With the recent rise in energy prices, Connor Campbell, Business Finance expert at NerdWallet, has given his advice for businesses considering the switch to renewable energy:
“Switching to renewable energy is one of the biggest ways businesses can help the environment while also getting a greater sense of autonomy on their bills. Businesses can get renewable energy by either generating their own, or by switching to a supplier that offers 100% renewable energy.
“There are a number of renewable energy tariffs available to compare online, but decision makers can also find out how a supplier generates their energy by reviewing their fuel mix disclosure. This should be available on the supplier’s website. Businesses should take the time to do their research before committing to a long term tariff, to ensure the supply and cost meets their requirements and budget.
“There are also different types of renewable energy that businesses can generate themselves. Solar PV panels, solar thermal energy, wind power and hydroelectric power are just a few examples. Before making any decision, businesses should consider what their energy needs are, the potential return on investment, the size of their premises and any planning permission or legal requirements that may need to be met.
“The investment into renewable energy may not be right for every business right now, but it’s likely that those that can make the investment may see longer term benefits. When reviewing tariffs or weighing up investment options, it’s always wise to compare deals and not to rush into any agreement.”