Renewable energy is a subject that is trending for a reason, especially as we start this new decade; we are beginning to see the effects of global warming on the global environment. Renewable energy comes in many different forms and can be accessed almost anywhere in the world. While individual consumers are also making an effort to be as environmentally conscious as possible, businesses need to step forward as leaders in the movement. Businesses focused on improving sustainability efforts can significantly help preserve the environment for future generations while benefiting the future of the company.
Lower Energy Bills
Most businesses are using resource-based energy such as coal, oil, and natural gas. Along with high levels of carbon emissions, these energy sources also result in a large monthly energy bill. As these resources become harder to come across as a result of political relations or natural scarcity, the prices will continue to rise. Depending on the size of the business, competitors using renewable energy sources could come out significantly ahead as a result of saving thousands on their bill.
Cash in on Green Incentives
The initial installation of renewable energy sources has some hefty and unavoidable upfront expenses. However, in addition to the money saved on energy in the long run, there are some other ways to offset those costs. The North Carolina Clean Energy Technology Center compiled a list of incentives from local, state, and federal governments like grants and tax rebates into one place so consumers and businesses can stay informed. Using this database, you can easily find what incentives you may be eligible for in your area.
Eligible renewable sources can include solar power technologies, fuel cells, geothermal systems, small wind turbines and more. Additionally, If you are interested in remodeling or building from scratch, your business could run out of a “green” building. Meaning you can potentially receive tax deductions if your building installs high energy systems like high-efficiency interior lighting and HVAC systems.
Sell Your Extra Power
Not only will you have enough energy to run your own business but you could potentially sell excess power back to the grid. When you “sell” electricity back to the grid, essentially you will be receiving credits back instead of cash. You can then use these for payment structures, earning future benefits and savings.
Protect Yourself from Price Fluctuations
Energy prices continue to fluctuate over time and can change drastically and without much warning. Depending on the amount of the resource available, demand for electricity in your area and the costs associated with the generation, distribution, and transmission of electricity will all impact the price. If your business is able to generate its own resources, there is no need to worry about outside price changes because you own your own sources, thereby allowing you to remain more financially stable and be able to forecast future expenses with more certainty.
Power outages are another downside to being connected to the grid, as depending on the type of business, they can result in costly downtime. Even if you are not entirely self-sufficient by way of renewable energy sources, having both decreases your chances of being impacted by an outage. Doubling up wind or solar panel systems with a battery can act as an added safeguard and make your business even more resilient to outside factors.
Public Relations Boost
The process of switching a fully operational business to renewable energy may seemly a daunting task but the results will be more than just monetary. By showing your customers that you care about their wellbeing, the environment, and following a sustainable business model, they will have another reason to choose you over competitors. Going green is a great way to revamp your brand and give your company a public relations boost. Leaving a minimal impact on the environment is even more important now and going the extra mile to exceed your customers expectations is a great way to create value with customers.
The use of fossil fuels especially by major corporations over the past few decades alone has resulted in a dramatic increase in greenhouse gas emissions that damage the atmosphere. Businesses have the ability to decrease their carbon footprint by integrating renewable energy into their future. The initial investment can be off-putting, but there is no denying that the benefits for your business and the environment will easily recover the cost and end up saving you more in the end. Ideally, your transition will serve as an example to other businesses, showing the world that they have the power to make these important changes that will benefit both local communities and the entire planet.