Solar power has become an increasingly popular source of renewable energy in recent years, and shopping centers and malls are no exception. By installing solar panels on their rooftops and parking lots, these commercial spaces can not only reduce their energy costs but also decrease their carbon footprint and promote sustainability.
This blog will explore the benefits of implementing solar power systems in a mall or shopping center. Whether you are a business owner, a mall manager, or simply interested in the topic, this blog will provide valuable insights into the world of solar power in the retail industry.
Why Should You Install Solar Power Systems In Shopping Centers?
Installing solar panels on the roof of a shopping mall or big-box retail facility is a smart move! Not only do these buildings have large, flat roofs that are perfect for solar panels, but they also typically receive plenty of sunlight. As a result, you can gain serious competitive advantages over competitors using top-quality solar products in India, save on electricity bills, and can get a quick return on your investments.
Here are a few reasons why switching to solar power for your shopping mall can be a great move:
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Gain Modified Accelerated Cost Recovery System (MACRS) Depreciation and Tax Write-Offs
Shifting to solar panel systems at your retail shopping centers and malls can also provide MACRS depreciation and huge write-offs like 30% federal tax benefits. In addition, MACRS depreciation allows shopping mall owners to get back a significant amount of investment cost in the first year of operation itself.
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Avoid Power Outages
Who would like to get their sales activities getting interrupted, making their customers unhappy due to power cuts in the store? Solar systems can help you achieve the necessary protection against power cuts. It allows users to store electricity in batteries, large capacitors, flywheels, and other devices that can store energy until it is needed. Therefore, switching to solar power solutions can be a smart choice to win over those irritating power cuts.
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Immunity From Rate Hikes
Installing solar power in a mall or shopping center minimizes the chances of electricity rate hikes for nearly 15 years. Typically, electricity rates increase by 6% every year, and a solar panel can produce free electricity for more than 25 years, but many solar panels last for 30-40 years. With 6% hikes in electricity bills every single year, a 10,000Rs bill will become 38,200Rs per month in 25 years. But with the solar energy generation setup in place, you can save huge money on your electricity bills while harnessing clean energy from the sun. Consider that, in addition to using the generated electricity, you can also sell the electricity to make a profit.
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Gain a Competitive Edge
Due to the constant drops in solar panel price in India, solar energy generation has now become more accessible. Despite utility electricity rate hikes, building owners can ensure a competitive edge by installing solar systems on their building rooftops. Building with solar systems would be paying the same amount for electricity bills every year, but competitor businesses that don’t have solar setups in place will be paying double or triple in the coming 10-15 years.
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Reduce Your Carbon Footprints
In addition to saving money on your electricity bills and making money on electricity generated by your solar panel system, the best advantage of solar systems is that it produces zero pollution. With the ever-increasing problem of pollution and global warming, installing solar power systems is one of the best ways to reduce your carbon footprint and make your building environment-friendly as a retail shopping center owner.
Conclusion
By harnessing solar energy, you can save money on your energy bills and make a quick return on your investment. Plus, by showing off your commitment to sustainability, you’ll stand out from the competition and attract more customers to your business.
So, if you are looking for the best-in-class solar energy solutions for your retail center or mall, look no further than Genus Innovation. Our dedicated teams excel in helping businesses with the best implement solar power solutions to make their operations more sound, sustainable, and effective. Contact us today to set up solar systems for your retail shopping center or mall.