The renewable energy industry is experiencing a huge upsurge in popularity because of its potential to minimize climate change and promote energy independence. Renewables are the energy sources of tomorrow.

Reasons Why Businesses Should Embrace Renewable Energy

Although renewable energy has been associated mainly with solar panels and wind turbines, renewables include geothermal, hydroelectric, and biomass energy as well.

In 2013, renewable energy sources accounted for nearly a quarter (22%) of global electricity generation, according to the International Energy Agency.

renewable energy

  • Renewables are business friendly

Gradually phasing in renewable energy to meet the growing demands of businesses around the country will be more important than ever in the years ahead.

Fortunately, alternative energy sources ranging from hydroelectric power plants to concentrated solar power have increased over the last five years to meet the growing energy demands of businesses around the country.

  • Solar panels are increasingly affordable

The cost of residential solar panels has never been lower, which is a huge incentive for homeowners to outfit their homes with photovoltaic solar panels. The costs of both manufacturing photovoltaic residential solar panels and installing them have gone down dramatically.

Tax incentives and net-metering policies (that allow homeowners to become energy independent and sell back their excess electricity to the grid for credit) have also made solar a much more attractive option to residential customers.

The cost efficiency is already there for most homeowners. When you consider that electricity generation with solar is essentially free—which can’t be said for coal, for instance—and that today’s photovoltaic solar panels can last twenty to thirty years, you start to see how the odds are stacked in homeowners’ favor!

  • Renewables are environmentally conscious

Climate scientists are telling the public and businesses around the world that they need to take measures to minimize their carbon emissions. The magic number is keeping carbon dioxide (CO2) levels below 350 parts per million over the coming decades.

How do businesses ensure that happens? The short answer is by hopping onboard a train that’s already in motion: The U.S. Energy Information Administration has statistics that show huge increases in the power generation (measured in gigawatts) for renewable energy sources, especially wind and solar, since 2013.

The more businesses that make the transition to renewables, the better. Thanks to the 44% increase in industrial-scale solar power—namely, concentrated solar panels—there has been a decline (~2%) in energy-related carbon dioxide levels in the atmosphere.

That trend shows signs of continuing throughout 2017 as more businesses benefit from solar power and other renewable energy sources.

  • Renewables can minimize lost workdays

This might sound like a strange promise, but renewables have been shown to reduce lost workdays and lower healthcare costs. Both are related to the air and water pollution caused by nonrenewable forms of energy like coal and natural gas.

By eschewing these nonrenewable forms of energy and choosing renewables, like solar, wind, and hydroelectric, businesses could put over $800 billion back into the economy. That’s the aggregate national economic impact of pollution and fossil fuels.

  • The possibilities are endless

Earth will always be hot, the sun will shine most days, and the wind will continue to blow.

The renewable energy industry is already booming, and it’s set to explode over the next decade as the technology becomes more affordable and businesses receive more tax credits for making the switch to green!