The nature of today’s economy makes garnering a competitive edge more challenging than ever before. The growth of online shopping, coupled with an increasingly global market, is pushing business leaders to find new means to attract and retain customers, keep costs low and bolster the bottom line. But to remain successful, all three conditions must be satisfied.
So what can businesses do to get a leg up? Some forward-thinking organizations in the business world today are looking at green initiatives as a substantial part of the equation. Eco-conscious energy policies aren’t just good for the Earth—they make good business sense too. Here are three of the most significant ways that green initiatives can improve your organization’s bottom line.
Energy cost savings: The implementation of green energy solutions in your business can have a direct impact on your organization’s earnings. Replacing outdated lighting systems with high-efficiency LED systems, for instance, can potentially reduce your lighting costs by 80 percent.
Your business may even be able to turn green energy into an additional revenue stream, depending on their state regulations on net-metering. Adding a solar energy system to your energy source mix can offset your business’ electricity needs, and any surplus energy generated may be sold back to the electric grid for the use of others. In a growing number of states, solar power can be purchased at a lower cost than grid power through power purchase agreements (PPAs).
Positive brand image: Consumers today are highly sensitive to environmental causes and align themselves with organizations that share their concerns. In fact, nine out of ten consumers will purchase, or avoid, businesses based upon the organization’s responsible practices. By implementing green initiatives in your place of business or raising money on behalf of eco-friendly causes, you may attract more customers. Conversely, a failure to act can actually drive business into the hands of your competitors.
Engaged workforce: It isn’t enough to engender loyalty in your customer base. Your employees are also watching your actions. According to Deloitte’s 2016 Millennial Survey, employees are significantly more likely to remain with your business, and work harder, if they feel their values are reflected in actions at the company. In fact, 82 percent of employees who remain with a company over five years reported being in alignment with their company’s social values. Retaining engaged employees is a critical element of an organization’s success. This reduces turnover and the associated costs of hiring and retraining employees, avoiding disruptions to your business strategy.
To see an example of a large organization taking advantage of energy efficiency today, check out Apple’s green initiatives. Last year, 93 percent of the company’s energy output was derived from alternative sources. That includes over 800 solar facilities. Apple has data centers that run entirely on clean energy.
To learn more about the ways your business can bolster its bottom line with the integration of solar, energy efficiency programs and more, check out ConEdison Solutions here.