Last year was a triumph for renewable energy: a recent study saw that solar energy was the fastest-growing energy source over the past year, outpacing the growth of traditional energy sources, such as coal and fuel. This growth is mainly driven by falling prices and favorable government policies. The unprecedented growth rate led experts to foresee a new era wherein renewable energy will become the new norm.
Where do businesses fit into the big picture? Years ago, businesses would only concern themselves with energy supplies only when they are making sure that these make as little impact to their bottom line as possible. Businesses, however, are now beginning to see the opportunities of switching to renewable sources that goes beyond their bottom line.
Consumers are becoming more conscious of their buying decisions, and are willing to go lengths to buy sustainable and energy-efficient products to support their lifestyle. This makes brands and businesses with a thrust on sustainability and energy efficiency all the more appealing to the consumers. A survey about hotels found that nearly half of their guests consider sustainability and energy use as important.
Apart from a better brand appeal, following the movement toward renewable energy can also ensure better business resilience. A study from the Carbon Trust discovered that in having the ability to reduce their energy costs by maximizing their energy efficiency, businesses can experience a significant growth on their revenues.
The Growth of a Green Economy
Around the world, green energy is becoming the main driver of business growth. Other than solar power, businesses are also looking into the use of wind power and geothermal energy. For these renewable energy sources, opportunities are plenty.
Through the advancement of new turbine technology, not to mention the development of a more efficient supply chain, wind power is becoming cost-competitive and at par with traditional sources, such as coal and natural gas. Geothermal sites, on the other hand, hold the potential of powering numerous countries, though concerns over safety might require additional investments toward research and development.
These opportunities are also opening doors for job creation. Green jobs, or jobs coming from companies that supply environmentally friendly products or services, are growing at a steady pace. In fact, green jobs are seen as one of the fastest-growing careers of the next decade.
One might think that renewable energy merely concerns consumers. On the contrary, renewable energy provides businesses with countless opportunities to grow their revenues while playing their part in saving the planet.