There is an old Chinese proverb that goes: “The best time to plant a tree was twenty years ago. The second best time is today”. In today’s terms, the saying can be applied to solar PV.
With energy prices rising; attractive grant and tax benefits in place; a new feed-in tariff coming soon; technology efficiency at all time highs and costs at record lows – the best time to invest in Solar PV and Battery storage systems is now.
Here are five good reasons why:
1. Protect yourself from rising energy costs
Solar PV is a great hedge against rising energy costs. In the past year, electricity prices have increased by a massive 50% for many businesses as they renew contracts with their utility providers.
With carbon taxes adding to energy costs going forward, it’s fair to say that prices will continue to trend upwards. Higher daytime energy costs improve the payback for solar PV and make the economics of storing solar energy, and nighttime grid-energy, with battery storage more attractive than ever.
Contact [email protected] or call: 01 8250263 / 087 0654103 to see what solar PV can do for your business.
2. Benefit from attractive grants and tax incentives
Minister for Agriculture, Food and the Marine, Charlie McConalogue recently confirmed his intention to introduce a 60% grant under Targeted Agriculture Modernisation Scheme (TAMS) for solar PV for farmers.
Currently, there are a number of grant options available to farmers. For those farms who qualify under TAMS, a 40-60% grant applies.
For horticulture farmers, 40% is generally available and farmers and businesses can also qualify for a 30% Sustainable Energy Authority of Ireland (SEAI) better energy community grant (BEC).
Homeowners are entitled to up to a €3,000 grant for solar PV as well.
Non VAT-registered farmers can reclaim the VAT on a solar PV investment and farms and businesses can also avail of 100% accelerated capital allowances which is 12.5% for companies and up to 54% for sole traders.
Once again, these grants and tax incentives make the economics and battery storage very attractive.
3. Get paid for your excess solar energy
In the coming months, the government has committed to introduce a feed-in tariff for surplus energy exported to the grid (generated through micro-generation).
The details are not yet published but the ambition is, that depending on the size of the transformer servicing a business or farm, that exports from up to a 50kwp solar PV system will be supported.
Unfortunately, not everyone will be able to export to the grid due to limitations of the transformer or the network, but the outlook looks good for many farms as they will have their own transformer supplying the business.
Contact [email protected] or call: 01 8250263 / 087 0654103 to see what solar PV can do for your business.
4. Improve your business’ sustainability credentials by cutting your carbon emissions
Environmental Sustainability is no longer an option for all stakeholders in society. The costs of reducing carbon emissions to address the climate crisis are going to be huge.
However, what’s the alternative?
We all have a stake in future generations through our families and we all have a part to play in addressing climate change. Solar PV is a very cost-effective way of reducing carbon emissions. Every kwp of solar PV installed will reduce your carbon emissions by up to 500kg/year.
5. Take advantage of reliable technology with low maintenance costs
Solar PV is a well-established technology across the world and its deployment is doubling every year. The technology works very well in Ireland with the generation output predictable and measurable.
The technology is all electrical with no moving parts and requires very low maintenance. Costs have dropped by almost 90% in the last 10 years and the efficiency improved to a point where future gains will be slow.
At Local Power Ltd. we offer our clients three technology options. Critically, two of the options come with european manufacturer warranties that have a huge value in reality.
These warranties come with 30-year product and 30-year performance warranties, with very few exclusions, and cover parts, labour and transport should there be a problem.
Solarwatt, our partner, is a German company in business for 28 years and owned by the BMW family. They uniquely provide both PV panels and battery storage solutions. Their newly launched AC BMW branded battery systems allows charging from solar PV or the grid and offers the highest efficiency and safety standards on the market.
In summary, solar PV and battery storage systems are a very good economic and environmental investment for farms, homes and businesses. The investment is self-financing – from the savings made in the business over a three to seven year period.
As long as you choose the right technology you will enjoy decades of free energy from your solar PV system. There are very few investments that offer that kind of return (and if you hear of any that do, please let us know).
If you’re ready to start your solar journey, talk to a member of the Local Power Ltd. team today, who look forward to hearing from you and can assure a professional and attentive service.
Contact [email protected] or call: 01 8250263 / 085 757 1533 to see what solar PV can do for your business.