Empowering Businesses: Unveiling the Untapped Benefits of Solar Power in Canada

Dan Hunter

November 21, 2023

In recent years, the landscape of business sustainability has seen a revolutionary shift towards cleaner and greener energy solutions. One standout player in this arena is solar power, a renewable energy source that not only aligns with environmental goals but also offers substantial financial incentives for savvy business owners. In this blog, Solr Solvr will explore the myriad of benefits of embracing solar power for businesses in Canada, shedding light on key rebates and incentives that can make the transition even more rewarding.

The Economic Advantage:

**Reduced Operational Costs:**

   - Solar power for businesses and industry in Canada drastically cuts down electricity bills, providing businesses with long-term savings on operational costs. Decisions on investing on capital to reduce variable costs that will increase over time is a common practice for business owners.

**Government Solar Rebates:**

   - Tap into federal and provincial commercial solar incentives like the Investment Tax Credit, that has recently become law in 2023. Other Canada Green Energy Grants and the Government Solar Rebate Program are designed to make solar installations more affordable for businesses, as well as sustainable business solutions for improved business solar ROI.

Environmental Responsibility:

**Green Image, Environmental, Social and Governance and Corporate Social Responsibility (ESG and CSR):**

   - Adopting solar power and clean energy for enterprises enhances a company's image, showcasing a commitment to sustainability and responsible business practices that embrace carbon neutral business strategies. This has been shown to drive new trial among non-customers and loyalty among current customers as well as employees, impacting the ability to maintain a solid business model and long term profitability.

**Carbon Footprint Reduction:**

   - Businesses can contribute to Canada's climate goals of Net Zero by 2050 by reducing their carbon footprint, positively impacting the environment as a shared global commitment, agreed to by almost 200 countries as part of the Paris Agreement in 2015.

Energy Independence:

**Stable Energy Costs:**

   - Shield your business from fluctuating energy prices by generating your own power as a micro-generator, providing stability in a volatile market and solid business solar ROI.

**Grid Independence:**

   - Corporate solar adoption and installing solar power systems empower businesses to become less reliant on traditional power grids, ensuring a more robust and resilient energy infrastructure, less downtime due to grid power outages. It provides freedom to maximize energy usage for your business that suits your unique business model or category, not the tiered pricing structure offered by the utility.

Unlocking Financial Incentives:

**Accelerated Capital Cost Allowance (CCA):**

   - Businesses can benefit from tax incentives through the Accelerated CCA for clean energy equipment, allowing for quicker depreciation, as high as 50 to 100% per year, and increased cash flow.

**Feed-In Tariffs:**

   - Some provinces offer feed-in tariffs, or solar tax credits in Canada, where businesses are paid or credited for the excess energy they generate and feed back into the grid.

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As businesses in Canada strive to balance economic success with environmental responsibility, corporate solar adoption and use of solar power emerge as compelling sustainable business solutions. From cost savings to government incentives, the benefits are extensive. By embracing solar energy, Canadian businesses not only secure their financial future but also contribute to a sustainable and cleaner energy landscape for generations to come.