Solar on your building? Yes, for many reasons!

Businesses throughout Long Island are making the switch to solar energy — retail stores, restaurants, laundromats, auto body shops, small-scale manufacturers and service companies, medical office buildings, breweries/ wineries, and so many other “mom & pop’s” and other enterprises seeking to cut their high electricity costs.

Solar is a big money-saver! But don’t take our word for it — ask your accountant or financial advisor. The 30% federal investment tax credit (ITC) is still available for commercial solar if completed by the end of 2027. And, accelerated depreciation is available. Both of these present amazing financial incentives!

Electricity costs for owner-occupied buildings has skyrocketed, and even if you pass along electricity costs to your tenants, your common area electric bills add up quickly. Solar is designed to offset those costs. Solar energy could be the best long-term business decision you’ve ever made for your bottom line!

HERE ARE SOME REASONS WHY:

Great ROI. A solar energy system is an investment that pays for itself and continues to pay you back, an investment known to provide an Internal Rate of Return over the 25-year+ life of the system outpacing the S&P 500.

Day one, you save… due to locked-in rates (your neighboring businesses will have rate hikes!) Day one, you save… with pre-tax dollars — for every $100 you now pay for electricity, you’ll need to earn $125 to pay your PSEG bill. The average commercial PSEG bill on Long Island costs thousands of dollars every year, so the savings are enormous!

Speedy payback. Long Island’s electric rates are among the highest in the country, making your savings higher and the payback period faster than most anywhere else. The average commercial solar break-even point is about 5 to 6 years on Long Island. After that, all electricity produced is free!

Lower operating costs. The reduced or eliminated cost of electricity means your savings can be used to defray operating costs or reinvested to grow your business.

More financial certainty. Utilities can raise electricity rates at any point. Solar energy is not subject to rate hikes, so you won’t have that uncertainty.

More financial certainty. Utilities can raise electricity rates at any point. Solar energy is not subject to rate hikes, so you won’t have that uncertainty.

No ongoing maintenance. A quality solar energy system is virtually maintenance free because it has no moving parts and our premier solar manufacturers provide long-term warranties on the equipment, usually for 25 to 30 years.

Increased resale value. Commercial buildings equipped with “owned outright” solar energy systems are known to sell more quickly than average and tend to sell at a premium.

Environmental benefits. For every 1 kilowatt of your solar energy system size, about 1,152 lbs. of CO2 per year are eliminated. That equates to the carbon absorption capability of more than 20 trees per kW. A 50-kilowatt commercial PV system — the average small commercial system size on Long Island — will save 1,000 trees every year!

Feed your tax appetite. As we said above, the current federal tax investment tax credit (ITC) of 30% of system cost offers a true dollar-to-dollar credit, not a less-valuable deduction. Also, Accelerated Depreciation for commercial solar equipment offers a cost recovery period of up to five years.

Please consult your owner tax advisor. Built Well does not provide tax advice.