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Why Invest in a Solar Panel Covered Parking Lot

January.13.2025

Why Invest in a Solar Panel Covered Parking Lot

January.13.2025

Every part of a business’s property is an opportunity to improve the customer experience, make money, or more, and this includes spaces like parking lots. A customer or employee’s first interaction with a business often begins in a parking lot, so it’s important to have a space that accommodates them and their needs. With the right structures in place, an empty parking lot can become a tool for saving money and protecting assets.

Solar panel parking lot covers offer protection as well as the opportunity to cut down on energy bills and reduce the risk of damage. Some businesses may even be eligible for tax breaks due to the addition of a solar panel structure. Investing in a solar panel covered parking lot is a smart choice for commercial property owners looking to save money, protect their assets, and promote sustainability.

Learn more about the impact solar panel-covered parking lots can have on businesses, customers, and the environment.

Read the full article or jump to a specific section:

Promote environmental preservation

1. Promote Environmental Preservation

Solar energy is a renewable source of energy that plays a role in reducing greenhouse gas emissions. Solar panels are able to mitigate the effects of climate change and benefit the health and well-being of humans, wildlife, and the overall environment. Solar panels help improve air quality as well as reduce water use in energy production. The U.S. Department of Energy (DOE) Solar Energy Technologies Office (SETO) reports solar power could account for as much as 40% of the U.S. energy supply by 2035.

SETO is encouraging this shift to solar energy, as it is a great way to get the energy businesses and homes need without harming the planet. Businesses that introduce solar panel structures to their property can show customers, investors, and activists their commitment and effort to using clean energy. Increasingly, younger consumers, such as millennials and Generation Z, are interested in a business’s social and environmental impact. The majority of them take action to minimize their impact on the environment.

Solar energy parking covers also help mitigate the effects of urban heat islands (UHIs). UHIs occur when natural land covers are replaced with infrastructure or open pavement areas that retain heat. Open asphalt and concrete areas such as parking lots retain and reflect heat energy, creating an area that is a lot hotter than it needs to be. As a result, heat waves can become more frequent and long-lasting, which makes these areas uncomfortably hot and increases the energy costs required to cool homes and businesses with air conditioning.

Solar panel parking lot covers can help reduce UHIs by providing cooling effects to those using the parking lot while also preventing an unnecessary heat increase, saving businesses money on cooling costs. In addition to shading the area, these structures also help deflect sun radiation.

Urban areas are actively seeking out solutions to solve the increasing issue of UHIs, and businesses that implement parking lot covers can be part of the solution. As climate change and environmentally friendly business practices continue to gain attention, it’s important for businesses to do their part for environmental preservation. As a bonus, eco-conscious consumers may develop positive views of the company due to these eco-friendly efforts and systems.

2. Enhance Property Value

Investing in parking lot solar panels can enhance property value for several reasons:

  • Increased demand for sustainable properties: As sustainability becomes a priority for businesses and consumers, properties with green features, including solar panel covered parking lots, are more attractive. Properties that already incorporate renewable energy solutions will be better positioned for future changes in market demands and regulations. Many tenants seek environmentally friendly spaces, which can lead to higher demand and occupancy rates.
  • Enhanced visual appeal: Well-designed solar panel-covered parking structures can improve a property’s visual landscape. Aesthetic enhancements make properties more inviting, which can lead to increased interest from potential business tenants or buyers. In turn, shaded parking encourages customers to spend more time at a location, which boosts sales and enhances property value.
  • Long-term investment appeal: Solar panel installations typically have long life spans and require minimal maintenance. This long-term reliability can be a selling point to make commercial properties more attractive to future buyers who value stability and low ongoing costs.
  • Brand image and reputation: Commercial property owners who invest in renewable energy solutions can enhance their brand image and reputation. Businesses that prioritize sustainability can attract eco-conscious tenants and customers, thereby increasing demand and property value.
  • Energy independence: By generating their own electricity, commercial properties can protect themselves from fluctuations in energy prices. This energy independence is particularly appealing to business owners looking to stabilize their operating costs over time.
  • Market differentiation: In a competitive commercial real estate market, having solar panels over parking lots can differentiate a property from others lacking such features. This unique selling proposition can attract more interest and potentially command higher rental rates or sales prices.

