Renewable Energy Savings: A Small Business Superpower
As a small business owner, I know firsthand the challenges of running a lean operation and maximizing every penny. That’s why I was fascinated to learn about the incredible potential of renewable energy policies to transform the fortunes of small enterprises like mine.
By tapping into a number of resources and financing options, small business owners can save significant money and energy, increase profits, promote their businesses, and cut greenhouse gas emissions. And get this – the dollars saved through energy efficiency can directly impact a business’s bottom line and enable it to be more competitive in today’s market.
You see, many small businesses reside in commercial buildings smaller than 50,000 sq ft, which consume 44% of US commercial building energy use – nearly 3 quadrillion Btu annually. That’s a whole lot of wasted energy and money! But with the right strategies, small business owners can turn this energy drain into a supercharged competitive edge.
The Three-Pronged Approach to Renewable Energy Savings
There are three key reasons small business owners should take a serious look at improving the energy efficiency of their buildings:
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Reduce operating costs and utility bills while increasing potential rental income and the overall property value.
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Enhance the marketability of your products, services, and brand image, particularly with environmentally conscientious customers.
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Reduce CO2 emissions while improving customer experience and comfort.
Sounds pretty enticing, right? But where do you even begin? Luckily, the National Renewable Energy Laboratory (NREL) is here to help small building and small business owners by demystifying the three-step process and providing the tools and resources needed to overcome obstacles to achieving building energy efficiency.
Step 1: Consult with a Qualified Expert
To better identify the goals for your building and business as well as the paths for achieving those goals, it’s always recommended to consult with a qualified energy auditor/contractor to:
- Identify low- or no-cost energy savings opportunities
- Benchmark building energy performance
- Conduct an energy audit
- Talk about the timing of building or equipment upgrades
- Estimate your energy and cost savings potential
After consulting with a qualified energy auditor/contractor and you’re ready to put your business case on paper, focus on:
- Positive and negative cash flows
- Understanding the risks and how to manage them
- Finding financial incentives for energy efficiency and renewable energy strategies
- Researching financing options and other programs, including those offered by the US Small Business Administration (SBA)
Step 2: Explore Financing and Incentive Programs
Once your business case is in place, it’s time to get more information about the available programs and resources. These include:
State and Federal Financial Incentives – The Database of State Incentives for Renewables & Efficiency (DSIRE) website is a comprehensive source of information on incentives and policies that support renewable energy and energy efficiency in the United States.
Resources and Case Studies on Energy Efficiency – The US Department of Energy’s (DOE) Better Buildings Initiative hosts a catalogue of resources to support the adoption of energy-saving building technologies that include simple steps to saving energy in commercial buildings.
Small Business-Specific Resources – NREL’s four-page guide helps small businesses understand the energy and non-energy benefits of energy-efficiency investments. These resources also help small businesses know what contractor and auditor qualifications to look for, identify low- and no-cost energy savings opportunities, and understand the decision process for energy-efficiency upgrades.
Explore additional financing options through DOE’s Better Buildings Financing Navigator.
Step 3: Take Action and Start Saving
Here are some quick links to top resources to help business owners achieve their energy-efficiency goals and save money:
- NREL’s four-page lenders guide with discussion on timing and low-cost methods for managing risk associated with energy-efficiency upgrades
- NREL’s borrowers guide and accompanying presentation
- NREL’s two-page guide on making the most of SBA’s Grow 504 Loan Program
- DOE’s tax incentives information and design and decision support guides available for free download
- The USDA’s Business and Industry Loan Guarantees program, Rural Business Investment Program, and Rural Energy for America Program Renewable Energy Systems & Energy Efficiency Improvement Loans & Grants
The National Renewable Energy Laboratory (NREL) has done significant work around making small businesses and buildings more energy-efficient. They’ve provided industry research and recommendations, developed technical solutions, and quantified the performance risk and uncertainty in cash flow associated with energy efficiency measures.
The Remarkable Impact of Renewable Energy Policies
As I delved deeper into this topic, I was astounded by the remarkable impact that renewable energy policies can have on the fortunes of small businesses. By taking advantage of the resources and financing options available, small business owners can slash their operating costs, boost their profits, enhance their brand image, and reduce their carbon footprint – all while becoming more competitive in today’s market.
And it’s not just small businesses that stand to benefit. The broader public is also increasingly on board with renewable energy initiatives. A recent Pew Research Center survey found that a majority of Americans continue to say they see the effects of climate change in their own communities and believe that the federal government falls short in its efforts to reduce the impacts of climate change.
In fact, broad majorities of the public – including more than half of Republicans and overwhelming shares of Democrats – say they would favor a range of initiatives to reduce the impacts of climate change. These include large-scale tree planting efforts, tax credits for businesses that capture carbon emissions, and tougher fuel efficiency standards for vehicles.
Embracing the Renewable Energy Revolution
As a small business owner, I can’t help but feel a sense of excitement and possibility when I consider the power of renewable energy policies to transform my operations and my bottom line. The potential savings, the enhanced brand image, the environmental benefits – it’s a truly remarkable opportunity that I’m eager to explore further.
I encourage my fellow small business owners to dive into the wealth of resources and programs available and consult with qualified experts to uncover the renewable energy strategies that can take their enterprises to new heights. With the right approach and a bit of strategic planning, I believe we can harness the power of renewable energy to drive our small businesses forward in ways we never thought possible.
So, what are you waiting for? The renewable energy revolution is here, and it’s time for small businesses to seize the day and reap the rewards. Let’s blaze a trail towards a more sustainable, profitable, and competitive future – one kilowatt at a time.