accommodate 5 gigawatts would take some work, but there are places in the US that can fit one gigawatt.

Power consumption in the US is soaring, driven in part by new data centers needed for artificial intelligence, high-speed streaming and remote work. A boost in domestic manufacturing and the electrification of vehicles and other sectors is also fueling the jump. While the demand surge is fueling a boom in clean-energy generation, it’s also spurring plans for new fossil-fuel plants, complicating climate goals.

The demand spike has even led NextEra to consider restarting the Duane Arnold nuclear plant in Iowa, which shut down in 2020 after its biggest customer opted to exit its power-purchase agreement. More than a dozen US reactors have shut since 2013 as operators struggled to compete against cheaper power from natural gas and renewables, but with consumption soaring there’s now talk that some of them could reopen.

Ketchum said he’s had inquiries from potential data center customers that could be interested in taking advantage of the 600-megawatt Duane Arnold reactor. “I would consider it, if it could be done safely and on budget,” he said.

The CEO said he expects an almost 40% rise in US power demand over the next two decades, compared with just 9% over the previous 20 years. Renewable energy will meet most of the consumption boost because new gas-fired plants are much more expensive, take too long to connect to the grid and have to be supplied by hard-to-build gas pipelines, he said.

He said that adding battery storage to wind and solar farms can make those carbon-free sources almost as reliable in providing around-the-clock power as fossil fuels are.

“If I want to pay double, I can go with a gas-fired plant,” Ketchum said.

NextEra is the world’s largest non-government-backed developer of wind and solar energy, behind only major Chinese state-owned companies. The company has a pipeline of about 300 gigawatts of renewable and storage projects.

Solar and battery storage prices have seen an almost 90% drop in the last 10 years

Posted on by D.Smith

 Solar power costs have fallen by 87%, and battery storage costs by 85%, according to a new study.

 An article in the journal Energy Research & Social Science by the Berlin-based Mercator Research Institute on Global Commons and Climate Change (MCC) compares the findings from innovation reports with standard climate transition scenarios based on standard models. The researchers found that clean energy ultimately will change the energy game despite the continued use of fossil fuels and biomass in the near future.

 While the study focuses on solar and battery storage, the researchers note that wind power, heat pumps, and other clean technologies are also experiencing sharp price drops.

 As technology advances, solar and battery storage become more efficient and smarter. As a result of global efforts to limit global warming to well below 2C, both private and public financial backing and government policy support are spurring the global increase in production of solar components and battery storage. As a result, clean energy prices are plummeting as a result of economy of scale.

Electricity prices drop when clean energy is deployed. Lead author Felix Creutzig of the MCC said:

“Some calculations even suggest that the world’s entire energy consumption in 2050 could be completely and cost-effectively covered by solar technology and other renewables.
This is an extremely optimistic scenario – but it illustrates that the future is open. Climate science, which provides policymakers with guidance in its scenario models, must reflect technical progress as closely as possible. Our study is intended to provide input for this.”

 According to the study, battery storage currently costs less than $100 per kilowatt hour, a significantly lower amount than previously predicted for 2030 in a study from two years ago. They predict that the price premium for battery storage will decrease from its current rate of 100% to only 28% by 2030. In fact, experts project that by 2050, there will be a potential global supply of 63,000 terawatt hours of solar energy – twice the amount of clean energy currently produced by coal. Additionally, research shows that 80% of private investments in new energy capacity are now focused on non-fossil fuel sources. Despite these advancements, the persistence of coal can be attributed to factors such as job preservation and political constraints rather than financial viability. MCC Applied Sustainability Science working group leader and co-author of the study, Jan Minx, commented:

“New scenario models, some of which are starting to be explored, are likely to demonstrate in the foreseeable future that the global climate transition might not be as expensive as previously assumed, and may even be cost saving – provided it is finally tackled.”

Greenhouse gas emissions are higher than ever and the measures taken so far are too weak, but in this politically difficult situation, technological progress provides a ray of hope.

