With traditional energy sources becoming increasingly costlier, the scope of alternative energy is rapidly becoming the object of attention for several progressive business owners looking for sustainable, cleaner, and reliable energy solutions. Using renewable energy not only provides businesses and organizations with monetary benefits but also provides long lasting positive impact on the environment. In this article we take a look at what renewable energy entails and how businesses can leverage it.
WHAT IS RENEWABLE ENERGY?
Renewable energy refers to energy that is harvested from natural resources, which are inexhaustible in nature and can be easily replenished. This comprises carbon neutral sources like solar, wind, water, tides, geothermal heat as well as photovoltaic and biomass resources.
On the other hand, non-renewable energy resources which include fossil fuels such as oil, coal, natural gas, and others are consumed at a much faster rate than they are replenished. Because of the finite nature of non-renewable resources, renewable or alternative energy has been gaining a lot of momentum in many industries in order to fill in the energy gap created as these non-renewable resources get exhausted.
Renewable energy is used to provide energy in four important areas including electricity generation, air and water heating or cooling, off-grid energy generation and transportation. It offers comparatively safer, cleaner, cheaper, and efficient energy than non-renewable energy as well as plays a critical role in replenishing non-renewable energy sources as well as mitigates the risks of climate change resulting from use of fossil fuels.
With the demand for efficient and reliable energy as well reduced environmental impact, alternative or renewable energy promises to be part of any sustainable energy management system for a business.
Here are some of the ways your business can leverage renewable energy.
- Environmental benefits: Renewable energy provides a clean source of energy compared to conventional energy generation sources. For example, a recent study revealed 29 percent of global warming emissions in the US results from the electricity sector from burning fossil fuels like oil, coal, and natural gas. However, most renewable energy sources generate little to no global warming emissions at all. In addition, by reducing carbon footprint, it also helps to improve overall air quality and public health. Due to air pollution and poor air quality, people all over the world suffer from serious health issues including respiratory diseases, neurological disorder, cardiovascular diseases, cancer, premature death, and a host of other health risks.
- Reliable energy: Most of the time non-renewable energy generated has to be distributed from source to usage area. During this process, a majority of the energy is wasted and there are also power disturbances. On the other hand, renewable energy is produced locally. As a result, it saves energy, prevents wastage, and mitigates the risk of power outage or fluctuation problems, thus benefiting your business.
- Cost-effective – Many traditional business owners tend to think renewable energy is costly and not at all financially feasible for their business model. However, in reality this form of energy is economically viable as it provides a safety net against increasing cost of electricity which is a major overhead cost for many businesses. For example, a study reveals that commercial property owners can reduce their electricity bill by 75 percent by simply installing solar panels.
- Get incentivized – Many governments all over the world including Canada, in order to mitigate climate change, have introduced several energy programs that provide significant incentives, tax rebates and grants for participating in clean energy programs and helping the world to be a safer and cleaner place. Your organization can benefit financially from this too. For Canadian organizations, you can find more resources here.
- Goodwill and brand recognition – Not only organizations and people working in the environment sector, but common people as well are becoming aware of the effects of climate change and the need to participate in cleaner, environment-friendly energy generation and consumption. As a business that employs sustainable business practices including using alternative energy sources, you can benefit from the goodwill of mass people and reinforcement of a positive brand image, which will reflect in increased sales and ROI.
- Employee loyalty– Studies have also shown that 64 percent people will not take up a job in a company that does not participate in corporate social responsibilities. As a result, by investing in alternative energy solutions, you will also be able to recruit and retain a team of talented employees that are loyal to your organization.
- Employment opportunities – The renewable energy sector is labor intensive and by investing in it, your organization will be creating more job opportunities in the market and contributing to overall socio-economic development.
Investing in renewable energy solutions can help your businesses beyond just significantly reducing energy bills and improving efficiency. Conventional energy solutions are increasingly becoming more costlier and disruptive day by day and the trend is likely to continue. Switching to alternative energy solutions will not only help your business alone but also have a positive impact for the future generation. A-TECH Engineering – a leading energy company based in Toronto provides innovative energy solutions including CHP, solar energy and more to help your business become sustainable while saving energy and reducing carbon footprint. Connect with us to learn more today.