Let’s work together to find a solution
Rely on AVANA Capital to help preserve your wealth and create growth for your business.
There has been an increasing focus on what energy we use in the United States in the past decade. According to the Energy Information Administration, 11% of the energy consumed in 2019 was from renewable energy sources. The remaining 89% came from non-renewable sources such as fossil fuels and nuclear power.
To diversify energy usage, statewide programs such as the Renewable Energy Portfolio have emerged. These programs aim to diversify the energy we create, encourage domestic energy production, and support economic development.
Also, individual organizations across the country have joined the renewable energy movement by investing in energy production. Not only do these investments help local economies, but it can also help a company gain energy independence.
Keep reading to learn what energy independence is, why it matters and how to become energy independent.
Consider where your energy comes from. Your answer might be that it comes from a local utility company because you pay them each month. In this scenario, your business is dependent because your energy comes from an outside source.
This dependency isn’t inherently a bad thing. Some utility companies can generate energy that is then sold with renewable energy technology.
Nevertheless, a company looking to become more sustainable may wish to find a better energy source. This is where energy independence can come into play.
Your company’s goal with this kind of independence is to become self-sufficient by generating your power. How you achieve this goal can vary; some companies thrive through solar independence while others utilize biogas. The best way for your company to become self-sufficient depends on your needs.
There are numerous benefits to becoming self-sufficient. First and foremost, your company will be in control of your energy. This can be because you produce it through solar panels or because you’ve invested in a renewable energy project that now provides your power.
Additionally, you will be in control of the cost of your energy. According to a study by Deloitte, the cost of renewable energy is steadily decreasing. So, your company can benefit from lower energy costs in the short and long-term by being independent.
Another reason that being independent benefits your company is due to the rise in energy-conscious consumers. Forbes describes today’s consumer as more informed about a company’s environmental impact. Thus, customers are more likely to require a company to improve its sustainability efforts because they want to buy from responsible brands.
The key to making your company more self-sufficient through renewable energy is output. To become self-sustaining, your company requires enough energy to run on its own. This is not the limit on how much energy you can produce, however.
For example, a company with solar independence may generate more than enough energy to run independently. What can they do with this extra energy? By using energy storage technology, this company can save this excess energy for use at a later date. In addition to saving this energy, the company can also make a profit by selling it.
Other types of renewable energy endeavors to consider when becoming independent include wind energy. To get started with wind energy, your company can invest in various wind energy projects. One common wind energy project is distributed wind systems, which can be installed on commercial property.
In the end, the first step you must take towards independence is financing. Assess your company’s energy needs when determining what financing you will need. What type of renewable energy project are you going to invest in? Does your company need financing to obtain construction equipment for your project?
Once you have a better idea of your energy independence goals, you can better locate the right finance option for you. Thankfully, you don’t have to navigate this process on your own.
By partnering with a firm like AVANA Capital, you can streamline your shift towards a more sustainable future. The team at AVANA Capital has helped businesses in niche industries achieve their sustainability goals for over two decades. AVANA Capital uses this expertise to create an efficient and beneficial financing solution for your renewable energy needs. With this customized financing option, your company can achieve energy independence without hassle.