As people hunker down at home, and spend time doing all those fix-up items that have been waiting for years, they should also consider working through the details of adding solar.
First, of course, do those energy efficiency tricks that cost very little: smart thermostats, caulk windows and cracks, and improve your insulation. Your favorite power company will do an energy audit so you can get a check list of things to do. The typical building can save 15% to 25% on simple and cheap energy savings. Monitor usage, because the biggest culprit may be humans with bad energy usage habits. Insulation in the attic could have a 3 to 4 year payback and reduce your electric bill by 15 to 25%. Now with the lower energy usage, you should consider adding Solar.
[UPDATE: 30% Investment Tax Credit on renewables in the IRA Act 2022. See our Blog post here. This makes all the financial discussions below much more profitable. Also, higher inflation and higher power inflation.]
Solar can be a Good investment in many cases, like Residential. But it can be a Crazy Profitable investment for Businesses. The renewable investment tax credits (ITCs) drop down again at the end of 2020, so now is a great time to think about it.*
- Quick Take on Residential Solar: Solar Invest 2020: Do Good and Save Money Too
- Full Financial Analysis: SolarInvest2020: Residential Solar is Good, but Commercial Solar can be Crazy Profitable!
About BizMan (Elmer Hall) & Strategic Business Planning Company. Elmer Hall has a Doctorate in International Business Administration and is an adjunct Professor of Business. He is President of Strategic Business Planning Company, a company that does business plans, especially plans that focus on intellectual property and sustainability. Look for Hall’s Perpetual Innovation™ line of books for innovators and inventors. Website: SBPlan.com Blog: SustainZine.com