Shopping malls are the pinnacle of the American retail experience. However, more and more consumers are purchasing goods online, so malls may be in danger of dying out. Therefore, shopping malls need to distinguish themselves and cut costs to survive. Otherwise, shoppers may spend their money in cheaper, more ethical, and more convenient retail settings. Although malls are facing stiff competition, there are still several ways for them to appeal to the modern consumer.
Adopting green energy solutions can help your mall save money and generate the public interest that it needs to flourish. Customers value solar power in shopping malls more than ever before. Consequently, if your mall doesn’t run off of solar power, then your business may be at risk. Naturally, you want your business to thrive, so check out these five important reasons to look into commercial solar installation in Monterey CA.
Lower Utility Bills
Electricity isn’t cheap, and that’s especially true for a large shopping center. Your mall likely spends tens of thousands of dollars per month on electricity. Given that your mall is in California, your electricity costs may even double to maintain comfortable temperatures during the summer. Solar panels can provide enough power to fulfill the majority of your facility’s power needs. The price of electricity rises each year, so by installing solar panels now, you will be able to save a huge amount of money over the lifetime of your shopping center. Because you stand to save so much by installing solar panels, they’ll pay for themselves in no time at all.
Lower Tenant Rent
People visit malls to access a wide variety of interesting shops in one convenient location. However, if you have to charge high rent to cover your facility’s utility bills, then you may not attract many interesting businesses to set up shop in your mall. Nobody wants to go to a mall that is full of vacant units. By installing solar panels, you can afford to charge lower rent, so more businesses will be able to open storefronts within your mall. Consequently, your facility will generate more revenue due to fewer vacancies.
Less Dependence on the Grid
A power outage can render an entire day unprofitable for the businesses within your shopping mall. If stores can’t keep the lights on or process debit card transactions, then customers will have to go elsewhere. Solar panels allow your facility to remain open during blackouts, so the shops within your facility can carry on with business as usual. Furthermore, a power outage can make the businesses within your mall more susceptible to theft and other crimes. Power outages are also a major fire hazard. Thus, a shopping mall with solar panels will be safer and more secure during a blackout.
People Value Solar Power in Shopping Malls
Global climate change is more present than ever in the public consciousness. These days, shoppers are voting with their wallets, and they won’t spend money at a place that doesn’t value the environment. Solar power will greatly reduce your business’s carbon footprint, and more people will want to shop at a mall that values green energy.
Moreover, as someone who does business in California, you understand how bad the air quality can get. This is partially due to the state’s heavy reliance on natural gas power plants. When burned for power, natural gas produces dangerous nitrogen oxides. Nitrogen oxides are extremely harmful to the respiratory system, making it difficult for humans and wildlife to breathe. Moreover, nitrous oxides mix with other chemicals in the air and produce fine particles that pollute forests and natural bodies of water. Green energy and clean air are hot topics in California, so you can leverage your solar panels in your business’s marketing to bring more people to your mall.
Thanks to federal and state tax credits, your facility might not have to bear the full cost of solar panel installation. The federal Investment Tax Credit can help you recover a big chunk of your business’s solar installation costs. However, you have to act quickly to get the biggest benefit. If you commence construction on a solar project by December 31, 2022, then the ITC will allow you to claim a 26% credit. The ITC gradually reduces to a 10% credit for projects commencing after December 31, 2025, so you don’t want to wait.
A shopping mall comes with hefty property taxes. Thus, you may be worried about how the extra property value from a solar system will affect your tax burden. Luckily, California provides a tax exclusion for solar power systems installed before 2026. Thus, your solar panels won’t increase your property taxes if you act quickly enough. Your business may also be eligible for financing through California’s Property-Assessed Clean Energy program.
Revitalize Your Shopping Mall With the Right Solar Energy Solution
In this day and age, businesses can either adapt or fall behind. Solar power will allow your mall to bring in more shops, appeal to a wider range of customers, and save a ton of money, so what’s not to love about it? State and federal tax credits make installing clean solar energy more feasible than ever, but you have to act now to get the best savings. Waiting will only cost you money. Therefore, if you want to save time and money, then reach out to Premo Solar for a free consultation. Their solar installation professionals have all of the knowledge and expertise necessary to give you an accurate estimate and perform stellar work, so you have nothing to lose by submitting an inquiry.