Recently, corporations have noticed the increasing value of renewable energy; companies utilizing renewable energy have seen significant monetary gains, which has contributed to the rise of renewable energy. However, the biggest reason for renewable energy’s growth in popularity is probably its corporate social responsibility component. Now more than ever before, companies are reducing their carbon footprint by turning to clean energy. The World Wildlife Fund shows that almost half of the Fortune 500 and a majority of Fortune 100 companies have set climate and energy targets.
Storing renewable energy on-site through solar panels has allowed companies to reduce their energy use with efficient energy options. On average, about 30% of an organization’s electric energy use can be generated on its rooftop; that is significant.
Clearly, companies are catching on to the benefits of solar power or other renewable energy sources because the amount of solar installed by U.S. corporations is enough to offset 1.1 million metric tons of carbon dioxide emission each year; that is the equivalent of taking 232,357 cars off the road for one year.
To add to this claim, it has been observed that, in 2016, a new solar installation was completed every 84 seconds, with over 1.3 million installations in the U.S. in total.
Yearly Solar Installations
The demand for solar is rapidly growing, making companies more environmentally conscious and profitable at the same time. Commercial prices have fallen by 58% since 2012 and 16% since 2015, which is a favorable trend for the industry. Over time, lower prices and the increasing benefits of solar has made energy efficiency a smart and reliable investment.