Renewable energy has a diverse variety of benefits for business owners. Beyond its environmental value, it can also help a company reduce their energy costs by a significant margin. A business owner can save a substantial amount of money through these systems, regardless of their motivation.
Furthermore, the declining cost of solar systems has made them increasingly accessible. Tax rebates from the federal government also provide incentive, offering a discount on installation for a range of renewable systems. In addition to solar power, the government has included geothermal and wind power in their program as well.
Even so, many small- to mid-sized businesses have yet to capitalise on renewable energy. A growing number of Fortune 500 companies have already seen impressive results from solar power, but business owners with fewer resources are somewhat hesitant. They’re still in the process of understanding these technologies.
A small degree of reluctance is reasonable — given the initial investment — but the long-term advantages of renewable energy are essential to acknowledge. When a business owner has a better picture of their options and the savings they can expect, they’ll feel more confident in the transition.
The Advantages of Renewable Energy
Business owners cite a variety of motivations for improving their sustainability. Some choose to invest in renewable energy because they see it as an obligation, mitigating their impact by minimising their emissions. Other business owners recognise its potential for their corporate social responsibility program.
Among the many reasons for embracing renewable energy, utility bills are often high on the list. A solar energy system enables a business owner to reduce their reliance on the grid and generate electricity for themselves. In doing so, they pay less for their energy and avoid the pricing volatility of fossil fuels.
Battery Energy Storage Systems, or BESS, are another example of how renewable energy is becoming more cost-efficient. These battery systems allow a business owner to store the solar energy they produce over the course of the day and use it in the evening when grid power is the most expensive.
Of course, business owners aren’t only saving money but earning it. Over the lifespan of a company’s solar panels — which are typically under warranty for 25 years — a business owner could expect to earn somewhere between $30,000 and $40,000. Renewable energy has clear value, with benefits that aren’t immediately obvious.
Renewable Energy and CSR Programs
As mentioned earlier, business owners have recognised the potential of renewable energy for CSR programs. When they buy and install a solar system, for example, they’re demonstrating a commitment to environmental preservation. This has far-reaching implications for their brand image and success as an organisation.
A company with a strong CSR program will attract positive publicity, retain talent and strengthen relationships with their customers and communities. When looking at the advantages of a program, the importance of social responsibility is clear. Today’s business owners have to give back, and renewable energy is an appealing option.
An executive who buys and installs a renewable energy system can save money while improving their engagement with customers. According to a report on sustainability, 66% of global consumers are willing to spend more on a product when it comes from a sustainable brand. As many as 73% of millennials showed a similar preference.
Consumers will seek out companies that prioritise “making an impact” on the world around them. With greater attention on sustainability, business owners can benefit from this trend through renewable energy. They’ll increase their profits while saving money on their energy bills, an attractive proposition for any business owner.
An Investment in the Future
Business owners should consider an investment in renewable energy for their organisation. They’ll save a significant amount of money on their energy bills, improve their brand image and attract new customers, among other advantages. Whether they’re interested in solar panels or another system, they’ll see why companies across the country are beginning to see the value in clean energy.