 

This year, China dominated clean energy growth, not the US, UK, or Germany.

Posted on by D.Smith

In 2023, the world added renewable energy at a breakneck pace, a trend that, if amplified, could help the planet move away from fossil fuels and prevent severe global warming.

Many nations adopted policies that supported renewables, some citing energy security concerns. Clean energy is often the least expensive, explaining some of the growth. In addition to high interest rates, there were persistent challenges obtaining materials and components in many places due to these factors.

In 2023, more renewable energy will be installed than all the installed power capacity of Germany and Spain combined, according to the IEA.

Mohammed bin Rashid Al Maktoum Solar Park hosts the COP28 United Nations Climate Summit in Dubai, United Arab Emirates on Monday, Dec. 11, 2023. Solar power is now the cheapest form of electricity in most countries. AP Photo/Joshua A. Bickel.

According to the International Renewable Energy Agency, China, Europe, and the US set solar installation records in a single year.

With 180 to 230 gigawatts of additions, China dwarfed all other countries, while Europe added 58 gigawatts.

Between December 2022 and November 2023, solar panel prices in Europe fell a staggering 40% to 53%, reaching record lows. According to Michael Taylor, senior analyst at IRENA, the deployment in Europe has been at breakneck speed.

Globally, solar energy is expected to surpass hydropower in 2023, but hydropower will still make more clean power for some time because it can produce electricity around the clock.

California continues to have the most solar energy in the U.S., followed by Texas, Florida, North Carolina, and Arizona. “US solar growth was largely influenced by state and federal incentives” , according to Daniel Bresette, president of the Environmental and Energy Study Institute.

Solar manufacturing also grew in the United States. As a result of the Inflation Reduction Act, more than 60 solar manufacturing facilities were announced in the last year, according to Abigail Ross Hopper, the president and CEO of the Solar Energy Industries Association.Wind energy will power nearly 80 million homes by 2023, making it a record year for wind energy.

According to Wood Mackenzie research, most of the growth, or more than 58 gigawatts, occurred in China. According to the Global Energy Monitor, if planned projects are all built, China will surpass its ambitious 2030 goal of 1,200 gigawatts of utility-scale solar and wind power capacity five years ahead of schedule.

Among the few wind markets that grew this year were China, the Global Wind Energy Council reported. Wood Mackenzie reported that installations in Europe were down 6% year-over-year due to faster permitting and other improvements in key markets like Germany and India.

Many ocean wind developers had to renegotiate or even cancel project contracts as a result of high inflation, rising interest rates, and rising building materials costs, while some land-based wind developers had to delay projects until 2024 or 2025 due to short-term challenges.

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The Climate Pledge announces 100 new signatories

Posted on by D.Smith

The Climate Pledge, a commitment to meet the Paris Agreement 10 years ahead of schedule, has gained significant traction with over 300 businesses from 51 industries and 29 countries now on board. This marks a remarkable growth of almost 600% in signatories since its announcement by Amazon and Global Optimism. The latest additions include major players such as Maersk, SAP, Weyerhaeuser, Sunrun, and HARMAN, among others.

Climate Pledge signatories must agree to:

  • Measure and report greenhouse gas emissions on a regular basis.
  • Implement decarbonization strategies in line with the Paris Agreement through real business changes and innovations, including efficiency improvements, renewable energy, materials reductions, and other carbon emission elimination strategies.
  • Neutralize any remaining emissions with additional, quantifiable, real, permanent, and socially beneficial offsets to achieve net-zero annual carbon emissions by 2040.

“The effects of climate change are becoming more and more apparent in our surroundings and daily lives, and we firmly believe that the private sector must continue to innovate and collaborate across regions and industries in order to decarbonize the global economy at scale,” said Andy Jassy, Amazon CEO. “It’s an encouraging sign that more than 300 businesses have now signed The Climate Pledge, which commits them to confronting climate change head-on by incorporating real business changes that will make a lasting impact on our planet. We can only do it together.”

