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Three ways renewable energy can boost your bottom line

Written by Eric Johansson on Friday, 13 July 2018. Posted in Insight, Analysis

Find out why some of the top businesses in the world have ditched conventional electricity for renewable power.

Three ways renewable energy can boost your bottom line

Photo credit: Shutterstock.com

In 2017 renewable energy provided more than half of the electricity in Britain. Now, businesses are also becoming more conscious about being sustainable.

Over 100 of the world’s most influential companies have now switched to green energy as part of the RE100 initiative; a global commitment uniting companies to turn to non-fossil fuel energy sources.

The list includes tech titans Google, eBay and Apple, alongside UK heavy hitters like British Land, M&S and Gatwick Airport.

But the benefits of switching to renewable energy are not just available to big name businesses.

Reduce costs

Whether you’re running an established Small to Medium Enterprise (SME) or have just launched your first start-up, you need to seriously consider what will power your business. How you choose to fire up your devices or machinery can have serious consequences for your bottom line. A recent report from the Federation of Small Businesses shows that 61% of SMEs cite energy as one of their biggest expenses.

If you’re concerned that renewable energy will be more expensive – think again. The multinational chemical corporation, Dow Chemical Company saved over $24bn since launching its energy-efficiency program in the 1990s and Clapham Junction railway station in London reduced its lighting energy usage by 40%, saving over £7m annually.

Empower your recruitment efforts

Every business is reliant on its people, and increasingly people care about the environment. This is particularly true for millennials – according to research from the World Economic Forum, climate change is the biggest concern for millennials. This generation also cares more about their employer making the world a better place than they care about profit.

So – if successful companies want to engage with this group – then switching to renewable energy could help them recruit and retain better quality people and reach more customers.

Attract more customers

When the Natural Marketing Institute looked at data from 53,000 consumers, if found that 58% would consider a company’s impact on the environment when deciding whether or not to buy their services or products.

This was something Low Costa Mill, a holiday cottages company in the Yorkshire Moors, found out when it switched to renewable energy. Since changing suppliers, the firm has been awarded a Gold Eco Leader status on TripAdvisor. The investment they made in renewables, and generating their own energy, has resulted in lower energy bills and contributed to them doubling their occupancy rates.

Given these benefits, it’s clear that switching to a renewable energy supplier can help you boost your bottom line.

This article comes courtesy of Haven Power, the renewable energy supplier.

About the Author

Eric Johansson

As feature writer and resident Viking, Johansson ensures EB is filled with engaging and eclectic entrepreneurial stories. While one of our most prolific tech writers, he has sharpened his editorial teeth by writing about entertainment and fitness.

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