Renewable energy doesn’t benefit just the environment; the economy profits from it, too. Fortunately, businesses are catching up on this fact. Bloomberg reported that companies like Walmart, Inc. bought 3.3 gigawatts of wind and solar power last April.
Energy efficiency is a profitable business venture. Here’s why.
Energy Bill Savings
The International Renewable Energy Agency reported that by 2020, renewable energy would be cheaper than fossil fuel. Businesses spend vast amounts of money on utility bills because electricity comes from oil and natural gas, resources that are expensive because they are getting harder to come by. Using the sun to generate electricity will guarantee lower utility bills for years since it’s an inexhaustible source of energy.
A study done by Unilever revealed that 33 percent of consumers prefer buying from a sustainable brand. PointZero Energy, a provider of affordable solar energy equipment, said that businesses that use renewable sources of energy send a positive message about sustainability and support for the community and the planet. This is an excellent boost to a business’s public image, increasing awareness among possible clients.
Traditional energy sources like fossil fuel are highly mechanized industries while the renewable energy industry relies on human resources. Solar panels and wind farms need people to install and maintain them, so using them creates more jobs. In 2016, the solar industry provided 260,000 jobs while the wind energy industry employed over 100,000 people.
Return on Investment
Since equipment for renewable energy, such as solar panels, is getting cheaper, more businesses and residential properties can afford them. While a sustainable energy system is still a sizeable investment for some companies, the tax incentives, reduced energy bills, and low maintenance cost that come with it make it a sound strategy.
These are only a few ways businesses can enjoy the advantages of renewable energy. The best part is the investment also creates a positive ripple effect on the community, the environment, and the economy.