Small businesses are the backbone of the Colorado economy. They employ over 50% of the state’s workforce and generate over 40% of the state’s GDP. But small businesses also face a number of challenges, one of which is the high cost of energy.
The average small business in Colorado spends $10,000 per year on energy. This can be a significant financial burden, especially for small businesses that are just starting out. But there is a way for small businesses to save money on energy and become more sustainable: solar energy.
Solar energy is a clean, renewable source of energy that can provide small businesses with a number of benefits, including:
- Reduced energy costs: Solar panels can generate electricity for your business, which can help you reduce your reliance on the grid. This can lead to lower monthly utility bills and a more predictable energy budget. According to the Solar Energy Industries Association, the average commercial solar customer in Colorado saves $15,000 on their energy bills over the lifetime of their system.
- Increased property value: A study by the National Renewable Energy Laboratory found that commercial properties with solar panels sell for an average of $17,000 more than comparable properties without solar. This is because solar panels add value to a property by making it more attractive to buyers and tenants.
- Enhanced brand image: In today’s world, consumers are increasingly looking for businesses that are committed to sustainability. By installing solar panels, you can show your customers that you are a responsible company that cares about the environment. This can help you attract new customers and build loyalty with existing customers.
- Tax Incentives: There are a number of federal, state, and local tax incentives available to businesses that install solar panels. These incentives can help offset the cost of installation and make solar more affordable. The federal investment tax credit (ITC) for commercial solar is 30% for 2023
- Increased productivity: A study by the Lawrence Berkeley National Laboratory found that employees who work in buildings with solar panels are more productive than employees who work in buildings without solar. This is likely due to the fact that employees who work in buildings with solar panels are more comfortable and have a better sense of well-being.
- Reduced Carbon Footprint: Solar energy is a clean, renewable source of energy. By switching to solar, you can reduce your business’s carbon footprint and help fight climate change.
- Peace of Mind: With solar panels, you can rest assured that your business will have a reliable source of electricity, even during power outages. Solar panels can also help you hedge against rising energy prices.
If you are a small business owner in Colorado, I encourage you to consider installing solar panels. It is a smart investment that can save you money, increase your property value, and improve your brand image. Click here to learn more about federal solar incentives for businesses and non profits.