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How Coastal Financial Saves With Solar Panels For Their Business

December 12, 2023 | Reading Time: 9 minutes

Coastal Financial in Dartmouth, MA was one of the first businesses Isaksen Solar worked with to install a commercial solar system. 

The firm has been dedicated to improving the financial situations of its customers since 1999. This includes helping them reach financial goals while safeguarding their families and businesses. Their commitment to staying local led Financial to Isaksen Solar. 

Coastal Financial started working with Isaksen Solar as their financial planner. During this process, Coastal Financial became interested in commercial solar panels. They saw adding solar panels to their business as a way to increase their own financial health. 

What Made Coastal Financial Look Into Solar? 

As a financial planning company, financial success has always been their focus. With this in mind adding solar panels to his business was a logical choice. When asked why he installed solar panels on his business, owner Christopher Hodgson answered in three words, “To save money”.

Like other business owners, Coastal Financial accumulates expenses to run its business. One of these expenses was their electricity bills. After adding commercial solar panels Coastal Financial eliminated their monthly electricity bills. This was a monthly expense that disappeared for the business. 

Solar panels have a lifetime of 25 years. So Christopher Hodgson will not have to worry about electricity bills for the next 25 years.

He paid for the solar panels for his business upfront. Now his commercial solar installation works for him every day. Coastal Financial’s solar panels create lifetime savings for his small business.

How Coastal Financial Saved On The Total Cost Of Their Solar Panel Installation

The upfront cost for a commercial solar installation is not the cheapest buy. Yet, the total cost of purchasing solar panels is discounted from solar incentives for businesses. Coastal Financial qualified for many incentives and programs. The total cost of solar panels decreased with federal solar tax credits and a state solar rebate. They also qualified for the Massachusetts Solar incentive SMART program. Business solar panels also qualify for a 5-year MACRS depreciation. 

Commercial and residential solar panels get a 30% federal solar tax credit. This immediately decreases the total price for a commercial solar panel installation. Coastal Financial also entered the SMART program, which is Massachusetts solar incentive program. 

Once enrolled they received a monthly payment for the solar energy they produce. 

Commercial solar panels also qualify for MACRS 5-year depreciation. The depreciation of business solar panels is 85% of the full solar panel cost. 

For the first five years after their solar panel installation, a percentage of the cost is deducted from the company’s taxable income. 

Coastal Financial started saving before its solar panels were even installed. They also had a decrease in the time they saw a postive return on their investment. 

The best part, Isaksen Solar handled the entire application process. 

Did Solar Panels Actually Save Coastal Financial Money? 

After 3 years of commercial solar panels,  Coastal Financial has created $5,500 a year in savings. This is an estimate without including the increase in electricity and usage. 

With solar panels, they are protected from increasing prices of electricity every year.  The price rose 14% last year. Solar energy has given Coastal Financial peace of mind. They no longer have surprises each month in their electricity bills. 

Added Benefits For Coastal Financial’s Business Owner Through Net-Metering

While Coastal Financial’s solar panel installation saves money for the business. It also provides extra benefits for their business owner. Hodgson benefits from more personal savings every month. This is due to the extra energy production from his business being passed to his home.

Since both his business and home are on the same utility grid, he can transfer solar energy between the two. This saves him money on his home electricity bill.  The solar panels now have double the financial benefit and more monthly savings.

As a commercial solar company, Isaksen Solar helps businesses maximize their solar production. For Christopher Hodgson, this created a solar panel installation that covered his business and his family’s usage. This is similar to how he helps families and businesses at Coastal Financial. 

What was Coastal Financial’s Solar Panel Installation Process Like?

Creating a custom solution for a small business is crucial to success. Locally owned and operated businesses have the advantage to customize. For Isaksen Solar this allows them to build their products to their customers. 

When working with Isaksen Solar, Coastal Financial found a similar approach. Both companies understand every business is different. Thus, a customized solution will always improve a company’s financial future the best.

They worked with one project manager for the entire solar installation. Their project manager was there from the beginning.

The project manager designed a custom solar array. They handled the permit process and the details for installation day. They also got the necessary approvals from the city and local utility companies. This meant a simple process for Coastal Financial’s solar panels.

Coastal Financial’s Review Of  Isaksen Solar

Business owners are already wearing a lot of hats. So, taking on another project can seem like a major time commitment. However, from his experience working with commercial solar installer Isaksen Solar, Christopher Hodgson says, “Everything went very smoothly!”. After implementation, the service did not stop for Coastal Financial.

One “minor glitch” has occurred with their solar panel installation in three years. Once made aware, Isaksen Solar fixed the issue right away. 

Hodgson praises Isaksen Solar, stating “Fantastic service all the way!” He adds “I have and will continue to recommend Isaksen Solar to anyone looking for commercial solar companies.”