Solar Energy World Announces Installation of Solar Panels on Headquarters
Spring Installation to Highlight Benefits of Commercial Solar Power
Elkridge, Md. (April 6, 2011)—Solar Energy World (http://solareworld.com), one of the region’s leading solar panel installation firm, installs solar panels on its new headquarters, located at 5681 Main St., Elkridge, Md. Solar Energy World purchased the 15,000 sq. ft. building in December 2010.
The new solar panel system was installed on Earth Day, April 22, 2011. The system size is approximately 48kW in size, providing 52,000 kWh. Solar Energy World estimates that they will save $5,800 per year on utility costs, and recoup almost $150,000 in tax incentives, rebates and grants.
“Commercial solar panel systems are an excellent investment for building owners seeking to increase the lifetime value of their investment,” says Solar Energy World managing partner Geoff Mirkin. “Solar panel systems make a lot of sense for businesses. Not only can solar panels enhance a company’s bottom line, but they can also help them reduce their carbon footprint.”
The Maryland Energy Administration launched the Mid-Sized Solar Energy Grant program in late 2009, and provides $500 per kW for the installation of solar photovoltaic panels, up to a maximum of $50,000.
Additionally, tax law allows two options for claiming deductions from depreciated value on the installed system, giving corporations a large amount of flexibility to make the installation the most cost effective. Companies can either take 100% depreciation in the first year, or they can elect to take 50% depreciation in the first year and the follow standard MACRS (Modified Accelerated Cost Recovery System) depreciation starting in year two.
Solar Energy World’s solar panel system is expected to also earn 52 Solar Renewable Energy Credits (SRECs) per year. Currently valued at $320 per credit, the company could potentially earn $16,600 per year over the 30-year life of their solar panel systems.
Solar Energy World has completed several large-scale commercial solar electric and solar hot water installations throughout the Maryland region, including a state-of-the art solar water heating system on the roof of B’Nai Tzedek in Potomac, Md and Precision Grinding Company, Glebar Inc in Franklin Lakes, NJ. Solar Energy World offers commercial solar panel installation, guiding customers through each step of grant and tax credit applications to ensure they receive the full benefit from all the incentives available.
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