Under favorable sunlight conditions, a 100-kilowatt solar array can generate more than 140,000 kilowatt-hours per year. In a building with an electricity tariff of 20 cents/kWh, this is equivalent to around $28,000 in annual power bill savings. As the rated capacity of your commercial solar system increases, your savings grow in the same proportion. Large solar arrays also benefit from economies of scale:
- The unit price of a residential or small business solar PV system is typically above $3,000 per kilowatt of capacity.
- Medium-sized commercial installations can reach prices below $2,000 per kW.
- The largest commercial, industrial and utility-scale solar arrays reach prices below $1,000 per kW.
Solar panels have a modular design that can adapt to many types of surfaces and project locations. At NY Engineers we offer commercial solar array designs in any configuration:
- Rooftop
- Ground mount
- Canopy
- Carport
Commercial solar arrays are also characterized by their long service life and durability. High-quality PV modules now come with a 25-30 year warranty, while their payback period can be less than six years. The financial outlook is even better when your project qualifies for solar incentives:
- The combination of solar grants and low-interest loans can reduce upfront costs to zero.
- The monthly savings achieved by a commercial solar array are typically much higher than loan payments, for the first month of operation.
If your building is located in a jurisdiction with climate mandates, a commercial solar array can also help you with compliance. Consider the case of New York City, where solar power can help you meet several local laws:
- Lowering the energy consumption reported under Local Law 84 of 2009
- Improving your building energy grade under Local Law 33 of 2018
- Meeting the green roof mandate under Local Laws 92 & 94 of 2019
- Avoiding penalties for high emissions under Local Law 97 of 2019
Commercial solar arrays also offer a marketing advantage for real estate developers, attracting tenants who are concerned about energy expenses. US electricity prices increased drastically between 2021 and 2022, and onsite renewable generation provides added value for tenants.