Can Your Business Save with Solar?
by Rebecca Tudor
By now, most Americans understand that making eco-conscious decisions in their day to day lives is an important step to ensure a healthy environment for future generations. Many are making the move into eco-friendly vehicles, installing high-efficiency LED light bulbs and grocery shopping in the organic food section.
But it isn’t consumers alone that can reap the benefits of going green—businesses also have much to gain! If you’re looking for a way to increase your profitability and drum up new sales, integrating green initiatives into your business may be the solution.
Here are three ways that going green can bolster your business.
Save on your utility bills. While every location differs, Solar Nation reports that individuals who install a 5 kilowatt solar system save between $44 and $187 per month on their electric bill. Better yet, that’s before loans, leases or government rebates kick in. Given the extreme heating costs that Connecticut residents face in the winter (not to mention expensive air conditioners during the summer!), installing a solar energy system can help take the stress out of your skyrocketing utilities costs.
Create new revenue streams. Solar energy doesn’t just save money—it can help businesses create entirely new revenue streams as well. While you’ll have to check with your specific electricity supplier, there are a number of ways that Connecticut business owners can leverage solar systems to earn extra money.
Net-metering is a program ideal for businesses that generate more electricity than they use. The surplus that you create from your solar system can be sold back to the electric grid. Similarly, demand response programs are offered by electricity suppliers looking to bolster the grid when they hit peak demand. If you sign up for this program, the utility company will contact you during peak demand and ask that you reduce your own consumption, so needs can then be met in areas lacking for service. If you participate in a demand response program, you will be eligible for compensation based on your provider’s specific policy.
Broaden your brand appeal. Today’s consumers are willing to spend more money to do business with organizations that understand the importance of standing up for a cause—including 70 percent of the up-and-coming millennial generation. Demonstrating your commitment to environmental sustainability will put your brand in the good graces of consumers, helping you broaden your appeal. Better yet, shoppers that come into your store will spend more time looking at your solar panels than your price tags.
Keep your eye on emerging solar technology. Every year, researchers find ways to make deploying a solar energy system more affordable and efficient. That means integrating a solar energy system has never been more financially achievable for local business leaders. Help the environment, and your business, by checking out solar today.
To learn more ways to save your business money, or to look into business loans you might be able to use to invest in solar, stop by any office of The Milford Bank today!
