If you’re an avid researcher, you might know that businesses purchased around 13.4 gigawatts of renewable energy in 2018 through contracts. And that is more than it has been over the past years. The number continues to grow exponentially. And that is due to all the perks renewable energy has to offer.
Most businesses are beginning to rely on companies such as powerful allies for renewable electricity on their businesses.
But why are so many businesses turning to renewable energy sources for electricity generation? Aside from environmental benefits, it can save your business so much money in ways you cannot expect. These include:
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1. Improved investor reputation and confidence among customers
Relying on renewable energy sources can indirectly help your business’ performance. And that will earn you more revenue.
Customers want to purchase from responsible businesses that are environmentally friendly. And most investors will want to associate with those that meet the sustainability criteria.
Besides, going the renewable sources way shows that your business is forward-thinking. When you switch up to renewables, you promote investor confidence. And support company valuations. You also improve your reputation. And this creates a good image of you.
2. Falling costs
Having upfront costs of renewable energy systems may make your business avoid this. And according to findings and research, energy costs from utility-scale solar plants have decreased significantly reduced by a staggering 86% over the years. These figures are continually falling.
Besides, as energy costs reduce, renewable technologies are getting more and more efficient. And businesses can get more energy from their investments.
3. Reduced energy bills
Renewable electricity will save you money. When you reduce your energy bills, you save a lot of business costs.
Companies can use renewable electricity on their properties and rely on the same to power their operations.
Depending on the capacity installed and the energy usage, these resources can cover a significant part or even all their needs. Commercial property owners can also reduce their electricity bills using renewable energy sources.
4. Ability to sell energy to the grid
If you install an energy generation system that produces more energy than what gets used, it can sell the energy back to the grid. That means that renewable energy can save you a lot of money.
5. Increased reliability
Being connected to the grid can lead to frequent power outages. And that can cause significant downtime to any business.
98% of businesses report that an hour of downtime can cost more than $100,000.
If you have generation resources in addition to connections to the grid, you reduce your chances of facing an outage. Pairing renewable energy sources will make your system more resilient. That makes you reliable. And trustworthy among customers and investors.
6. Reduced risks
Increasing the use of renewable energy sources will reduce your risks. When you switch to renewables, businesses help combat climate change. And that prevents public health issues about the use of fossil fuels.
Fossil fuels increase your carbon footprint, but renewable electricity can significantly reduce this. If renewables are adopted, that could reduce risks associated with any of these in the future.
7. Green energy incentives
Installing solar panels and embracing renewable energy sources may require a considerable upfront investment. However, you can get incentives, including grants and debates. You can always look up databases that show if you’re eligible for this.
8. Protection from price fluctuations
Finally, energy prices change over time. And sometimes, these can be severe and sudden in some cases. Changes in the demand for electricity, costs of generating electricity, transmitting it, amount of fuel, etc., can impact energy prices.
If your business embraces renewable sources, you help fight price fluctuations. And that lets you forge ahead with certainty.