By now, many businesses understand the importance of renewable energy, that it is invariably the future, but is it financially viable to fully convert your business to renewables?
Many businesses have avoided a complete switch to renewables as a result of prohibitive initial costs, but it’s becoming easier than ever to finance your renewable energy project.
With mounting pressure from both governments and consumers, it is becoming increasingly important that we switch to renewables. In this article, we will run through the business benefits of renewable energy, and what your financing options are should you choose to invest.
Business benefits of renewable energy
It is widely believed that overreliance on fossil fuels is causing rapid climate change. Without imminent and decisive action, our planet could become inhospitable over the next 100 years.
As a result, it is important that everyone does their part to help. Switching to renewables is an active step that we all need to take.
While making the change for ecological reasons is, of course, important, there are a whole host of business benefits to note as well.
Reduce your carbon footprint
Switching to renewables can lessen the amount of carbon that your business’ processes release into the atmosphere.
With the government’s Climate Change Levy (CCL), industrial, commercial and agricultural businesses, as well as public services, will have to pay extra if using fossil fuels.
By generating your own renewable energy, you can drastically cut costs by avoiding the CCL.
Profit from renewable energy
Many businesses generate a surplus of energy, which can then be sold back to the grid, generating profit.
While it can take some time to recoup your initial investment, over time, your renewable energy project could start to turn a profit, adding an additional valuable and clean revenue stream to your business.
We have seen price hikes over the last few years, many of which were incredibly difficult to predict. This is not an issue when you are generating your own electricity, as doing so allows you to dictate your own energy prices.
Improve PR and marketing
Consumers hold a lot of power in their wallets. As the global consciousness shifts to wanting renewable energy solutions and climate-conscious businesses, it is essential that you take steps to ensure that your business remains in the conversation.
How to invest in renewable energy projects
When looking to find finance for renewable energy projects, it is important to work with a business that understands the new and unique landscape of renewable energy finance.
Before you get started, take the time to understand and optimise your current energy consumption. Do you know how much energy your business consumes on a daily basis, and are you taking steps to reduce this consumption?
This is an essential metric that will help determine the right green energy solution to meet your needs. Talk to suppliers to identify what methods of renewable energy will work best for your business model/location, before talking to financing experts who will help to build the most cost-efficient payment plan possible.
What renewable energy options can be financed?
Anything from small-scale projects to large-scale sustainability drives can be financed, including:
- Recycling equipment
- LED lighting
- Electric and hybrid vehicles
- Wind turbines
- Ground source heating
- Solar panels and solar power technology
This list continues to grow as more options become available.
Secure finance for renewable energy projects with Shire Leasing
At Shire Leasing, we understand that switching to renewables is a substantial undertaking that is not to be taken lightly.
While the business benefits of renewable energy project finance are clear, high initial costs are a tangible barrier for many people looking to make the switch. That is why we offer flexible, versatile financing options designed with your business in mind at every stage.
By leasing renewable energy equipment, you can spread the cost of your green assets, allowing you to implement the best available equipment into your renewable energy projects.
For further advice, or if you have any questions, please don’t hesitate to get in touch with our leasing experts.