The increasing prevalence of renewable energies like wind and solar affects nearly every aspect of the global economy. With trillions of dollars invested in renewable energy around the world every year, it’s clear the demand for sustainable sources of energy is only increasing.
Investing in renewable energy is a great way to achieve sustainability goals and mandates; this is largely why it’s important, but that isn’t all it’s good for. Doing so both encourages economic growth and can substantially increase a business’s reputation; two things any enterprise can reap the benefits of through crafting a balanced, diverse portfolio of renewable assets.
Why Businesses Need a Renewable Asset Portfolio
Renewable energy is not always cost-effective at face value, but it generally maintains stable and consistent prices that can help regulate the energy costs of a business overall.
The ever-advancing technology behind renewable energy use and generation also means costs are likely to continually decrease. Combine this with the diversity of sources that renewable energy can come from, and the result is a stable, affordable asset that is resilient to disruptions in supply.
Governments continue to pledge and mandate renewable energy targets, encouraging or even requiring businesses to start their renewable energy transition. In this changing energy landscape, a renewable asset portfolio can also help your business stay ahead of sustainability goals, reduce its carbon footprint, and become less dependent on utility companies for their energy.
Key Components of a Commercial Renewable Energy Portfolio
To curate a balanced renewable energy portfolio for businesses, it’s important to invest in a diverse range of sources and projects. A balanced portfolio is effective and stable; luckily, the number of renewable initiatives, products, and projects is always growing. Here are examples of renewable energy investments and initiatives that make solid key components of any business’s portfolio:
- Community Solar Energy Projects
- Renewable Energy Credits
- Energy Storage Systems
- EV Charging Stations
- Backup Generators
Steps to Build Your Portfolio
When it comes to building a balanced renewable energy portfolio, knowing you need to invest in a diverse range of sources is a good start, but that’s only the beginning. Investing in a portfolio that’s compatible with your business’s needs and budget will ensure the usefulness of that investment in the future. These are the most important steps to adopt renewable energy for businesses:
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- Energy Assessment: Before choosing possible investments, analyze your business’s current energy use. Understand this and your goals to decide the right renewable technologies for your needs.
- Explore Financing Options: There are always new tax incentives and other financing options being introduced at federal and state levels. These initiatives are always changing, so keeping track of the current incentives in your area is crucial to making the wisest renewable energy investments.
- Plan Your Implementation of Assets: To limit the financial strain of acquiring your renewable assets, it’s important to strategize. Coordinate your efforts by investing in the right ones at the best time; gradually investing in assets in the right order can help curtail the overall cost.
- Monitor Your Energy Use: With your renewable assets acquired or connected, it’s now even more significant to understand exactly how your business consumes energy. Use smart monitoring services to help track your energy use, and use this info to consume it more efficiently.
Overcoming Challenges in Renewable Asset Integration
Even with a plan in place, there are still challenges to commercial renewable energy adoption that need to be considered.
Firstly, it’s crucial to understand the regulations and local energy policies in your area. These can differ wildly from state to state, and renewable energy laws and incentives are constantly changing. Staying ahead of renewable energy laws and regulations is the best way to minimize project cost and ensure you’re utilizing every state and federal incentive at your disposal.
It’s also useful to know the tactical way your business should invest in each asset. For one asset, a lease might make better financial sense, while a partnership could yield a better long-term investment for a different asset. Regardless, how you acquire each one is just as important as which assets and when.
Another critical consideration to make is your space. Do you have enough space at a practical location for the operations of your renewable investments? Make sure any site you hope to use for a renewable energy investment matches its operational needs.
Why Partnering with an Energy Supply Company is Essential
Renewable energy investment can be a complicated process with many variables. Allocating space, timing out your investments properly, and just knowing which renewable assets make the wisest investments can be difficult to decide, but you don’t have to make those decisions alone.
Partnering with an energy supply company like EnergyMark can help you make the best-informed investments for your business with proven solutions and advice tailored to your needs.
Not only can an energy supply company help you manage and better understand your energy use, they can also help advise which renewable energy investments make the most sense based on expert knowledge of industry best practices.
When it comes to monitoring your energy usage after acquiring your renewable assets, EnergyMark can assist in managing that energy. Partnering with an energy supply company can also help businesses optimize their energy consumption in the future through new technologies and practices.
EnergyMark: Energy Supply and Management for Gas, Electric, and Renewables
Building a balanced renewable asset portfolio is all about acquiring a diverse range of assets, taking advantage of federal and state incentives, and managing your renewable energy use to efficiently achieve sustainability goals.
With our expert knowledge of the industry and comprehensive energy-management services, EnergyMark can help. Contact us today to learn more.
