Becoming an entrepreneur can be challenging, therefore it’s important to stay ahead of the curve. Most business owners now recognise the importance of energy efficiency measures and sourcing renewable energy where possible. This is due to the cost savings these options can offer, allowing businesses to reinvest in other activities. Saving 20% on your energy bills can generate returns which are equivalent to a 5% increase in sales1.. Additionally, as consumers are becoming more environmentally aware, there are increasing expectations on suppliers, across all sectors, to demonstrate their commitment to sustainability, particularly in relation to renewable energy.
A survey completed by Orsted, highlighted that 73% 2. of consumers would choose a retailer that used renewable energy over one that didn’t. Improving your reputation and becoming environmentally conscious needn’t be something that will interrupt or hinder your businesses operations – it can significantly increase your competitiveness.
Committing to renewable energy:
- Businesses who want to commit to renewable energy can do so through Power Purchase Agreements (PPA) either from an electricity supplier or direct engagement with a renewable electricity generator, in more recent times this has been referred to as a Corporate Power Purchase Agreement.
- Alternatively, a business can invest in renewable technology to generate renewable electricity, which satisfies either part or all the businesses electricity demand. On a global scale, RE100 is a collaborative initiative, which some of the world’s most influential companies have joined and committed to 100% renewable electricity. Companies who have committed to RE100 primarily adopt the methods mentioned above to ensure they achieve their targets.
With a steady uptake of ‘green procurement’, which focuses on sourcing and purchasing products and services that use fewer resources and minimises their impact on the environment, there is certainly reason to get your business ‘going green’. In Northern Ireland, the ‘Sustainable Development strategy’ recognises the importance of responsible procurement in the public sector to ensure the effective and efficient use of resources. This was developed to select suppliers who have a sound environmental standing. Therefore, with environmental awareness and targets only set to increase in the future, it stands to sense for businesses to begin exploring their options in relation to sourcing renewable energy, if they have not already done so. This will enable them to ensure business operation remains competitive.