Sunday, February 25, 2024
CEOWORLD magazine - Latest - CEO Advisory - The Business Case for Energy Efficiency and Clean Energy

CEO Advisory

The Business Case for Energy Efficiency and Clean Energy

Dr. Denis Phares

Clean energy is becoming increasingly important. By going green, you can experience the business benefits of clean energy while simultaneously helping the planet.

As the world battles pollution, environmental degradation, and the onset of climate change, it’s no surprise that people need to shift to clean energy and sustainable utility practices. But homeowners only account for about one-third of total electricity consumption in the United States. According to the U.S. Environmental Protection Agency, commercial and industrial customers make up the other two-thirds. This means that businesses can make the most impact when it comes to going green.

Environmental responsibility shouldn’t be an afterthought for businesses. So, why aren’t more leaders seizing opportunities to reduce their carbon footprints and become environmental leaders in their fields and communities? Some executives may not be familiar with the benefits of adopting greener policies. Other leaders may know about green policies, but they just don’t see how switching to clean energy can improve their profit margins.

Though it can take an upfront investment for any organization to make a move to optimize energy usage, that investment can be recovered over time. And it can be recovered in ways that you might not have thought about. The following reasons outline how becoming energy-efficient can be a smart (and lucrative) move:

  1. Consumers want sustainability from brands.
    In the past, consumers were less concerned with the environmental impact of their purchases. Now, people prioritizing sustainable brands that aim to make a difference. A recent Simon-Kucher & Partners study shows that roughly one-third of buyers are willing to pay a premium to support green brands. This means switching to clean energy can directly affect your bottom line.

    To maximize this benefit, you should talk about your energy initiatives. You could use social media, for instance, to discuss your team’s search for the best solar battery storage product after installing solar panels in your warehouse or office space. If you tell people what you’re doing, then it’s likely you’ll develop a reputation for being environmentally conscious.

  2. Decreased energy usage leads to increased savings.
    It’s no secret that utility bills are spiking right now. If you want to trim your costs, you’ll need to go green. Seeking out renewable energy sources or investing in energy-efficient appliances, technology, or machinery can help you save money in the long run.

    For example, let’s say you’re relying on the same printers that you bought years ago. You could invest in models that use less energy. Alternatively, you could aim to get rid of the printers you have and go paperless. Although the exact route you take to improve utility cost savings will depend on your company, your efforts to decrease energy usage will nonetheless contribute to the green movement.

  3. Job seekers evaluate potential employers’ environmental records.
    The looming recession and current labor market have combined to create a bevy of obstacles for today’s companies, chief among them being hiring. If you’re struggle to find and retain talent, then you need to consider going green. After all, Gallup reports that 69% of job seekers consider a potential employer’s environmental record when hiring.

    This means that 7 out of every 10 people are choosing environmentally conscious companies. Can you afford to turn away so many job candidates? Would you want them to take positions at your competitors’ organizations? Probably not. With clean energy initiatives, you can stand out and snag up-and-coming talent rather than let them pass you by.

  4. Office upgrades promote better health and wellness.
    Workplace wellness is a growing trend. Five years ago, Harvard researchers looked into the health of green-certified buildings. What they found was that people who worked in those spaces scored more than 26% higher on cognitive tests than those who didn’t work in green-certified structures. Additionally, participants in the study were more likely to sleep better and present fewer symptoms of illness.

    Absenteeism and presenteeism can be costly for any business. Instead of just accepting that your workers will pass around the flu, think about how your environment plays into their health. A change in the type of energy you’re using or how you’re ventilating your office or warehouse could make a big difference for everyone. And the better people feel, the more likely they are to commit their full attention to their responsibilities.

It’s true that going green is the right thing to do. However, switching to clean energy and practicing energy efficiency can be pragmatic for your company’s bottom line. Remember that the world is at a pivotal point in history. The future will be shaped by the choices you make today. If you want to stand out from the competition and guide that future, then you’ll want to embrace the green movement.

Written by Dr. Denis Phares.

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CEOWORLD magazine - Latest - CEO Advisory - The Business Case for Energy Efficiency and Clean Energy
Dr. Denis Phares
Dr. Denis Phares is the chief executive officer of Dragonfly Energy Corp. He leads the company's innovation and research initiatives, focusing on developing and advancing Dragonfly's revolutionary technology. Dragonfly Energy is an industry-leading manufacturer of deep-cycle lithium-ion batteries and is spearheading conventional and solid-state lithium-ion battery research and development worldwide.

Dr. Denis Phares is an opinion columnist for the CEOWORLD magazine. Connect with him through LinkedIn.