How is renewable energy good for business?
29th January 2020
Can a small business benefit from investing in renewable energy? From getting supplied, through to generating your own green energy, find out if it really is good for business and the bottom line here.
In response, consumers have become more discerning about their purchasing choices – considering if the product or service has been produced in an environmentally sustainable way, or if it will contribute to harmful climate change.
A recent Unilever report showed that a third of consumers are now choosing to buy from brands that do social or environmental good. The study reveals a €966 billion opportunity for those businesses that make their sustainability credentials clear.
One of the simplest ways small businesses can do this is by choosing renewable energy to power their business.
According to the Carbon Trust, investing “between 1-2% of an organisation’s total annual utility bill” in renewable energy and promoting energy efficiency measures “could lead to savings of up to 10% in energy costs.” For businesses, sustainability pays off.
Protecting the environment
From an environmental perspective, renewable energy is hugely important. Energy generation has traditionally been one of the biggest contributors to greenhouse gas emissions, which in turn is causing climate change.
Climate change is one of the most serious issues facing us today, with long-term implications on the global scale. However, by making some small changes to the way we behave every day – travelling and using electricity more sustainably, for example, we can work towards reducing its impact.
Shifting to renewable energy and away from more polluting sources may help to reduce the impact of climate change, as can reducing the amount of energy we use and when we use it.
All energy suppliers have a commitment set by the government to provide a certain amount of renewable energy, and over the last few years, renewable energy has become more widely available for energy customers.
Businesses, renewable energy, and sustainability
Renewable energy isn’t just good for the environment. As a business, it can also reduce your energy spend and act as an extra stream of income.
In 2010, the government introduced the Feed-in Tariff scheme. Thanks to the Feed-in Tariff (FiT), businesses which invest in renewable energy technologies (such as PV solar) can benefit from both reduced energy bills. Additionally, businesses can earn money for every unit of electricity generated.
Thanks to the FiT scheme, there is a financial incentive for businesses to invest in renewable energy. Which means that renewable energy is as good for your bottom line as it is for the environment; a tangible business case for renewable energy.
Renewable energy tariffs are becoming increasingly popular – for example, last year Opus Energy customers got 100% renewable energy at no extra cost – and with some shopping around you can find the best contract for you and your business.
The next most obvious route to becoming more sustainable is to reduce energy consumption. Simple energy efficiency measures – investing in energy efficient equipment, turning off lights or electrical equipment when not in use, and so on – can make a big difference over the course of a month or even a year.
As the UK’s leading independent business energy supplier, Opus Energy knows how important it is to our customers that we help them to be sustainable. For more than 15 years, we’ve been supporting our customers as they’ve tackled the challenges of running their businesses. Get in touch today and let us help you.