Running a green business and investing in environmentally safe practices can save your company a lot of money, both now and in the future. Many – but not all – of these potential savings are obvious, and you are probably already aware of them. But you still need to commit to following them to reap the benefits.
“Reduce – Reuse – Recycle” Is Good for Business
There’s no debate about how using less paper, creating less waste, reducing fuel consumption, and reducing electricity and water usage can save you money. Businesses looking to cut costs have found that the adage of “reduce, reuse, recycle” can save big bucks throughout the year.
Turn to any social media source or popular news outlet and you’ll see how many consumers – especially among younger generations – are eager to support businesses that engage in eco-friendly practices. Companies that show little concern for the environment risk losing customers.
Renewable Energy Costs Are Going Down
Renewables such as wind and solar power are still dwarfed by fossil fuels as primary energy sources around the world, but that is changing rapidly. According to the U.S. Energy Information Administration (EIA), the use of renewable energy sources is on the rise, accounting for 70 percent of all new projected energy generation in the United States in 2021.
As governments, global corporations, small and large businesses, and even families and individuals continue to invest in and support green business practices, efficient new technologies and methodologies will keep driving costs down.
So businesses that commit to using renewable energy will end up saving money over time.
Financial Incentives Are Available
There are many incentives out there for entrepreneurs who want to create a green business. Federal and state governments offer many tax breaks for companies that invest in eco-friendly initiatives. And new legislation in recent years has also been pushing companies in many industries to improve their technology to reduce carbon emissions.
Compliance with these regulations not only avoids future financial penalties but also opens the doors to ongoing business and contracting opportunities.
Many subsidies and grants are also available for businesses that go green. An influx of free capital can make a big difference for many companies already struggling to sustain cash flow.
As global concerns about the environmental impact of commerce continue to grow, the future looks bright for companies that shift toward going green and committing to sustainability. If your company is interested in financing your green business initiatives, contact New Horizon Capital Funding to see what options are available.