Installing solar panels for a commercial building is an investment, and it’s important to consider upfront costs before deciding whether solar is worth it for your business. While the initial cost can be a hurdle, most commercial solar systems pay for themselves several times over and will end up making your business money.
In this guide, we cover everything you need to know about commercial solar panel costs so you can make an informed decision about installing solar panels for your buildings.
Factors that Impact Commercial Solar Installation Costs
The cost of a commercial solar power system can vary widely because there are so many variables at play. Some of the key factors that will impact your commercial solar power system costs include:
- System size
- Equipment type
- Installation specifications
Let’s take a closer look at these factors.
System size has the biggest impact on solar panel costs—the more solar panels you install, the more expensive your project will be.
The number of solar panels you need depends on the amount of electricity you use. You can get a general idea by reviewing your recent electric bills to see how many kWh of electricity you consume each month.
For a more accurate estimate, contact Solar Energy Solutions. We have decades of experience installing commercial solar panels for all types of buildings and equipment, and we can provide a custom estimate for your project.
There are many types of solar panels, solar batteries, inverters, and racking systems available and the equipment you choose will impact your overall commercial solar installation costs.
As with most things, solar panel costs tend to align with quality. Some solar products are more expensive than others, but the increased cost typically comes with better performance, durability, and longevity.
Solar Energy Solutions installs top-tier commercial solar products and offers a wide range of options. We will recommend the best products for your project and budget to ensure optimal performance and cost-effectiveness.
Commercial solar panels are not one-size-fits-all, and every commercial solar installation has different design and labor requirements. The overall project costs will vary depending on the complexity.
Solar Energy Solutions designs custom solar power systems for commercial and industrial buildings. We will design a system that takes full advantage of the space you have available and maximizes your solar output. We can install:
- Rooftop solar on almost all roof types
- Ground-mounted solar panels
- Solar carports and shade covers
- Solar battery storage systems and EV chargers
Solar Incentives & Tax Credits Reduce Costs
The government provides several incentives to help businesses and non-profit organizations install solar panels. Incentives can bring down your upfront installation costs to make your solar panels more affordable. They can also help you earn money with your solar panels, increasing your return on investment.
- Solar tax credit for businesses – An upfront tax credit that reduces your federal income tax liability by 30% of your solar installation costs. Non-profits are eligible for a direct payment in place of the tax credit.
- MACRS depreciation – Commercial solar panels are eligible for a 5-year cost recovery period with the Modified Accelerated Cost Recovery System.
- SRECs – You will earn one solar renewable energy credit (SREC) for every 1,000 kWh of electricity you generate. SRECs have monetary value and can be bought and sold on an open market.
- USDA REAP Grants – Agricultural businesses and rural small businesses are eligible for grants worth up to 50% of their solar installation costs. Learn more about financing and incentives for agricultural solar projects.
Customized Estimate for Your Commercial Solar Project
Commercial solar panels are becoming increasingly popular for all types of commercial and industrial buildings because of the significant financial and environmental benefits they provide. If you want to get in on the action, reach out to Solar Energy Solutions for a customized solar estimate. We are a locally owned and operated commercial solar installer that’s been in business since 2006, and we’ve installed thousands of solar energy systems for buildings of all types and sizes.