Carbon emissions have already been reduced by many of the new Pledge signatories:

Maersk

Maersk is providing industry-leading green customer offerings across the supply chain, including Maersk ECO Delivery, which targets emission reductions in ocean shipping. As of 2020, Amazon participates in this service. As a result of Amazon’s participation in 2021, emissions will be reduced by approximately 20 KTonnes of CO2e (the equivalent of 50 million average passenger vehicle miles).

According to Soren Skou, CEO of A.P. Moller-Maersk, addressing the climate emergency and reducing carbon emissions from our customers’ supply chains is a crucial goal for our company. That’s why we accelerated our efforts in January 2021, committing to achieving net-zero emissions by 2040 – ten years earlier than initially planned and in alignment with the Paris Agreement. To achieve this ambitious target, urgent action is needed from all of us. That’s why we are excited about joining The Climate Pledge alongside some of our key customers. We see this as an opportunity to collaborate, exchange knowledge and solutions, and drive significant progress towards a more sustainable future together.

SAP

Earlier this year, SAP accelerated its goal of reaching net-zero carbon emissions by 20 years.

SAP CEO Christian Klein said, “Climate change is one of the greatest challenges of our time, and now is the time to act.” With the help of technology, we can create a lasting, positive impact on future generations, and SAP is proud to join The Climate Pledge.

Weyerhaeuser

In addition to managing forests sustainably and manufacturing wood products, Weyerhaeuser protects wildlife habitat and serves as a natural climate solution through carbon sequestration and storage, as well as providing a sustainable supply of wood for homes and countless other products. After harvesting, Weyerhaeuser plants 130 million to 150 million trees each year to reforest 100% of its timberlands.

According to Devin W. Stockfish, president and CEO of Weyerhaeuser:“Sustainability has been a guiding principle at Weyerhaeuser for well over a century, and we have long believed that our company has an obligation to make a positive impact in our communities and for society more broadly,” said Devin W. Stockfish, Weyerhaeuser president and CEO. “Our working forests and the sustainable wood products we produce play a critical role in helping to mitigate the impacts of climate change. And as part of our ongoing sustainability efforts, we have published our inaugural, peer-leading Carbon Record and established a leadership position among our North American industry peers by setting an ambitious, science-based greenhouse gas reduction target. Signing on to The Climate Pledge reflects our commitment to achieve these goals and to help lead on the path to net-zero emissions globally.”

The business community must have a clear path forward: Step up and accelerate emission reductions so that we might be able to avoid the worst of the damages yet to come.

Former Climate Chief of the United Nations, Christiana Figueres founded Global Optimism.

Sunrun

Sunrun’s systems have prevented 8.1 million metric tons of carbon emissions, which is equivalent to negating 20 billion miles driven by an average car.

“At Sunrun, people and the planet are our north star,” said Mary Powell, Sunrun CEO. “Since our founding, we’ve helped more than 660,000 customers across the U.S. switch to clean energy and reduce their carbon emissions through our home solar and battery storage systems, and we’re just getting started. We’re laser focused on finding more ways to electrify homes and enable all Americans to take action on climate change, reduce energy costs, and gain energy independence. We are proud to demonstrate this commitment by signing the Climate Pledge alongside other sustainability leaders.”

HARMAN

HARMAN’s strong emphasis on purpose extends to its commitment to sustainability, which is a crucial business pillar. In line with this, HARMAN has set a goal to achieve net-zero carbon emissions across all three scopes by 2040. To actively work towards this goal, the company has established ambitious and measurable short-term targets to decrease emissions, energy consumption, and waste throughout its value chain. Additionally, HARMAN has introduced product lines made from sustainably sourced and recycled materials and plans to switch to 100% renewable energy for all its factories by 2025.

