Renewable energy is growing in popularity within the energy industry. With many sources of green energy being available, many companies are making the switch to protect the environment. That said, renewable energy also has several economic advantages that can boost property value and save companies money on energy costs each year.

We’re going to take you through everything you need to know about the economic benefits of switching to renewable energy and why Staff Electric recommends doing so.

Reduced Energy Costs

First and foremost, we’ll begin with reduced energy costs. Making the switch from traditional energy to renewable energy can reduce energy costs. In fact, over time, energy costs can amount to $0 if the system is set up correctly. Reduced energy costs apply to all industries.

The benefits of reduced energy costs depend on where you live, and some states will even compensate you for the energy provided to the power grid. Some examples include renewable energy savings between $10,000-$30,000 in Washington and Massachusetts.

Energy Independence

Energy independence is a huge benefit of renewable energy. Energy independence is a national benefit of renewable energy that can save every company money in the long run. The United States has to import foreign oil to produce energy for domestic companies. Unfortunately, this makes the cost of energy dependent on national factors and price fluctuations out of government control.

Creating energy independence in the United States can avoid these price fluctuations and help U.S. companies save money each year. Furthermore, renewable energy resources don’t run dry like oil, so the United States can remain dependent on them for the foreseeable future.

Protection Against Climate Change

Climate change is coming. While the changing climates can damage the Earth, climate change is also costing U.S. companies billions of dollars each year. According to reports from the Universal Ecological Fund, companies are spending as much as $240 billion annually. Moreover, reports suggest that the U.S. economy will begin to slow down by 10% because of climate change if it continues at this pace.

The good news is that switching to renewable energy can help companies avoid rising energy costs and potential climate change risks. For example, solar panels can prevent outages from natural disasters like hurricanes. Switching from oil to renewable energy can also slow down climate change and prevent these issues from getting out of control.

Increased Property Value

Making the switch from fossil fuels to renewable energy can increase property value. Increased Property value applies to residential, commercial, and industrial properties.

That said, the more property a company has, the more value a company can expect to see. Therefore, switching from fossil fuels to renewable energy can increase the net worth of a company over time.

A great example of energy savings is how much a solar panel can save a homeowner. On average, properties with solar panels rise by $20 for each dollar saved on energy bills. For this reason, having renewable energy on properties can also help it sell faster in the event that you need to.

Job Creation

Job Creation is more than a personal benefit for companies. Renewable energy creates more than 10 million jobs, which stimulates the economy. When the economy is stimulated, more business is being done and people are more likely to spend their money. With job creation, everyone wins—even companies that don’t directly benefit from it.

The United States is expecting to see growth in the renewable energy sectors for the foreseeable future. Renewable energy can also boost your company’s public reputation, which can make it easier for people to want to work with you.

How to Know if Renewable Energy is Right for Your Business

Renewable energy is right for almost every business. Every company that switches to renewable energy can save money, boost public relations, and contribute to reducing climate change. While the switch to renewable energy can be costly upfront, it’s a long-term investment that can save your company millions of dollars each year.

Staff Electric recommends renewable energy for business because it’s a great way to save money, reduce a company’s carbon footprint, create a clean environment for future generations, and create a company image of being forward-thinking.

In Summary

Making the switch from fossil fuels to renewable energy is intimidating. There are many factors that go into the type of energy you choose and why, but on the whole making the switch is a net positive. Staff Electric believes in renewable energy and understands energy solutions to make it affordable, flexible, and appropriate for most businesses.