Enhance Property Value

 

3. Cut Business Operation Costs

As solar panel parking lot structures generate energy, businesses that utilize them can decrease their electricity bills. How much a business can save on its energy bills will depend on a few factors, such as the business’s location, the number of solar panels, and how much energy is required for business operations.

Even on cloudy days, solar panels can create energy businesses can use to run daily operations. The less energy a business needs to pull from a grid source, the lower its energy bills. Businesses that have enough solar energy panels in place may save and actually make money.

Businesses that generate their own energy via solar power structures may produce more energy than they need, and can then sell this excess energy back to the grid. This process is known as net metering, and it can provide businesses with a passive revenue stream in addition to saving on their own bills and operation costs. It is important to note that net metering rules, regulations, and opportunities can vary by state, so it is crucial for business owners to understand how net metering works in their specific area.

Pairing solar power energy with other tools like energy-efficient lighting can lead to increased savings. Businesses can also utilize solar energy generated to offset significant costs such as air conditioning and heating. So, while installing a solar panel parking lot cover has some upfront costs, the addition of this structure to a business begins to show its worth almost immediately and allows the business to continue to save money even years after its original installation.

Protect assets

4. Protect Vehicles and Assets

Solar panel covered parking structures from VPS are an innovative design that combines the benefits of solar panels and hail structures. This structure protects vehicles and assets from hail while also supplying businesses with added benefits of solar power.

VPS solar panel structures offer the same durable, trustworthy protection as a standard hail protection structure. These structures reduce the risk of vehicles experiencing damage from a hail storm. Hail can come in all sizes and intensities, but even smaller hail can still cause extensive and costly damage.

With these structures in place, businesses can reduce their risk of liability from visitors’ cars experiencing hail damage.

Additionally, businesses can protect their own property and equipment with solar panel covered parking. Covered parking structures reduce ultraviolet (UV) exposure for cars in a business’s lot, whether they belong to customers or the business itself. Excessive UV exposure can damage paint or other finishes on vehicles or equipment, leaving them more prone to corrosion over time. The sun can also fade car interiors with enough time, so covering a business’s fleet protects its assets.

Damaged inventory and equipment can lead to lost revenue and disrupted operations, so businesses with preventive and protective measures in place are less likely to experience these issues.

Gain tax incentives

5. Gain Tax Incentives

Businesses or organizations with solar panel structures in place are eligible for tax credits. The United States government currently offers two tax credits, which include the investment tax credit (ITC) and the production tax credit (PTC). The ITC allows qualifying businesses or organizations to lower their owed federal income tax liability. Qualifying groups can use a portion of the total installation expense to claim ITC. To qualify, the solar panels or solar panel structures must be installed within the same tax year.

Unlike ITC, PTC can be claimed for up to 10 years. PTC lowers businesses’ and organizations’ federal income tax liability by calculating the energy produced by solar technology. Credits are awarded per kilowatt-hour (kWh), and the credit amount takes into account inflation and changing economic conditions. Businesses and organizations can continue to file for PTC for the first 10 years of the system’s lifespan.

As of 2023, solar-powered systems installed anytime from 2022 to 2033 can expect a 30% ITC and 2.75 cents per kWh for PTC.

There are some requirements a business must meet to qualify for the ITC or PTC. Some examples of these qualifications include:

  • The business or organization must be located within the U.S. or U.S. territories
  • The business must be a non-tax-exempt entity
  • Organizations or businesses applying for PTC must meet the Treasury Department’s labor requirements

Note that typically, businesses and organizations can not claim both ITC and PTC — however, there are some special circumstances where this can occur. Which tax credit is better will depend on a few factors, including:

  • The cost of the project
  • The amount of sunlight available
  • Bonus tax credit eligibility

It is often in a business’s best interest to choose the PTC if they install a large-scale solar panel structure in a very sunny area, as large amounts of energy will be produced, which can lead to a higher tax credit. Meanwhile, smaller projects or projects with high installation costs may benefit more from an ITC.

