Every year, the energy consumption in Australian companies increases by 1% and with it, the expenditure. But companies can optimise their energy use, productivity improvement and meet sustainability targets by collaborating with trusted renewable energy infrastructure providers like Quinbrook Infrastructure Partners.
Australia has long been a staunch supporter of sustainability. It has committed to the Paris Agreement, which focuses on transitioning towards renewable energy to curb the rise in global temperatures. To honour and meet this commitment, every business in Australia must switch to renewable energy sources with net-zero emissions in the next decade. Apart from contributing to the curbing of global warming and climate change, how can companies benefit economically by switching to sustainable energy sources?
Electricity consumption is one of the biggest expenditures that the company has to afford. But, as renewable energy sources require relatively inexpensive materials, the prices are also highly affordable. Additionally, they do not require substitute energy sources like generators which cut the costs for companies.
Reports from a study conducted by Bloomberg New Energy Finance research firm shows that electricity acquired from fossil fuels like a carbon-based gas plant costs AUD 143/MWh. However, the electricity supplied by a wind farm costs AUD 80/MWh. As fossil fuels deplete, the prices would only go up. If companies invest in using renewable energy, they would be saving thousands of dollars every month on their energy bills compared to their competitors.
With the rise in awareness about global warming and sustainability, customers and clients would be prone to purchasing and partnering with businesses that hold sustainability at their core. Investing in renewable energy resources is a smart and strategic business decision that companies can make to align their values with the customers. This creates connection and trust with them and boosts sales.
Being in the age of technology, most of the work depends on connecting globally via the internet. Every office building also has multiple computers, appliances, large servers, LED lights in multi-story buildings, electricity generators that require energy consumption. Having renewable energy sources ensures that the employees and customers have seamless access to electricity and energy. Even during a conventional power outage, these companies would not be affected as it is stable and easily distributed.
Apart from being economical to buy, most forms of renewable energy are inexpensive to install or maintain. As renewable energy-generating technology like wind turbines and solar panels have few or no moving parts, they require less maintenance than traditional generators.
When they adopt renewable energy as their source, they are investing less and regaining more in terms of the cost that they save over the years. As business owners have high regard for Return of Investment, they would hugely benefit from the reduced expenditure in bills, maintenance, installation and repairs.
Companies can enter into a contract with renewable energy infrastructure providers like Quinbrook Infrastructure Partners or renewable energy providers to buy a certain number of resources or energy at a fixed price for a long period, like 10-years. This process can help them lock in their energy prices and avoid volatility in the energy market. They can also accurately forecast their expenses.
For many companies today, switching to renewable energy is more than the personal benefit of the company. They aim to support the broader economic transition to sustainability.