Solar panels are an excellent investment option for both residential and commercial properties alike. Their green energy resource is a valuable asset to commercial property owners and increases the resale value of your home. In addition, the overall return on investment is quickly realized—making it an ideal choice for businesses. Expert Solar is a solar panel system installer in Norfolk, VA, that works with homeowners and business owners to shift toward a renewable energy source. We have helped increase the property value of businesses in the area through our solar panel installations. Read more on how solar panels increase commercial property value below.
Ways that Solar Panels Increase Commercial Property Value
Solar panels get a bad reputation when it comes to commercial properties. Many individuals mistakenly believe that solar panels make your commercial property more difficult to sell and even decrease the property value. In fact, many commercial property owners find that solar panels increase the value of their property and are attractive to buyers.
Reduce Overhead Costs
Every month your business has to spend money on overhead costs. This can include things such as rent/mortgage, utilities, supplies, and electricity. For many businesses, the electricity bill can be one of the larger expenses you pay every month. Solar panels eliminate that monthly expense. Instead of spending money on electricity, your commercial property is generating its own electricity—significantly reducing your monthly overhead expenses.
Lower Electricity Bills
For some businesses, a solar panel will not entirely eliminate your use of grid electricity. However, reducing usage will still be beneficial and allow you to have lower electricity bills. As a result, many electricity providers (including Dominion in Virginia) now utilize net metering programs—making you only pay for what you use. A lower electricity bill provides you with more capital and cash, which you can use for other business expenses.
Little to No Maintenance
While solar panels may appear delicate and breakable, they are actually a pretty sturdy piece of equipment. Rain or shine, hail or snow, solar panels can withstand the tests of nature and continue to function properly. As a result, there is very little maintenance required to upkeep solar panels after they are installed. In fact, many solar panels need no maintenance for years.
Not Dependent on Grid Energy
In addition to not having to spend money on grid energy, not being dependent on the grid can lead to other benefits as well. This includes no unforeseen power outages and not being subject to increases in the cost of power.
Other Benefits to Solar Panels
In addition to increasing the property value of your commercial space, solar panels offer various other benefits.
Quick Return on Investment
When it comes to solar panel installation on a commercial property, the return on investment (ROI) will be a major driving factor in the decision-making process. The overall ROI of your project predominantly depends on the initial investment cost and how much energy your solar panel generates. In most cases, businesses can expect a return on their investment within four to six years.
Greener Energy Option
As many consumers move towards greener, more efficient energy options, your company’s investment in green energy will encourage consumers to utilize your products/services. As such, this transition to “environmental awareness,” “social responsibility,” and “progressive thinking” can have an effect on your overall revenue.
Take Advantage of Solar Investment Tax Credit
In addition to these benefits, solar panels also qualify for a solar investment tax credit. Property owners in Virginia can take advantage of the Federal Solar Energy Tax Credit. With this credit, 26% of the total solar panel installation cost can be claimed on your taxes. However, this incentive is only available until 2024. So, if you are considering installing solar panels, don’t wait.
No Increase in Property Tax
Typically, when your property increases in value, your taxes on the property also increase. When it comes to solar panel installation, that is not the case. In the state of Virginia, Solar Energy Equipment is exempt from local property taxes, meaning you don’t pay more in taxes because your property value increased due to solar power.
Solar Panel Installation in Norfolk, VA
As is evident, there are a plethora of reasons why solar panels can increase your commercial property’s value. Many investors, buyers, and renters/leasers will reap the benefits of this shift towards renewable energy—creating a demand in the commercial space. Expert Solar is a solar panel installation contractor in Norfolk, VA offering solar panel installation for residential and commercial spaces.
We want to make solar panels affordable for everyone, so we have become a solar financing company in Norfolk, VA. Our financing options take the sting out of the initial investment, particularly when used in combination with the federal solar tax credit.
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Looking for solar installation services in Virginia Beach, Chesapeake, and Norfolk? Give us a call at 757-988-7777 today! Our experienced team is ready to help you with the Federal Tax Credit and guide you through our low-interest financing option.