How Businesses Are Battling Economic Uncertainty with Renewable Energy Solutions

To say we’re living in uncertain economic times would be an understatement. The economy has felt unstable for quite a while, largely from the effects of the pandemic. However, there are plenty of additional national and global issues contributing to this uncertainty and causing businesses to rethink their economic strategies.

 

One of the best ways to do that is to switch to renewable energy solutions.

Sustainability isn’t just a fad. The realities of global warming are becoming more apparent all the time, and consumers and businesses alike are taking notice. While “going green” and relying on renewable energy can offer a boost to your company’s image while doing something good for the environment, it also comes with several cost benefits.

Let’s take a look at some of those benefits and how various renewable solutions can replace modern business energy trends to reduce long-term costs.

The Problem with Standard Energy Consumption

Many researchers and politicians believe we’re already in the middle of a global energy crisis. Others suggest that the real crisis will come in the winter of 2023 through 2024. The crisis we’re currently facing is not only bad for the environment as we continue to rely on nonrenewable resources, but it’s bad for nearly everyone’s budget and bottom line.

As a business that might already be struggling thanks to economic problems like supply chain issues and shortages, being able to save money right now is essential. The big problem with standard energy consumption is its cost-inefficiency, especially when compared to alternative energy solutions.

Now is the time to develop a crisis management plan for the present and future. It should include things like:

• An assessment of your business's greatest risks.
• A designated response teams.
• The potential impacts of a crisis.
• What immediate steps you’ll take in response.

Now is the time to combat the “potential” energy crisis we’re facing before it becomes worse. By utilizing some of the points listed above, you can prepare yourself and your business for the cost of energy consumption by utilizing renewable energy resources now.

How Your Business Can Benefit

Still not convinced. If you want to look at the greatest benefits of renewable energy, consider some of the biggest cons of some of our nonrenewable resources. For example, standard company cooling systems that rely on non-renewable energy sources are costing companies thousands of dollars without helping to effectively cool employees or workspaces. Your business’ money is literally being “blown away”. Additionally, we’ve seen multiple times that there are limits to air conditioning. Keeping cool in heatwaves proves taxing. For example, several sections of the grid in Brooklyn and Queens failed in 2019 because so many people were trying to use their air conditioners at once.

Air conditioning isn’t the only costly and unreliable nonrenewable resource. It’s important for businesses to understand that by putting all of your hope and finances into these resources, you could be left with nothing more than costly utility bills and inefficient solutions. Instead, you could be creating a budget that focuses on sustainability, and quickly realizing how much money you can save each quarter. That’s just the beginning. Your business can experience multiple benefits by switching to renewable energy, including:

• Better public relations.
• Less service disruption.
• A strong ROI.
• Fewer global emissions.
• Community improvement.

Not only will your business save money by switching to renewable solutions, but the positive light it will shine on your brand can actually improve your overall success rate and boost your profits.

Utilising Renewable Energy Solutions

One of the reasons why more businesses haven’t made the switch to renewable energy resources is the belief that it has to be an extreme undertaking or that the upfront cost isn’t worth it.

Both assumptions are incorrect. As with anything, there are pros and cons to consider when it comes to green retrofitting. Investing in things like energy-efficient machinery, solar panels, or wind power can be an upfront investment. However, the long-term savings will far outweigh what you originally pay.

You don’t have to make the switch to renewables all at once. Creating a strategy that allows for a gradual shift will allow you to maintain your existing budget while immediately experiencing some of the benefits of renewable solutions. Start by focusing on other sustainability efforts within your company, including waste and water reduction. If you want to make a small investment, purchase energy-efficient appliances and machines, or ensure your existing machinery is well-maintained and running efficiently.

As more people start to become aware of the effects of climate change and come to the realization that an energy crisis is imminent, the interest in renewable solutions is increasing. As a business, you can battle that crisis and economic uncertainty by making the switch as soon as possible to renewable energy resources.

By Sam Bowman