As the world becomes more aware of the environmental impact of energy consumption, businesses across the globe commit to achieving net zero emissions to fight climate change.
A new survey from SME Climate Hub reports that 60% of small enterprises globally plan to reduce their carbon footprint. Meanwhile, in the Philippines, the Department of Energy recently announced its plan to increase the share of renewable energy in power generation to 50% from 35% by 2040. With these developments, it would be best for your company to do its part to achieve these goals.
Switching to solar energy is one of the simplest and most cost-effective ways to tap into renewables. In this article, we’ll delve into the benefits of using solar panels for businesses to set you up for success in today’s increasingly eco-conscious world.
6 Benefits of Solar Panels for Businesses
Many businesses are wary of switching to solar energy because of the substantial initial investment. However, solar panels can generate higher cost savings in the long run, giving you a significant return on investment and other vital benefits.
1. Cut overhead cost
Power is a necessary operating expense for businesses in the Philippines. Studies show that the country’s electricity prices are among the highest in Southeast Asia, second to Singapore in both residential and industrial sectors. Solar energy helps by significantly reducing electricity costs from your budget.
The average business can reduce its electrical overhead by 75% with a solar energy system throughout its lifespan. It’s an ideal way to save money, especially if most of your budget consists of electricity bills.
2. Leverage tax benefits
The Philippine government incentivizes solar energy use based on the Renewable Energy Act of 2008. For one, renewable energy developers get an Income Tax Holiday for the first seven years of operations. They also enjoy a 0% value-added tax for all fuels or power generated via solar.
Besides fiscal benefits, the government simplifies customs procedures for importing solar energy-related equipment to let you save money even further. Solar tax credits, tariff exemptions, modified duty rates, and other incentives demonstrate the advantage of leveraging solar power over other energy options for your business.
3. Achieve energy independence
Dealing with unreliable energy providers is frustrating since you must stop operations during blackouts. Fortunately, solar energy helps your business become energy-independent so that you can enjoy a reliable electric supply regardless of power outages and blackouts in your locality, enabling non-stop operations.
When local grids suffer from a blackout, you can still enjoy the perks of having a self-contained electrical system. Plus, maintaining a connection to the grid lets you sell surplus electricity to local energy providers through net metering as another way to save costs with solar panels.
4. Offer low maintenance requirements
You won’t have to worry about upkeep since solar energy systems require minimal maintenance after installation. These setups generate electricity for up to 40 years, with some carrying a 25-year warranty. As a result, you can maximize your investment the longer you own it, even if it does get damaged.
Want to know how much you’ll be spending on a system? Check out our solar power calculator.
How about cleaning? A soft rag, water, and mild soap are the only tools you need for periodic cleaning, but you can also hire a cleaning service to save time.
5. Satisfy consumer demand for sustainability
There’s a growing concern for sustainable business practices among consumers. A recent study shows that 66% of buyers consider sustainability an essential factor in purchasing decisions. In the Philippines, 75% of Filipino shoppers prefer brands that can minimize their environmental impact.
These figures demonstrate the importance of integrating environmentally friendly practices—one of which is sustainable energy consumption. Switching to solar energy could place your business among “green” brands and attract a growing number of eco-conscious customers.
6. Enable long-term security
Fossil fuels were once cheaper than renewables due to their cost-effective production costs. However, this trend changes as electricity from sustainable sources becomes more accessible.
Our World in Data reports that electricity prices from solar photovoltaics rapidly declined by 89% within a decade, and it may become even cheaper in the near future. As such, leveraging solar energy can secure your business’s long-term needs, especially since it’s the cleanest and most accessible option out there.
Transform Your Business with Solar Panels
If you want to save costs, gain customer trust, and secure your business for the future, all those goals are possible with solar energy. Solar lets you leverage a viable alternative to fossil fuels and enjoy a self-sustaining energy system with government incentives. With the increasing popularity of eco-friendly business practices, shifting to solar energy is the key to your business’s long-term sustainability.
We’re here to help with your decision. SolarNRG is a trusted supplier and installer of solar panels for businesses and residences in the Philippines, so rest assured that we can address your renewable energy requirements.
Contact us to start your journey toward sustainability today!