6. Address Regulations and Compliance

Adopting solar technology can help commercial properties and businesses comply with current and future environmental regulations in the following ways:

  • Meeting renewable energy standards: Many regions are implementing stricter regulations aimed at increasing the use of renewable energy. Property owners can proactively meet or exceed these standards and demonstrate their commitment to sustainability by investing in solar panel-covered parking lots.
  • Alignment with environmental goals: Governments at various levels set environmental goals, including reducing greenhouse gas emissions and promoting clean energy. Solar panel installations help property owners contribute to these goals, thereby aligning with regulatory frameworks that may offer incentives for compliance.
  • Support for local sustainability initiatives: Many municipalities have sustainability initiatives aimed at reducing the UHI effect, improving air quality, and promoting energy efficiency. Parking lot solar panels can contribute to these initiatives by providing shade, reducing heat absorption, and generating renewable energy.
  • Preparation for future legislation: Regulations change and update as the push for renewable energy grows. By investing in solar technology now, commercial property owners can future-proof their investments against upcoming legislation that may mandate related sustainability practices.
  • Enhanced property resilience: Properties that use solar energy systems can better withstand energy shortages and fluctuations in electricity prices. This resilience will become as important as regulations to promote energy independence and grid reliability.
  • Improved reporting and accountability: Many regulatory frameworks require businesses to report on their energy use and sustainability practices. When property owners invest in renewable energy structures, they can improve their energy profile and reporting metrics to demonstrate compliance and sustainability benchmarks.

Comply with Regulations

7. Provide Elevated Customer Benefits

Solar panel parking lot covers benefit both the business and its customers. From practical advantages like parking lot lighting and electric vehicle charging to more luxurious benefits like keeping cars and customers comfortable, customers are sure to appreciate the addition of a solar parking lot cover.

KEEPS CARS COOL

While keeping cars at a more comfortable temperature is not a requirement for businesses, it is a great benefit to provide patrons and guests of the business. Customers will almost certainly prefer to return to a cool car than an uncomfortably hot car.

A customer’s experience with a business begins as soon as they enter the premises. From the parking lot alone, guests will begin to develop opinions and feelings about the business. Businesses that go the extra step to provide a comfortable and enjoyable atmosphere from start to finish provide a great overall guest experience.

OPPORTUNITIES FOR PARKING LOT LIGHTING

Solar panels over parking lots can also include lighting to help increase visibility in the area. Additional lighting under a solar panel parking cover can make it easier for drivers to navigate the parking lot even during the night. People also tend to feel more safe in well-lit areas, especially in large, open spaces.

Solar panel-powered lighting is not just good at making people feel safe — it can actually help deter crime. Some studies find that well-lit areas have lower crime rates than poorly-lit or unlit areas due to the higher chance of being seen by someone. Increasing the quality and amount of lighting can give the perception of safety and reassurance to businesses and customers.

ELECTRIC VEHICLE CHARGING STATIONS

Solar covered parking can increase a parking lot’s functionality by supplying power to electric vehicle (EV) charging station infrastructure. Finding a charging port for EVs can be difficult for owners. Solar panel parking covers equipped with built-in capabilities for EV charging ports offer a solution.

Now, EV owners can charge their cars while they shop, dine, or otherwise patronize a business. While this added feature is convenient for consumers, it is also valuable for business owners, as they can now turn a parking lot into an additional revenue stream.

Improve branding

8. Enjoy Flexible Design Options

Solar panel parking lot covers provide the opportunity to increase a business’s branding efforts and overall exterior design. With a variety of colors and materials to choose from, each business can make its parking structure its own. Available colors at VPS include classic options like silver gray, chocolate, white, and black, as well as fun and bold colors such as electric purple, zesty lime, and sunflower yellow.

Fabric and color choices allow businesses to make their structure a representation of the brand, and, if desired, they can also use custom designs to make the structure unique. This is especially useful for businesses with unusually shaped parking areas or an extensive amount of ground to cover.

VPS design options are not just for traditional parking lots — these structures can also be used on unique spaces like a rooftop of a parking garage. The applications and designs of these structures are customizable, meaning businesses of every size and shape can enjoy the benefits of solar panel parking covers.

Industries for solar panel covered parking

What Industries Can Benefit From Solar Panel Covered Parking Structures?

Solar panel parking structures can be beneficial to virtually any industry. Take a look at some of the common industries that use and benefit from solar panel parking structures below.

AIRPORTS

When traveling, the last thing travelers want to worry about is their car. Solar panel covered airport parking structures give travelers peace of mind that their vehicles can be protected against intense weather while they’re away. Cars can also stay protected from harmful UV rays and intense direct heat.

