Whether you’re driven by your bottom line, climate action, your customers’ values, or a combination of these, solar can help you to gain a competitive edge. This article explores the key benefits of investing in solar and why it’s an important consideration for your business this year.
Why is solar power good for business?
Solar is a sound investment and delivers significant economic benefits such as lower energy costs, a greener business footprint, greater independence from volatile energy markets, and contributes to the overall decarbonisation of our energy system. It’s also a great way to put underutilised assets like commercial rooftops and car park awnings to work. Solar can boost your green cred, which in turn is proven to positively impact brand reputation as well as customer and staff acquisition and retention.
Solar delivers on a business’ triple bottom line performance. Yes, solar power is proven to be good for profits, people and the planet.
Benefits of solar power for business
Choose solar and enjoy the following benefits:
- Reduce your business operating costs
- Reduce your carbon emissions
- Improve your green credentials
- Future-proof your business
1. Reduce your business operating costs
Solar makes financial sense. For most businesses, large or small, electricity is a significant component of total operating costs. You can lower your energy costs by generating and using your own electricity during daylight hours. This is suitable for the majority of businesses that can align daytime operations with solar generation.
If you’re a small business owner, the concept of using solar energy for your business may appear to be a risky or an expensive proposition. However the fact is, if your business can afford to pay its electricity bills, it can afford the cost of commercial solar power.
You’ll find that you can recoup your costs over time. In fact, in nearly all cases an investment in solar energy will generate quick payback and long-term savings. Businesses that are heavy users of grid power will benefit most from solar panels.
You might also be eligible for solar rebates. Australia’s federal and state governments continue to offer substantial financial incentives which will help to offset the cost of your business’ energy transition.
2. Reduce your carbon emissions
As identified by the The Intergovernmental Panel on Climate Change, deep emissions cuts are needed in order to avert climate change catastrophe.
When you move away from fossil fuels to solar you’ll reduce your carbon emissions.
You’ll be helping the planet and future generations by adopting solar energy.
In Australia, the electricity sector is the largest contributor to the country’s carbon footprint. For example, on the Gold Coast, where Karit’s Australian headquarters is based, the electricity consumption of our Commercial and Industrial sector accounts for 45% of the city’s carbon footprint. Your business has an opportunity to be a catalyst for change simply by going solar.
3. Improve your green credentials
When you invest in solar you can improve your green credentials, the benefits of which can be far-reaching.
Strong green credentials will help you to demonstrate that your business is committed to the environment. You might also choose to apply for third-party certification programs and awards to provide independent verification of your green status. Green credentials can boost your brand reputation.
According to research by the Australia Institute, 75% of Australians are concerned about climate change. People who are interested in the environment will look at your sustainability credentials when making decisions. This can be an important consideration when you are looking to recruit and retain staff and position your business as an employer of choice.
Green credentials can also have a positive impact on customer acquisition and loyalty. Consumers who care about climate action will prioritise your business over others who don’t use renewable energy in their operations.
You’ll find that more and more businesses and governments are adopting sustainable procurement practices which place greater weight on green credentials. Consequently an investment in solar can help you to gain a competitive advantage when you tender for business.
4. Future-proof your business
You can gain energy independence and future proof your business when you invest in solar. It’s a reliable and sustainable source of renewable energy.
Solar power will protect your business against the rise and volatility of grid electricity prices or changing utility rates.
If you already use another renewable source, diversifying into solar will help in times when the other source isn’t generating enough power. For example, many New Zealand based businesses that rely on hydro can use solar when hydro inflows are low.
Once installed, solar panels will provide electricity quietly, cleanly and affordably for 25 to 40 years.
Building owners also benefit as solar systems add to the resale value of assets and allow them to access new sources of income by on-selling the energy to their tenants. Solar will also help owners to attract and retain tenants.
Tenants can benefit from solar too
It’s important to note that even if you don’t own your own premises you can access the benefits of solar too. The caveat of course is that you will need to convince your landlord to invest in solar or move to premises where you can access solar. It’s a win-win for tenants and property owners.
Boost your solar investment and gain greater control
You can boost the effectiveness of your solar by connecting to a Karit Virtual Power Plant (VPP).
A Karit VPP allows you to bring all your distributed energy assets together with other organisations into a single system. When connected to a Karit VPP businesses and communities can store, share and sell the solar power that they’ve generated.
When you connect to a Karit VPP you will gain greater control over your energy management and costs. Karit’s technology can help with the assessment of the performance of solar panels too.
Is solar power right for your business?
Still wondering if solar is right for your business or how to get started? Solar delivers multiple benefits that are worth exploring. Investing in solar will lower your operating costs, reduce your business’ carbon footprint, and future-proof your business. Now that’s good for business.
Of course, it’s important that you make an informed choice. We can help you to make the right decisions about solar and your future energy management needs.
Contact Karit and speak to one of our experts today.
