As renewable energy technologies continue to become more and more affordable, and corporate sustainability commitments rise, more businesses are capitalizing on the vast economic and environmental benefits of shifting to cleaner energy sources. In this article, we’ll explore renewable energy for businesses and how you can pursue clean energy options for your business.
The Benefits of Renewable Energy for Businesses
Renewable energy is a powerful tool for businesses, providing a wealth of benefits including:
- Cost savings: As the cost of solar and wind technologies continues to fall, renewable energy is now often cheaper than traditional energy sources. In fact, the International Renewable Energy Agency (IRENA) found that “almost two-thirds of renewable power added in 2021 had lower costs than the cheapest coal-fired options in G20 countries.” Renewables also save money over the long run, bringing you perpetual benefits.
- Sustainability: Harnessing renewable energy helps businesses lower their carbon footprint, demonstrating a commitment to sustainability. This helps combat climate change and preserve local environments, and can have the added benefit of enhancing brand image.
- Energy independence: With renewable energy systems, businesses can generate their own electricity, reducing their reliance on the grid.
- Tax incentives: Many states offer tax or other economic incentives to encourage businesses to adopt clean energy. Colorado offers generous renewable energy incentives for businesses, including the Commercial Property Assessed Clean Energy (C-PACE) program, which provides funding for energy efficiency and renewable energy improvements.
Renewable Energy Options for Businesses
One of the most popular renewable energy options for businesses is commercial solar. Solar panels can be installed on rooftops, parking lots, or unused land. Not only do solar panels generate electricity, but they can also provide shade and insulation, further reducing energy costs. Colorado’s ample sunshine makes solar a particularly smart investment for businesses in the state.
Other renewable energy options include wind turbines and geothermal heating and cooling systems. By choosing the right renewable energy solution, businesses can reduce their energy costs, support their local economy, and champion sustainability initiatives.
For businesses, embracing renewable energy is good for both planet and profit. If you’re a business owner in Colorado looking to make the switch to renewables, we are here for you! See how we open the door for commercial property owners to access clean energy.
Here at the Colorado Clean Energy Fund, we support Coloradoans in their efforts to transition to clean energy. We use the tools we have as a green bank to break down the financial barriers that inhibit access to clean energy for communities across the state. Explore our products and programs here to see how we can help you.