Covered parking structures also provide airports the opportunity to increase revenue by charging more for a premium covered parking spot. With the various benefits of parking under a parking structure, travelers, especially those on long trips, will be willing to pay extra.

CAR DEALERSHIPS

Car dealerships hold a lot of expensive and valuable inventory that requires proper protection. Here are some benefits of using solar panel covered parking structures for these businesses:

  • Protection of inventory: Parking structures can help minimize the risk of inventory damage due to severe weather, such as hail. Without overhead protection from a parking structure, hundreds of thousands of dollars of damages can occur from an unpredictable or last-minute storm. Addressing damages can interrupt or delay a dealership’s operations, which can cost the business even more money. Dealerships can also reduce the frequency and cost of detailing and reconditioning, leading to cost savings over time.
  • Improved safety and security: Car dealerships can enjoy other benefits from solar panel parking structures, including increased security. Covered parking can provide a secure environment for vehicles and reduce the risk of theft or vandalism, especially with enhanced lighting integrated into the design. These parking structures also offer a great opportunity to add or increase the number of security cameras. This way, inventory is more likely to stay safe from the weather and criminals.
  • Enhanced customer experience: Customers can enjoy a comfortable shopping experience. Solar panel parking lots with coverage provide shade to keep both customers and inventory cool. While customers browse the inventory or tour the inside of a car, they will be more comfortable and more protected from harmful UV rays. This comfort can encourage customers to spend more time at the dealership and potentially lead to more sales.
  • Marketing opportunities: Dealerships can use their solar infrastructure to showcase their commitment to renewable energy and sustainability in promotional materials. Businesses that implement sustainable practices and provide details and information about the specific steps they’re taking attract more eco-conscious customers.
  • Potential revenue generation: Car dealerships can install EV charging stations within the covered parking structure. This supports the growing market for EVs while providing an additional revenue stream if charging is fee-based. In addition, if the dealership generates more energy than it consumes, it may be able to sell excess energy back to the grid, creating another potential income source.

RETAIL BUSINESSES

Retail businesses can go above and beyond their competitors’ efforts by providing solar panels over parking lots. During inclement weather, customers can continue to shop and wait out the storm without having to worry about their cars.

Retail businesses can also take advantage of a solar panel parking structure with built-in EV chargers. EV owners will appreciate having a charger available, especially if there aren’t many in the area. As EV owners wait for their cars to charge, they may stop into nearby businesses to pass the time.

Solar panel parking structures are also useful for providing customers with a great shopping experience from start to finish. On hot days, shoppers can walk in the shade and return to a cooler car since it was parked under the shade of a parking structure.

CAR RENTAL FACILITIES

Similar to car dealerships, it’s crucial for car rental facilities to protect their inventory. Every car that is damaged is one less customer the rental facility can serve. Additionally, car rental facilities need to keep cars looking good to provide customers with the best experience. So, protecting inventory does not just include protecting cars from bad weather — these cars also need to be protected from the sun.

The sun and accompanying UV rays can fade, oxidize, and peel car paint. This damage can make cars look old or simply unappealing to paying customers. While car rental facility parking structures keep cars looking beautiful, the structure will also keep the car comfortably cool, increasing the chances customers have an enjoyable experience.

OFFICES

When a covered parking structure is in place, employees, executives, and clients who use an office’s parking lot will feel the company cares about their comfort and convenience. With protection from undesirable weather and shade keeping cars cool, parking lot users are sure to appreciate the efforts of the company to provide these conveniences. Additionally, solar panel parking structures for corporate offices can demonstrate the company’s commitment to its corporate social responsibility (CSR) and environmental friendliness.

Manufacturing and Industrial Facilities

Manufacturing and industrial facilities typically operate large-scale operations that require significant infrastructure, equipment, and workforce. Covered solar panel parking lots protect fleet vehicles and equipment from harsh weather conditions, and these facilities often require convenient parking solutions for their large workforces.