“At HARMAN, we know that driving sustainability is an ongoing journey that benefits from constant collaboration,” said Tom Mooney, HARMAN senior director of Government Affairs and Sustainability. “Each of the other Climate Pledge signatories is as committed as we are to building a more sustainable future and understands the value of working together toward our common goal. We’re excited to be joining forces with this community of innovators and thought leaders to create meaningful change.”

Amazon’s dedication to creating an environmentally responsible business for our customers and the planet is evident in our active involvement in The Climate Pledge. Launched in 2019, this pledge commits us to achieving net zero carbon emissions across our operations by 2040, a decade ahead of the Paris Agreement. Our $2 billion Climate Pledge Fund, which invests in companies that support our mission, has also welcomed BETA Technologies and Infinium into its portfolio. These innovative companies are focused on reducing carbon emissions in the global transportation industry, which was responsible for 7.3 billion metric tons of emissions in 2020. It is worth noting that nearly 13% of signatories to The Climate Pledge come from the transportation, aviation, and logistics sectors, indicating a strong demand for products and services that align with our goal of decarbonization in this critical sector.

The new signatory Pachama, an investee of the Climate Pledge Fund, brings quality, transparency, and scale to nature-based carbon markets. With Pachama, organizations and individuals can compensate for their emissions with confidence by supporting reforestation and forest conservation projects by measuring and monitoring carbon stored in forests over time.

In its latest report, the Intergovernmental Panel on Climate Change calls for immediate action to reduce greenhouse gas emissions, to invest in natural climate solutions, and to mitigate damage.

According to Christiana Figueres, co-founder of Global Optimism and former climate chief for the United Nations, businesses must take action in order to prevent the potential devastation outlined by recent scientific findings. The Climate Pledge, which aims to achieve net-zero emissions by 2040 or earlier, has already gained the commitment of 300 companies. However, this alone is not sufficient to bring about the necessary changes. It is imperative that all business leaders thoroughly understand the science and make swift changes in their operations without hesitation.

As part of their commitment to reach the Paris Agreement 10 years early and become net-zero carbon by 2040, Amazon and Global Optimism co-founded The Climate Pledge in 2019. There are now 312 organizations that have signed The Climate Pledge, signaling a rapid rise in the demand for carbon-reducing products and services.

Discover how all 312 signatories of The Climate Pledge are decarbonizing their businesses.

 

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How Local Governments Can Use Direct Pay on Clean Energy Projects

Posted on by D.Smith

The Inflation Reduction Act (IRA) provides a variety of incentives for clean energy. Many of these tax credits and rebates are aimed at individuals and households to transform their energy use and consumption – from home energy efficiency improvements to rooftop solar and electric vehicles. Local leaders have an important role to play in helping their residents understand and take advantage of these opportunities.

For the first time, however, local governments are positioned to take advantage of these tax credits directly. The IRA includes a provision that provides non-taxable entities investing in and producing clean energy with a direct payment option in lieu of tax credits. This provision is applicable for tax years starting after December 31, 2022 and ending before January 1, 2033. A project that is under construction now could potentially qualify. 

What is Direct Pay? 

Under the IRA, direct pay applies to states, cities and local municipalities, tribes and other tax-exempt entities, such as municipal water or power utilities and school districts. For city leaders, direct pay is an option for funding city-owned clean energy projects that will make projects more affordable for local governments and level the playing field between local governments and the private sector, which has traditionally benefited from tax credits.  

Of particular note for local governments, in order to claim the full direct pay amount, projects must meet the prevailing wage and apprenticeship requirements. The U.S. Department of the Treasury recently released guidance on these key labor provisions under the IRA. 

Additionally, there are specific criteria that when met will boost the value of the direct payment. For example, this includes projects with sufficient domestic content, projects that are located in “energy communities” (which include sites with brownfield properties, high unemployment or a closed coal mine or coal plant), projects in low-income communities, and rooftop solar projects on affordable housing. These opportunities can provide a 10-30% increase in the value of the direct payment depending on the criteria.  

