Cost savings:

Introducing solar power systems to your company can benefit your business by saving up to 100% through the generation of its own electricity using solar power. Once you purchase the system initially, each unit of energy produced becomes virtually free, as solar energy is a renewable resource.

Solar panels also help businesses offset the cost of electricity by generating it on-site, rather than relying on a utility provider or the local electricity company. As a result, you will receive significant monthly savings and reduce dependence on the local grid. Combining solar panels with battery storage provides immunity against blackouts and reduces reliance on carbon-emitting generators.

Environmental Benefits:

Clean and renewable, solar power never gets used up and doesn’t produce harmful emissions like traditional fossil fuels. By using solar power, your company can reduce its carbon footprint and make a significant contribution to mitigating the impacts of climate change.

Bettered Public Image:

Companies that actively utilize solar energy systems often earn a reputation as being more socially responsible compared to those that do not. Embracing environmental consciousness can enhance your company’s reputation and public image.

Long-Term Investment:

Solar panels boast a long lifespan of 30-40 years and demand minimal maintenance throughout their operational life. This makes them a highly cost-effective, long-term investment for companies seeking to lower energy expenses and minimize their environmental impact.

Carbon Credit Generation:

Ontario commercial enterprises can generate “carbon credits” by implementing emission reduction projects, such as solar installations, that meet the Ontario Emissions Performance Standards (ERS). Once a project is registered, the Ontario government issues “carbon credits” based on the qualifying emissions reductions achieved. Your business can then sell these carbon credits on the carbon market or use them to fulfill compliance requirements under the regulatory carbon pricing program.

Tax Incentives:

Governments currently provide a wide range of tax incentives to companies that adopt solar power, including tax credits, rebates, depreciation deductions, and more. These incentives effectively offset the initial installation costs and support businesses in utilizing solar energy.

ROI:

Ontario residents can also employ the declining balance method to calculate the depreciation expense of a solar system throughout its useful life. This method determines the depreciation as a fixed percentage of the system’s declining book value. In Ontario, Class 43.1 and 43.2 solar systems have a capital cost allowance rate (CCA) of 30%. This allows your business to invest in solar energy and expedite depreciation expenses during the initial stages of the system’s life. As a result, your tax burden is reduced, and you can achieve a faster return on investment.

Energy Independence:

Companies that generate their own electricity through solar panels gain greater control over their energy supply and costs, resulting in partial or total immunity to power outages and fluctuations in energy prices. By relying less on the traditional grid, these companies can effectively manage their energy needs with increased independence.