Manufacturing and industrial industries can benefit significantly from solar panel-covered parking structures in various ways:

  • Cost savings on energy bills: Manufacturing companies can lower their energy bills by generating their own electricity through solar panels. This is especially beneficial for energy-intensive operations typical in manufacturing and industrial settings. The savings from reduced electricity costs can be reinvested into the business to aid operational efficiency or expansion efforts.
  • Improved asset management: These businesses can reduce replacement costs and improve asset management by safeguarding them from environmental damage.
  • Tenant attraction: For manufacturing businesses that lease space, having solar infrastructure can make their properties more attractive to potential tenants who prioritize sustainable practices. Solar panel-covered parking structures can increase the overall value of the property, appealing to tenants and buyers focused on sustainability.
  • Meeting sustainability goals: Many manufacturing facilities are under pressure to meet sustainability targets. As regulations around emissions and energy use become stricter, investing in solar technology can help these companies comply with local and federal mandates. It also provides a visible commitment to renewable energy and sustainability.
  • Tax incentives and financial benefits: Manufacturers can take advantage of tax incentives, including the ITC and various renewable energy grants. Renewable energy grants can reduce the upfront costs of solar installations.
  • Improved employee comfort: Providing shaded parking can enhance employee comfort, especially in hot climates. This can increase job satisfaction and productivity.
  • Scalable solutions: Solar panel systems can be scaled up as energy needs grow at manufacturing firms and industrial facilities. This capability allows businesses to adapt to changing operational requirements without significant infrastructure overhauls.

 

The Advantages of Working With VPS

When investing in a parking structure, use a parking structure provider who offers high-quality products and services. VPS offers premier products and services in addition to a variety of other benefits.

Advantages of Working with VPS

Extensive Industry Experience

At VPS, we remain the industry leader due to our high-quality products and extensive experience. We devote our time and resources to specializing in parking structures. This experience means we know the most about parking structures and can offer seasoned industry advice on the best products for a variety of applications.

Efficient Project Completion

We value our customer’s time, so we use a fast-tracked system to maximize efficiency and help keep the project moving as scheduled. Our expert project managers work to compress design and installation schedules for a seamless experience that can also reduce costs due to the streamlined process.

Quality of Products

Our state-of-the-art steel fabrication facility produces some of the most durable, innovative, and cost-effective structures. Our steel structures have been certified by the International Accreditation Services (IAS) board. To receive this certification, a company must meet or exceed the highest standards within the steel fabrication industry.

At VPS, our steel structures are not the only high-quality materials we use. The fabrics and solar panels included in our structures are also of outstanding quality. With high-quality materials in use, businesses can trust their VPS parking structure to have a long service life that provides them with benefits for years to come.

Low Maintenance Requirements

For how many benefits VPS solar panel shade structures provide, they’re surprisingly low-maintenance. Businesses will rarely need to adjust or replace any parts of the solar panels.

Typically, the only true maintenance required is routine cleaning of the solar panels. However, in areas that experience regular rainfall, cleaning may not be necessary either since rain typically provides adequate cleaning and debris removal. VPS solar panel parking covers are also designed at an angle to make it easy for rain or another water source to easily wash debris and dirt away.

Innovative Designs

Regardless of the shape or size of a parking lot, VPS can develop a solar powered parking structure that fits the space. We have extensive experience in designing and constructing large and unique projects. Our team works with our clients every step of the way to create a beautiful and innovative design that meets the client’s needs and wants.

The Ability to Add Branding to Structures

We pride ourselves on developing high-quality and functional products, and we’re also great at producing visually appealing designs. We can make parking structures a multipurpose tool by adding branding to the structure’s design. Branding personalizes the structure and makes the business stand out. This can also be a great opportunity to create a cohesive exterior look for the business by complementing the business’s brand colors.

Start a Solar Panel Covered Parking Lot Project Today

A structure such as the VPS solar panel parking cover helps protect a business’s assets, can lower electrical costs, and offers more benefits. Unlike other providers, VPS has unmatched industry experience, capabilities, resources, and expertise.

Through a significant amount of successful projects, our team at VPS has created a process that maximizes efficiency and reduces costs to provide our clients with an easy way to reap all of the benefits of a solar panel covered parking lot. With our unique capabilities, we bring high-quality, cost-efficient, durable, and aesthetically pleasing solar panel parking covers to large or uniquely shaped areas.

Our team works with businesses every step of the way, from the first consultation to post-project support. Every business deserves quality solar panel covered parking structures, so reach out to our expert team today to get started.

Start a Solar Panel Covered Parking Lot Project Today

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