Using Corporate Tax Cut Savings to Boost Your Solar Business
At Rose and Kiernan, Inc. we understand that not all energy producers, component manufacturers, servicing contractors or design professional are alike. Their insurance programs shouldn’t be either, which is why we design and build programs to meet the specific needs of businesses in the renewable energy space. For that reason, we partnered with ProSight Specialty Insurance for their solar expertise and capabilities.
Christy Howley, program manager at ProSight, recently discussed how the Senate Republicans’ $1.5 trillion tax bill will affect corporations – specifically those in the solar industry. In a piece for Solar Power World, Howley highlights how solar contractors can use the savings from the 15% corporate tax cut (from 35% to roughly 20%) to benefit their solar businesses.
Howley’s recommendations for solar business owners who see savings from the corporate tax cuts can be broken down into three different actions – investing in employees, investing in technology and investing in safety.
When it comes to investing in employees, Howley sees this playing out in multiple ways, from making new hires to strengthen the workplace to investing in certification courses in the solar field for current employees. “In the short-term [certification courses] can help foster a safer workplace, but you may also see longer-term gains in lost time, reduced insurance costs and a higher quality,” she explains. “Overall, these programs will help to keep your operations running smoothly, boost client confidence and ultimately boost your bottom line.”
In addition to investments in your people, companies should find value in putting additional dollars behind advancements in technology and safety. Some technological advancements that make sense for those in the solar industry? Drones, which use aerial infrared imaging to detect harmful leaks during initial inspections and maintenance checks, as well as programs that protect company and customer data in the instance of a harmful data breach. But “keeping your data safe is second only to keeping your employees safe” and with a little extra cash on hand, it may make sense for your company to hire a risk manager or invest in additional safety courses.
For companies that will benefit from the government tax cuts, it’s important to remember that having extra savings is great, but it’s only as valuable if it’s effectively allocated. If you are in solar, wind, biomass, hydrogen, geothermal or other renewable energy fields, give us a call to discuss our solutions and additional ideas for ways you can prioritize safety, technology and employees at your company.