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7 Reasons Why Investing in Renewable Energy For Your Business is the Best Way to Go

As the world becomes more eco-conscious than ever, a growing number of businesses also try to incorporate sustainable practices into their day-to-day operations. Restaurants, cafes, and shopping centers shift to biodegradable packaging, straw-less options, and reusables to reduce plastic waste. Hoteliers go green by using energy-efficient technologies and promoting water conservation in their premises.

When businesses and consumers work together, these small steps can have a big impact on our environmental conservation efforts. However, there’s still one big move that’s not being talked about often: shifting to renewable energy sources.

Renewable Energy VS Nonrenewable Energy

Today, we’re relying on nonrenewable energy, which includes fossil fuels (such as oil, gas, and coal) to generate power. The problem is these are finite resources that cannot sustain the global energy demand moving forward. These nonrenewable sources can also endanger the environment and human health in the long run. 

Renewable energy, also known as “clean energy”, is the future. It refers to the energy that comes from natural sources, which are constantly replenished. These include sunlight (solar), wind, water (hydropower), and heat from below the surface of the earth (geothermal). 

Of course, switching to clean energy is not as easy as it sounds. In fact, the expense and enormous effort associated with it cause many companies to turn a blind eye to the idea of the renewable energy revolution. What most of us don’t realise is, taking a huge step today can give the biggest rewards moving forward. Aside from cutting the cost of energy bills, switching to renewable sources can also help businesses reap financial benefits and even enhance their reputation. 

Aside from helping conserve our wonderful planet, here are 7 ways investing in renewable energy can benefit you and your business in the future. 

1. Lower energy costs

Using energy-efficient appliances and other conservation methods is a good step to lowering the cost of your energy bills. However, you can take it even further if you rely on natural, renewable energy sources. 

The supply of nonrenewable energy, such as oil or natural gas, is limited and therefore, expensive. The instability of fossil fuel prices presents a challenge since it’s only found in specific parts of the world and most countries rely on exports. Renewable energy sources, on the other hand, are not affected by price rises. They can give you stable energy sources at consistently lower costs since you don’t need to compete for fossil fuel sources. 

2. Stable supply of energy

light

In addition to consistently low costs, investing in renewable energy secures a stable energy supply for your business. As a business owner, you want to ensure you have 24/7 access to electricity. A single instance of power interruption can instantly hamper the flow of your operations. 

Shifting to clean energy, such as investing in solar panels, guarantees that you’ll still be able to operate even if there’s a power interruption in your area. Of course, we have to consider that renewable energy also depends on the weather. However, it’s more stable and easily distributed than traditional fossil fuels. 

3. Local community benefits

It’s quite difficult to see how much of a difference a single business can make in our global warming crisis. So instead of focusing on the grand scale, start looking at your local community and economy. Your decisions can affect the lives of those around you.

Switching to clean energy reduces your carbon emissions, and this can help your local community. You don’t want to be recognised as the building, polluting the air or bringing down the quality of life in your local area, do you? 

4. Boost in your local economy

solar

In addition, the renewable energy movement can open doors to more jobs. Solar, hydroelectric, and geothermal energy would require more manpower than traditional fossil fuels. While those jobs won’t directly work for you, you’re encouraging growth in the renewable energy industry. You can also build relationships with businesses or local organisations that have similar values. 

Who knows? Being one of the pioneers of renewable energy conversion can influence other businesses to do the same. We’re all interconnected and when the economy is flourishing, businesses thrive too. 

5. Major return on investment

Business owners ask: is renewable energy worth the investment? 

We can’t deny that shifting to clean energy can be ridiculously expensive upfront but you’ll get a hefty ROI in the next few years. You’ll see dramatic savings on your energy bills. You’ll also save money on maintenance fees and repairs. If you’re in the UK, you’ll also be exempted from paying duty (tax on energy used by businesses) under the climate change levy (CCL). 

Lastly, your shift to sustainable practices boosts your reputation, which may lead to increased revenue. So going back to the question, is renewable energy worth the investment? The answer is a big yes. 

6. Helps build your reputation today and in the future

Renewable energy conversion gives you the privilege to market your business as green and get that much-needed PR boost. With the number of eco-conscious people constantly growing, your business can have an edge over your competitors. You can attract customers and clients who only patronise green and environmentally responsible companies. By going green through renewable energy, you even go above and beyond to exceed their expectations. 

7. Future-proofing and being ahead of the curve

The shift may also put your business as a leader in your industry. And if you choose to switch now while it’s still new, you can be looked up to as a forward-thinking company. Renewable energy is the future and a few years from now, we’ll see more and more businesses shifting too. To be remembered as one of the first to do so is such an honour. 

Author Bio: Carmina Natividad is a passionate writer who loves going to the beach, petting animals, and collecting plants. She loves sharing her insights on sustainable living, and how individuals and businesses can reduce our environmental impact. To know more about sustainabIlity, renewable energy, and renewable investment, visit Gore Street Capital.

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