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Why Solar Panels are good for Business

In business today, maximising every opportunity to minimise costs is becoming ever more important.

Switching to Solar energy will give you the chance to reduce your business’ energy costs now and for the future.

By installing a Solar PV system from Sky Electrical you will start drawing less energy from the National Grid, thus avoiding the volatile price spikes in the market and allowing you to smooth out and control your operation’s energy costs. A resounding advantage, especially in today's ever-fluctuating business climate.

A comprehensive Solar PV system could also provide you with an additional revenue stream too as all the power created and unused by your business can be sold back to the National Grid. That’s 24 hours a day, 365 days a year of potential additional profit generation.

More affordable than you thought. Quicker returns than you expected.

Installing commercial solar panels is a smart fiscal move. The initial investment is more affordable than you might think, as the evolution of solar technology means that today's solar solutions are up to 70% cheaper than in 2010, and costs continue to fall. What’s more, the payback period is often surprisingly short and, once installed, these panels require minimal maintenance ensuring peak efficiency and substantial returns for the long haul.

And the best part? The tax incentives available are significant. Your accountants will be able to advise you further, as a short window of opportunity lays ahead until March 2026 which allows for the capital investment to be offset against your taxable profits. Surely a win-win scenario at a time of turbulent energy prices.

A breakdown of the advantages of Solar Panel installation

1. The tax breaks
   According to Menzie’s there is a £1m annual investment allowance (AIA) which allows 100% relief on eligible assets such as solar panels. There is also a 50% first year allowance for integral features such as solar panels under the new ‘full expensing’ rules. These came in from 1 April 2023 and run until 31 March 2026 and the 50% allowance is particularly useful where a company does not have sufficient AIA.
   
   The tax impact is shown below where the full 50% first year allowance is available:

   Solar panels cost £60,000

   50% super-deduction(£30,000)

   Total relief/tax deduction £30,000

   In this example, 6% of the remaining amount (i.e., £30,000) can be claimed each year until the asset is fully written down to nil.

2. Uncover a host of significant cost savings
   The ability to generate clean, free energy during daylight hours frees your reliance on the National Grid with the potential to reap remarkable reductions in energy costs, sometimes halving previous expenses.

3. Financial stability and energy security/flexibility
   With the upward trajectory of energy prices, sourcing power from commercial solar panels is a sound strategic move. By securing your electricity at a fixed cost, you insulate your business from volatile market fluctuations. This not only creates financial stability but also provides a buffer against future regulatory changes, rendering financial planning more seamless.

4. Dramatically reduced carbon footprint
   A very real challenge for modern businesses is how to curb their escalating energy demands whilst at the same time reduce costs and their carbon footprint. Digitalisation and automation have amplified energy needs, making the installation of commercial solar panels a very potent solution, substantially reducing your business' carbon emissions and helping control costs.

5. Enhanced public perception through CSR
   The growing global concern for the environment has focused businesses on their Corporate Social Responsibility (CSR) exposure. In the present landscape, environmentally conscious consumers gravitate toward businesses that prove their commitment to eco-friendly initiatives. Commercial solar panels demonstrate this commitment and can strengthen your brand in the public eye and help garner increased lead generation and increased sales.