Businesses globally are considering renewable energy solutions as part of their broader sustainability goals. Understanding green energy and its implications can help organizations make informed choices that align with their specific business objectives, especially in the context of climate change and the global energy transition.
Green energy businesses either provide or utilize renewable energy sources to reduce reliance on traditional fossil fuels, potentially lowering carbon emissions and addressing climate change. These businesses include solar and wind energy providers, as well as companies leveraging renewable energy to power their operations.
- Solar Energy: Generated through photovoltaic solar panels converting sunlight into electricity.
- Wind Energy: Electric power produced by the rotation of wind turbines on wind farms.
- Geothermal Energy: Utilizing heat from beneath the earth’s surface.
- Hydropower: Electric energy is produced by water flow through dams and rivers.
- Biomass Energy: Organic materials are used for combustion that generate heat and steam and produce electric power through a turbine.
- Ocean Energy: Electric power is generated through the motion of ocean tides and waves.
- Solar Projects: Installing rooftop solar panels or participating in community solar programs.
- Wind Power: Investing in wind-generated electricity or wind farm developments.
- Battery Storage: Energy storage solutions to enhance energy efficiency and manage demand efficiently.
- Geothermal Systems: Typically used for heating and cooling buildings.
- Potential Cost Savings: Renewable energy might reduce energy costs, especially with available incentives and declining technology prices.
- Brand Image: A commitment to sustainability and addressing climate change can enhance your company’s reputation.
- Reduced Environmental Impact: Lowering carbon emissions supports broader environmental objectives.
- Regulatory Compliance: Addressing sustainability requirements, including managing Scope 3 emissions (indirect emissions from a company’s value chain), which are increasingly relevant.
Renewable energy technology costs have significantly declined, making some forms of clean energy increasingly affordable for businesses. Solar installations and wind turbines have become notably cost-effective, with solar panel prices dropping approximately 80% over the past decade.
Currently, renewable energy constitutes about 29% of global electricity generation and continues to expand as businesses explore alternatives to fossil fuels. This transition contributes toward global sustainability targets and helps mitigate the effects of climate change.
- Federal and State Tax Credits
- Commercial Property Assessed Clean Energy (C-PACE) Financing
- Utility Rebates and Renewable Energy Certificates
- Department of Energy Grants
- Market Research: Understanding local demand, competition, and regulations.
- Choosing Technology: Selecting from solar, wind, geothermal, or hybrid energy solutions.
- Securing Funding: Exploring available incentives and financing options.
- Compliance and Licensing: Meeting regulatory requirements, often clarified by the Department of Energy.
Whether your organization has established sustainability goals or is considering its first steps, understanding renewable energy, energy efficiency, and Scope 3 emissions are beneficial. Businesses should assess renewable energy solutions according to their operational needs, financial goals, and long-term strategic plans.
Renewable energy presents diverse opportunities that businesses can evaluate based on their specific circumstances and objectives. Our team is here to provide support and expert guidance tailored to your unique business goals, whatever energy path you choose.