County Carlow firms have potential to save €188,000 says solar survey

Businesses in Carlow installing solar PV technology can now make net savings of €188,000 over 25 years, according to a new survey.

The Swyft Energy Solar PV Q3 Index reveals that typical systems can deliver a lifetime return on investment of over 500% and pay for themselves in four years – at least two years earlier than the six or seven-year payback period that was the case until recently.

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The quicker payback time has been fuelled by higher electricity rates in recent years and the introduction of Solar PV grants.

“Over the expected 25-year lifespan of a 44KWp system, the Index shows that a company could look forward to net savings of over €188,000,” said Adrian Casey, CEO of Swyft Energy.

One business to recently switch to solar PV from Swyft Energy is NeoGen, a leading digital printing and signage firm in Blanchardstown, Dublin 15.

Sustainability played a major role in NeoGen’s decision to equip one of its two buildings with a 21KWp system last November.

“NeoGen is one of the few Irish companies which is FSC (Forest Stewardship Council) audited and accredited,” said Director of NeoGen, Ciaran Clancy.

“FSC-certified forests are managed to strict environmental, social and economic standards.

“The decision to invest in solar PV generation was a natural progression in our sustainability strategy.

“We’re now aiming to generate the vast majority of our annual electricity needs directly from solar – in June, we were 68.1% self-sufficient in electricity and this is reflected in far lower bills.”

Businesses installing larger systems have experienced similar savings.

In August last year, Ayrton Group, one of Ireland’s leading health and safety specialists based in Newmarket, Co Cork, commissioned Swyft Energy to install a 44 KWp solar PV system.

“We had a clear aim to go greener and work in a way that was more energy efficient,” said Kieran Linehan, CEO of Ayrton Group.

One of the company’s main requirements was that their solar PV system would pay for itself within five years.

By combining savings made through lower electricity bills with revenue generated from excess power sold back to the grid, the company is on target to meet its payback goal.

Over their solar PV system’s lifetime, the Swyft Energy Commercial Index estimates that the Ayrton Group will receive a total return on investment of over 640% and save approximately 211 tonnes of C02.

According to Mr Casey, the current availability of generous grants and tax allowances make solar PV an even more attractive option for companies of all sizes.
“Right now, businesses can draw on Government grants of up to €162,600, depending on the size of their system, and claim the cost of the system against their profits to reduce their corporation tax bill at year end,” said Mr Casey.

“The environmental benefits of solar PV are already obvious and now the Commercial Index has highlighted the clear financial benefits that solar PV systems offer companies of all sizes.”