If you’ve been considering the switch to solar for your business, you're probably wondering about the cost of owning solar panels. The truth is that the cost of installing commercial solar panels includes labor, equipment, and any necessary permits or inspections, and can vary based on factors like geographic location, system size, equipment type, panel efficiency, electricity usage, and more. But here's the good part: by investing in solar panels, you can save a significant amount on your monthly energy bills over the long term. Let’s delve into the main considerations to keep in mind when shopping for solar panels for your business:
- Geographic location—Your business's geographical location impacts a few things. It affects the amount of sunlight your solar panels receive, local regulations, and incentives. Areas with abundant sunlight are generally more conducive to solar energy generation, but factors such as climate and shading can also influence costs. According to Forbes.com, Massachusetts ranked 5th on the list of the best states for solar, with 4,037 MW of solar energy installed and 98 days of clear skies (small chance of clouds!), with 19.4% of the state’s energy running on solar. New York, New Jersey, and Connecticut also made the list!
- Roof inspection—if upgrades or modifications are required to your rooftop, this can add to the overall installation cost.We've covered the benefits of rooftop solar here on the blog.
- Electricity usage—In order to determine your business's energy needs, you’ll need to know how much electricity you currently consume and how much you can expect to use in the future. This will help you learn the size and capacity of the solar panel system you may need. Catalyst Power offers customers a free solar analysis for data like this! If you’re interested, please contact us to connect with one of our Energy Experts.
- Panel efficiency—Higher-quality and more efficient solar panels generally have a higher upfront cost. However, they can generate more electricity over their lifespan, leading to greater long-term savings for your business.
According to the Solar Energy Industries Association, the average cost of installing commercial solar panels in 2023 was around $1.66 per watt, which is almost half the cost per watt for residential projects. System costs will range from $100,000 for small-to-midsize businesses to more for larger commercial buildings with greater power needs.
Fortunately, when you partner with Catalyst Power, our unique advantage is that we handle all of this for you. We own, operate, and maintain the solar panels at no cost to you. You can spend less time worrying about how much solar panels cost and more time enjoying the benefits of a return on investment. Our Connected Microgrid ® solution not only benefits the environment by giving you access to more clean energy and reducing your carbon footprint, but it also lowers your electricity costs. Energy efficiency is the name of the game, and our Energy Experts are on standby to help you save money and meet your sustainability goals.
