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Solar power is part of our renewable future. How well placed are you to participate in this increasingly efficient and effective power source?

Solar power and other renewable sources are the future of energy. All around the world businesses are aiming to be ahead of the curve and begin using more sustainable sources of power as soon as possible.

Whether it’s because of the global impacts of climate change, or simply the continually increasing costs of conventional grid power, many small and medium sized businesses are looking to invest in solar power generation on site.

Of course, while improving the green credentials for a business might be a strong driver for considering an investment in solar power, ultimately the decision needs to be a commercially sound one. That means the first decision you need to make is whether solar power is the right solution for you. And that decision is reasonably simple – if you use most of your power during daylight and you’re looking for opportunities to reduce your business input costs in a reliable and predictable fashion, then solar power is likely to work for your business. There can be significant benefits for the businesses converting to solar power.

The first, and most obvious, is the reduction in the regular cost of power supply – this can translate to tens of thousands of dollars in savings each year for a business. There may also be the opportunity to benefit from commercial solar power rebates, depending on the rules that apply in your particular operating jurisdiction. This includes potential feed-in tariffs for excess power that you generate but don’t use and put back into the grid. Furthermore, if your green credentials are a point of difference for your business, converting to solar power is a bankable decision that you can advertise to current and prospective customers.

“All around the world businesses are aiming to be ahead of the curve and begin using more sustainable sources of power as soon as possible.”

If you are seriously considering the move to solar power generated on-site, it is important to recognise that, even with various forms of regulatory support and subsidy, the initial capital outlay can be considerable. Depending on the size of the system you require, the upfront capital costs can stretch to well over $100,000 for a 100KW system. While the electricity cost savings might see you pay that back over a three-to-five-year period, the reality is that this is a significant cost outlay for most SMEs.

Grow Finance specialises in finance to support businesses looking to move to renewable energy efficient power solutions, including solar systems, battery storage, power factor correction and more. Our business finance specialists have a deep understanding of renewable energy current products and services available. We also work with a number of vendors and specialist energy efficiency providers to tailor financial solutions that reduce the initial capital outlay and ensure maximum environmental and cost benefits are obtained for your business. Grow Finance has provided financial solutions to over 1000 businesses to fund the installation of solar and other energy efficient equipment.

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