Importantly, as cities, towns and villages look to take advantage of the grant funding provided under the Bipartisan Infrastructure Law and IRA, there is no prohibition on using direct pay and federal or state grant money for the same project.  

What Programs are Eligible for Direct Pay? 

Tax exempt entities, including state and local governments, can take advantage of the direct pay option under a variety of tax credits for both the production of and investment in clean energy. The Production Tax Credit (PTC) provides an ongoing tax credit for the first ten years of a project based on the amount of renewable energy produced in each year and sold to an unrelated person. The Investment Tax Credit (ITC) are one-time tax credits based on a percentage of the qualifying costs of a project.  

The IRA includes the following new and expanded tax credits that are eligible for the direct pay option: 

Production Tax Credits Investment Tax Credits 
Renewable Electricity Production Tax Credit (Section 45) Energy Investment Tax Credit (Section 48) 
Carbon Capture and Sequestration Tax Credit (45Q) Advanced Energy Project Credit (48C) 
Nuclear Power Production Tax Credit (45U) – New Clean Electricity Investment Tax Credit (48E) – New 
Clean Hydrogen Production Tax Credit (45V) – New Commercial Clean Vehicle Credit (45W) – New 
Advanced Manufacturing Production Tax Credit (45X) – New Alternative Fuel Refueling Property Credit (30C)  
Clean Electricity Production Tax Credit (45Y) – New  
Clean Fuel Production Credit (45Z) – New  

This blog provides more details on each of these tax credits. The U.S. Department of the Treasury is currently developing guidance for implementing each of these tax credits and the process for local governments to receive the direct payment in lieu of tax credit. The guidance is expected to be finalized over the next year.  

Clean Energy Projects for Local Governments 

The climate and clean energy provisions in the IRA will incentivize a large shift toward clean energy and reducing greenhouse gas emissions. Here are three local examples from municipal water and power utilities undertaking clean energy projects that are likely eligible for tax exempt entities to take advantage of the direct pay option.  

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The Cost of Commercial Solar

Posted on by D.Smith

Costs of commercial solar

In comparison to residential solar systems, commercial solar projects usually cost more than most residential systems due to their size. There is no one size fits all, and while some small businesses may find great value in a $60,000 commercial system, large industrial facilities or solar farms can cost over $1 million to set up.

There are still several tax credits, rebates, and incentives available for commercial solar panel systems just as they do for residential solar panel systems.

COMMERCIAL SOLAR PANEL INCENTIVE

Federal solar tax credit

The federal solar investment tax credit (ITC) allows a deduction of 30% of the cost of a commercial solar installation.

Bonus depreciation through MACRS

Under MACRS, businesses can take advantage of bonus depreciation to claim tax deductions for the depreciation of eligible solar equipment. This incentive applies to commercial solar installations completed before January 1st 2027, allowing companies to recover their investment within five years. Since 2008, bonus depreciation has been incorporated into MACRS, enabling businesses to allocate the full depreciable value in just one year. Essentially, MACRS provides a means for businesses to expedite their return on investment by utilizing tax deductions.

Net metering

Net metering, or NEM, is a benefit available to businesses that produce their own energy through solar panels. Similar to residential customers, these commercial properties can sell excess energy back to the grid and receive credits from their utility company. These credits can then be used to offset energy costs during times when solar production may be lower, such as at night or on cloudy days. However, net metering is becoming less common nationwide, which could affect the amount of savings for those currently utilizing this perk in the future.

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Unleash the Power of Commercial Solar Panel Systems: A Game-changer for your Business

Posted on by D.Smith

Imagine a world where you are at the helm of a successful, sustainable business and save millions by producing your own electricity. Welcome to the world of commercial solar panel systems. With businesses getting smarter about their investments, many are turning to solar energy as a solution. But, why are they making the switch?

Let’s explore.

