VIDEO: California’s vast asphalt plains and why they matter

The next gold rush in California could be found under your wheels!

Parking lots are increasingly being touted as the key to achieving the state’s emissions targets, and, as we have long since explained to our customers, can make businesses millions of dollars in savings or in revenue in the process.

The California Dream: Renewable Energy Mandates

Meeting California’s renewable energy targets requires not only state and local government action, but also the involvement of businesses, communities, and individuals.

With tax credits worth up to 77% of the cost of a solar project available to businesses and now also nonprofit organizations, the investment required for a commercial solar system is a fraction of the market value and typically is paid back within 2-3 years.

Now, here's where parking lots come into play. They offer often vast, flat surfaces that are only in use part of the average day and would benefit from the shade that solar carports provide.

Also, by definition, parking lots are close to the buildings and infrastructure that need the energy, so offer a sensible alternative to piping in electricity from solar farms in the desert.

Cost Savings and Revenue-Generating Assets

For businesses with the space, turning parking lots into solar farms represents a significant cost-saving opportunity. Reduced energy bills and potential tax credits are just the tip of the iceberg.

In the LADWP (Los Angeles Department of Water and Power) territory, the equation becomes even more enticing. LADWP's Feed-in Tariff program allows businesses to build solar parking lots with the express purpose of selling that power back to LADWP at a fixed rate for a fixed period.

This means that your parking lot can become a revenue-generating asset, generating electricity for your community in Los Angeles.

Video by vox

This video by Vox is a really good look at why parking lots are pivotal, particularly in meeting California’s targets, but also the myriad benefits for businesses too.

How to fight climate change with parking lots - Vox

California's ambitious journey towards renewable energy is a shared responsibility, and it's filled with opportunities for businesses to lead the way by making seriously smart financial decisions. Parking lots, with their untapped potential, offer an alternative route for some.