Estimated reading time: 3 mins
As business owners, we’re always looking for ways to save money. With the rising costs of energy, it’s becoming increasingly difficult to do so. One way that businesses can save money and help the environment is by using green energy. Green energy comes from renewable sources such as wind, solar, and hydropower, and it can be used economically if you know how. Here are some tips for using green energy economically as a business.
- Invest in energy efficiency: One of the best ways to use green energy economically is to invest in energy efficiency upgrades for your business. Energy efficient upgrades such as LED lighting, occupancy sensors, and high-efficiency HVAC systems can reduce your energy costs significantly. Additionally, if you’re looking to cut down on your electricity bill, you can invest in solar panels or wind turbines to generate your own green energy.
- Make use of natural resources: If you have access to natural resources such as water or geothermal heat, you can make use of these resources to reduce your energy costs. For example, you can use water to power a hydroelectric turbine or geothermal heat pumps to heat and cool your building. Additionally, if you have access to wind, you can use it to generate electricity with a wind turbine.
- Take advantage of government incentives: Many governments offer incentives for businesses that invest in renewable energy sources such as solar or wind power. These incentives can help offset the cost of investing in green energy and make it more economical for businesses to switch over from traditional sources of electricity. Additionally, some governments also offer tax credits or rebates for businesses that invest in renewable energy sources.
- Monitor your energy usage: Keeping track of how much energy your business is using is key to using green energy economically. By monitoring your energy usage, you’ll know exactly how much electricity you’re using and where you can make changes in order to become more efficient and reduce your costs. Additionally, many utility companies offer programs that allow customers to track their electricity usage in real time so they can identify areas where they can save money on their bills.
- Educate employees on green practices: The last tip for using green energy economically is to educate your employees on green practices. Encourage them to turn off lights when leaving a room, take shorter showers and use less water when washing dishes or clothes, unplug electronics when they’re not being used, and generally be mindful of their electricity usage throughout the day. In addition to helping reduce costs associated with green energy, these practices will also help create a more sustainable work environment overall. By following these tips, businesses can start using green energy economically and save money while helping the environment at the same time. There has been plenty of research published over the past decade about how businesses can save money by investing in renewable sources of electricity (McKinsey & Company [1], 2019; US Department of Energy [2], 2020). By taking advantage of this research and following the tips outlined above, businesses can reduce their dependence on traditional sources of electricity and start reaping the rewards of green energy today!
[1] McKinsey & Company (2019). Achieving cost parity at scale: Electric utilities and clean-energy solutions
https://www2.mckinseyenergyinsights.com/reports/achieving-cost-parity-at-scale-electric-utilities-and-clean-energy-solutions
[2] US Department of Energy (2020). Guide to Renewable Energy https://www1.eere.energy.gov/solar/renewable_energy_guide.html
