Can Your Business Save with Solar?

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by Rebecca Tudor

By now, most Americans understand that making eco-conscious decisions in their day to day lives is an important step to ensure a healthy environment for future generations. Many are making the move into eco-friendly vehicles, installing high-efficiency LED light bulbs and grocery shopping in the organic food section.

But it isn’t consumers alone that can reap the benefits of going green—businesses also have much to gain! If you’re looking for a way to increase your profitability and drum up new sales, integrating green initiatives into your business may be the solution.

Here are three ways that going green can bolster your business.

Save on your utility bills. While every location differs, Solar Nation reports that individuals who install a 5 kilowatt solar system save between $44 and $187 per month on their electric bill. Better yet, that’s before loans, leases or government rebates kick in. Given the extreme heating costs that Connecticut residents face in the winter (not to mention expensive air conditioners during the summer!), installing a solar energy system can help take the stress out of your skyrocketing utilities costs.

Create new revenue streams. Solar energy doesn’t just save money—it can help businesses create entirely new revenue streams as well. While you’ll have to check with your specific electricity supplier, there are a number of ways that Connecticut business owners can leverage solar systems to earn extra money.

Net-metering is a program ideal for businesses that generate more electricity than they use. The surplus that you create from your solar system can be sold back to the electric grid. Similarly, demand response programs are offered by electricity suppliers looking to bolster the grid when they hit peak demand. If you sign up for this program, the utility company will contact you during peak demand and ask that you reduce your own consumption, so needs can then be met in areas lacking for service. If you participate in a demand response program, you will be eligible for compensation based on your provider’s specific policy.

Broaden your brand appeal. Today’s consumers are willing to spend more money to do business with organizations that understand the importance of standing up for a cause—including 70 percent of the up-and-coming millennial generation. Demonstrating your commitment to environmental sustainability will put your brand in the good graces of consumers, helping you broaden your appeal. Better yet, shoppers that come into your store will spend more time looking at your solar panels than your price tags.

Keep your eye on emerging solar technology. Every year, researchers find ways to make deploying a solar energy system more affordable and efficient. That means integrating a solar energy system has never been more financially achievable for local business leaders. Help the environment, and your business, by checking out solar today.

To learn more ways to save your business money, or to look into business loans you might be able to use to invest in solar, stop by any office of The Milford Bank today!

Five New Year’s Resolutions to Improve Your Finances in 2017

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by Pam Reiss

New Year’s Eve is about much more than watching the ball drop in Times Square or popping open a bottle of champagne. It’s about reflecting on the past and looking ahead to the future. This time of reflection leads millions of Americans every year to make resolutions about how they can improve themselves. If you’re looking for a way to improve yourself in 2017, why not take a look at your finances? Here are five resolutions you can make that can drastically improve your finances and quality of life in the year to come.

Focus on your physical health: Your physical health and your financial health are inextricably linked. The CDC reports that 86 percent of our nation’s healthcare costs are attributed to chronic diseases. Many, like diabetes, heart disease and obesity, can be prevented with a good diet and plenty of exercise.

Cut an unnecessary expense: The cup of coffee you pick up at Dunkin Donuts every morning during your ride to work might seem like an insignificant expense at the register. But spending $3 on a cup of coffee every day over the course of the year ends up costing you $1095. Even if you’re not a coffee drinker, there’s probably something comparable in your own life. If so, is there a way you can do it cheaper, or cut it out of your budget entirely?

Diversify your nest egg: Diversifying your savings helps you maximize growth and protect your nest egg at the same time. While not all investment vehicles may suit your needs, sit down with a financial professional and figure out how to expand your portfolio effectively. Certificates of deposit, IRAs and money market funds are just a few options offered by The Milford Bank. You don’t need to try everything all at once, but if you add one new dimension to your portfolio every year, you can set yourself up for a very comfortable retirement in no time.

Tackle a home improvement project: Have you been putting off a renovation for years? Make 2017 the year that you finally make it happen. Home improvements can increase your property value, making them great investments—especially if you’re thinking about selling your home in the near future. For larger project, speak to a Milford Bank representative about affordable and flexible home equity or home improvement loans to get started.

Procure life insurance to protect your family: There are many families in this country without adequate life insurance coverage. Many more have no life insurance at all. Dwelling on our mortality may not be a popular pastime, and that may be why many individuals are misinformed about the importance of life insurance. Make 2017 the year that you finally have the uncomfortable conversation so that you and your loved ones can have peace of mind for every New Year to come.

To learn more about how you can make the most out of your New Year’s resolutions, check out our online Learning Center here or stop by any location of The Milford Bank and speak with one of our representatives today!

The Milford Bank is an Equal Housing Lender.