The average home has limited installation options, with the panels usually ending up on the roof. But with a commercial building, you have three main options to choose from as to where to put up your solar panels.
This is probably the most cost-efficient option because the panels will simply go on the roof that you already have. The installation process is simple and affordable. A roof mount allows you to maximize all the roof space that you have, which is typically vast for most commercial establishments.
If you have an open parking lot, putting up a canopy made of solar panels over the area can serve multiple purposes. First, this is a huge space and it can accommodate probably hundreds of solar panels that can generate enough electricity for your entire establishment, and then some. Second, the panels can provide some kind of roofing that will protect the parked cars from rain and the heat of the sun. Finally, having solar panels in close proximity will make it easier to install charging stations for electric cars that are parked on your lot.
A single solar panel designed for commercial use costs an average of $600 each to purchase. Depending on the nature and size of your business, you might need about 50 solar panels at the very least, and up to hundreds of panels if you run a large commercial establishment or industrial facility. On top of the purchase cost per panel, you will also have to pay for the installation cost of at least $12000 for the smaller-scale systems.
As you can see, the cost of installing solar panels is no laughing matter. This is why solar companies offer a variety of financing options in order to reduce the burden during the initial payments. If you can afford to pay cash upfront, then you will own 100% of the solar panel system. You will also get to use the federal credit on solar energy, as well as other tax incentives.
There is also the option of taking out a solar loan, which means you will have to pay a monthly fee towards the solar loan. Still, these payments are a lot less than your typical electric bill so it is still a lucrative option. Finally, you can choose to take out a solar lease. You will not own the system but you will get to save a considerable amount on your monthly energy cost.