In recent years, the demand for sustainable and renewable energy sources has surged as businesses seek to reduce their carbon footprint and lower operational costs. Commercial solar installations have emerged as a viable and attractive option for businesses, offering a range of benefits including cost savings, environmental responsibility, and increased energy independence through energy efficiency and net metering programs. Solar Guru, a leading solar installation company in New Brunswick, has been at the forefront of this green revolution, enabling businesses to reduce electricity bills, embrace solar energy and reap the rewards it offers.
The Changing Landscape of Solar Energy in New Brunswick
New Brunswick, like many other regions, has witnessed a significant transformation in its approach to solar energy adoption. Changes in government policies and the introduction of various incentives have played a pivotal role in making commercial solar panel installations more financially appealing than ever before and giving businesses a great return on investment. One of the most compelling factors contributing to this paradigm shift is the significantly shortened payback period for commercial solar installations. Many rooftop installations are seeing a payback period of under 5 years while more complex installations or ground mount projects are seeing a simple payback of 5-7 years for equipment that will help reduce your electricity costs for the next 30 years.
Shortened Payback Period
The payback period for commercial solar installations has been drastically reduced, thanks to a combination of government policies and incentives. This reduction has made solar installations a financially attractive option for businesses, enabling them to recoup their initial investment at a much faster rate than in the past. Such a shortened payback period has made commercial solar installations an enticing prospect for businesses of all sizes, prompting many to seriously consider making the switch to solar energy.
The introduction of various incentives have played a pivotal role in making commercial solar panel installations more financially appealing than ever before and giving businesses a great return on investment.
Stacking Federal and Provincial Incentives
A key driver in making commercial solar installations financially feasible in New Brunswick is the ability to stack multiple federal and provincial incentives. Solar Guru has been instrumental in helping its customers take advantage of these incentives, effectively reducing the effective installation cost to approximately 30% of the total installed cost.
NB Power Commercial Buildings Retrofit Program
The NB Power Commercial Buildings Retrofit Program has been a game-changer, providing businesses with the opportunity to significantly reduce their upfront costs when investing in solar installations. By leveraging this program, businesses can make substantial savings, making the transition to solar energy a more economically viable option.
Atlantic Canada Investment Tax Credit
Coupled with the Atlantic Canada Investment Tax Credit, businesses can further lessen the financial burden of solar installation. This tax credit serves as a powerful incentive, encouraging businesses to embrace renewable energy solutions and reduce their reliance on traditional power sources.
Clean Energy Investment Tax Credit
The Clean Energy Investment Tax Credit adds another layer of financial benefit for businesses looking to invest in solar installations. By taking advantage of this credit, businesses can make significant strides towards sustainability while simultaneously improving their bottom line.
43.2 Accelerated Depreciation
The CRA's Section 43.2 Accelerated Depreciation provision offers businesses an accelerated write-off for their solar investments, providing them with additional financial relief and making the prospect of solar energy adoption even more appealing.
Many rooftop installations are seeing a payback period of under 5 years!
Financial Assistance and Cashflow Positivity
For businesses looking to install large solar arrays exceeding 80kW, Solar Guru, in collaboration with its solar panels financing partners, offers the opportunity to secure loans covering 90% of the installation costs and financing for solar panels. This unique solar loans financing solution ensures that businesses can achieve cashflow positivity from day one, making the transition to solar energy a financially sound decision.
Conclusion
The benefits of commercial solar installation in New Brunswick, facilitated by Solar Guru, are undeniable. With a significantly shortened payback period, the ability to stack multiple federal tax credit and provincial incentives, and the option for financial assistance through short-term loans, businesses stand to gain immensely from adopting solar energy. As the global shift towards sustainable energy continues to gain momentum, commercial solar installations present themselves as a smart investment for businesses, offering long-term financial savings and a positive environmental impact. Solar Guru, your local solar company, remains committed to empowering businesses in New Brunswick to embrace solar energy and unlock its full potential, both economically and environmentally. Stop looking for a solar power installation near me, work with Solar Guru, your solar panels installation company, finance solar panels and help get you the solar panel loan you deserve.