From Walmart to Amazon and Apple, some of the largest corporations in America have made big investments in solar energy. But for years, upfront cost and a long payback period has put solar out of reach for most small and medium-size businesses.
The good news is that times have changed. Today, especially in New York where businesses can tap into state incentives through NYSERDA, solar is now affordable for businesses with 100 employees or less.
A Safe Investment with High ROI
Nationwide, the average commercial property owner who went solar cut their electricity bill by 75%, according to EnergySage.
With some of the highest commercial electricity rates in the country, solar in New York offers an average return of 25.1% according to SolarPowerRocks. That’s a higher rate than many business investments.
And given that you’ll always need electricity and that your onsite solar system will produce electricity for 30 years or more, the investment is more stable and predictable for decades to come.
Incentives for Businesses
Generous incentives from New York state, including a cash rebate, reduce the amount you’ll need to finance to get solar for your business.
In addition, for-profit businesses can take advantage of other solar tax incentives:
- NYS sales tax exemption
- 30% Federal tax credit
- Accelerated depreciation
For more information, please check out our Solar Incentives page.
No Money Down Financing
A business that wants to go solar no longer has to afford the large upfront payment. There are now a couple ways for businesses to get started on solar for little to no money down:
- Term Loan Financing. Through NYSERDA we are able to offer a low interest participation loan that requires little to no money down.
- On-bill Financing. With a low interest On-Bill Recovery loan a business is able to minimize bill payments by having their loan payment appear on their utility bill.
Efficient Process for Commercial Solar
From nearly a decade of experience in solar, we know how to work with utilities, state agencies and local authorities to make the process of installing solar on your commercial building effortless.
If you would you like to know if your commercial building qualifies for the available incentives, please contact us for more information.