If you have started to replace appliances, windows, and other things around your commercial property, and there are more upgrades and improvements ahead, make sure you are getting financial credit. There are many benefits to making these updates to conserve energy and to put more protective materials and units in the building, and financial perks as well. If you haven't already filed or you aren't sure what to do to get them, talk with your contractor about getting these credits or money back.
PJM Energy Credits
The Pennsylvania, New Jersey, and Maryland energy credits that are available can help save you money on your taxes. If you have already made upgrades that conserve energy you want to get the documentation, and you can still get PJM energy credits for them even if you forgot to file it in the previous year.
You then want a list of all the new and upcoming changes that you are investing your money in, so you can have documentation when you file the upcoming taxes. Find a list of these credits to see if there are more changes you want to invest in. A consultant can come to your property and assess what you qualify for.
Insurance Savings and Benefits
You also need to contact your insurance provider to let them know about these different changes. The reason you need to talk with the insurance provider is to:
- Be sure that the new value of the building is covered by an emergency
- Get discounts for the new structural materials that protect the building
- Get discounts for removing fault appliances or other hazards old buildings have
Be sure that you let the insurance provider know if you have made improvements to prevent impact damages, flooding concerns, fire and more. You want to be sure that you get discounted for all the improvements you made. You may also want to shop around for a new quote.
On top of the credits and benefits that you will receive, the value of your property will be higher, and you will be able to save money on energy bills each month. This is going to be a great way to invest in your property and to help keep the building that you are using for your business in good condition. Talk with the necessary contractors about making all the upgrades and be sure that you find out what different grants, rebates, and credits you qualify for after you have made all these different upgrades.