If there’s one thing we’ve learned about sustainability in recent years, it’s that “going green” is so much more than a short-lived fad. It has become a priority for businesses of all shapes and sizes, with companies across a range of industries highlighting the ways they are becoming more sustainable in their operations. United Airlines invested $30 million in a bio-fuels company to fuel their planes by waste. Lego invested $150 million to create more environmentally friendly building blocks. Apple invested $850 million in solar power. Embracing environmental sustainability isn’t just about eco-friendliness; it is a savvy economic decision. As consumers become increasingly invested in minimizing their carbon footprint, businesses must now consider employing energy management strategies to stay competitive in the market.
Here’s how adopting an energy management strategy can benefit your business:
It Saves Money
Although energy management systems require an upfront investment, the long-term savings can be significant. The retail industry alone saves an average of $20 million annually in energy costs and usually sees a return on investment in less than 18 months. There are also tax advantages to going green. The federal government gives businesses tax credits for using wind, solar, or geothermal energy systems. Committing to a more sustainable strategy today can help reduce your bill tomorrow.
It Builds Your Brand
Research shows today’s consumers prefer to do business with companies that share their personal values. Millennials, the largest living generation in the US, want to know which causes their brands champion. Environmental responsibility is an effective way to show that.
Studies have shown that companies with green initiatives have seen an increase in profits. According to a 2014 global report, 55% of consumers are willing to pay higher prices for goods from environmentally friendly companies. By showing concern for the environment, you inspire customer loyalty, which then results in an increase in sales. As environmental impact becomes more of a selling point for consumers, sustainability is proving to be an area where companies can build brand value.
It Encourages Innovation
Businesses know that they must fight to avoid complacency. Adopting energy management solutions pushes you to evaluate every aspect of your business and identify more efficient means of production. An energy audit can reveal new opportunities that otherwise would have gone unnoticed. It can also differentiate a business from its competitors, positioning themselves as leaders in the industry and forcing other companies to follow in their footsteps.
Most importantly, adopting eco-friendly business strategies preserves the environment. Each and every one of us has a responsibility to our community and our world. In a world striving for sustainability, going green will soon be an expected practice.
Whether you are looking to cut costs, grow your business, or reduce your environmental footprint, an effective energy management strategy and system can help you achieve your goal.
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