Understanding Commercial Solar Power

Commercial solar systems are not limited to large-scale utility. It can also include smaller setups like rooftop or ground-mounted installations for businesses, also called “distributed generation.” These setups generate power at or near the point of usage, reducing transmission losses. Any excess energy is fed back into the grid, earning you valuable bill credits under net metering policies.

Why Businesses are Going Solar

Affordability and Financial  Incentives

Deterred by the upfront costs? Don’t be. Numerous financial incentives substantially reduce the initial cost of solar panel systems. Federal Investment Tax Credit (ITC), Production Tax Credit (PTC), Modified Accelerated Cost Recovery System (MACRS) Bonus depreciation, and Net metering are a few favorable policies that can bring down your system’s cost by nearly 70%!

Return on Investment (ROI)

With companies spending thousands on electricity each year, businesses can save up to $101,259 over 20 years with a solar panel system that offsets 90% of their energy consumption. Beyond savings, solar provides a hedge against volatile energy prices, making budgeting easier.

Attract More Customers

In a world increasingly valuing sustainability, solar panel systems can enhance your brand image. According to PwC’s 2021 survey, 83% of consumers believe companies should endorse Environmental, Social, and Governance (ESG) best practices. Having a solar-powered business aligns you with consumer values, potentially increasing your customer base.

Employee Satisfaction

Just as customers are drawn to sustainable companies, so are employees. A PwC 2021 survey found that 86% of employees preferred to work for companies that care about the same issues they do. Showcasing your commitment to solar power could improve employee retention and productivity.

Support for the Local Economy

Going solar means supporting your local economy. With an increase in solar projects, job availability in the solar sector also rises. As of 2023, there are over 350,000 solar jobs nationwide, a 9% increase YoY. By installing a solar energy system, you could contribute to job creation and potentially gain new customers from the industry.

Conclusion

Commercial solar panel systems are not just about generating clean energy. They offer potential cost savings, customer and employee satisfaction, and provide a substantial contribution to the local economy. Isn’t it time for your business to step into the future and go solar?

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Solar Power is Good for Business

Posted on by D.Smith

Solar power is an increasingly popular energy source that can benefit businesses in a variety of ways. By investing in commercial solar installation, companies are able to save money, reduce their environmental impact, and increase the reliability of their energy supply. In this blog post, we’ll discuss the many advantages of solar power for businesses and why investing in a commercial solar installation is a wise decision.

Solar power is an excellent way for businesses to reduce their energy costs while also reducing their environmental footprint. Commercial solar installation provides businesses with lower operating costs due to reduced electricity bills, as well as the potential for tax incentives and accelerated depreciation. With commercial solar power, businesses can benefit from reliable electricity supply and potentially receive credits for excess energy generated. Lower energy costs over time add up to significant savings for businesses, making solar power an attractive option for many companies. With solar panels, businesses can enjoy clean energy that is both renewable and affordable.

 Business-owned solar power systems are eligible for two nationwide incentives in the US: the Investment Tax Credit (ITC) and the Modified Accelerated Cost Recovery System (MACRS). You can combine the ITC and MACRS, but you must subtract half of the ITC from the solar asset value. If you’re considering solar power for a commercial or industrial building, you have most likely heard about the Investment Tax Credit (ITC). Thanks to the ITC, you can claim 30% of your solar PV system costs as a federal tax credit on your next tax payment as well as 80% accelerated depreciation in 2023. The ITC and MACRS are just two of the many benefits of solar power for businesses, and the financial incentives are a great way to ensure that your solar system pays for itself in no time.

The benefits of solar power don’t end there. Solar power is also an environmentally friendly solution to your business’s energy needs. By utilizing solar energy, you can significantly reduce your carbon footprint and help make the world a cleaner, healthier place. What’s more, you can save a great deal of money on energy bills in the long run. Going solar has never been easier, and with these incentives in place, it’s an even more attractive option for businesses looking to get the most out of their energy sources. With all the benefits of solar power readily available, why would any company not want to invest in this clean renewable energy?

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