How can companies be encouraged to invest in renewable energy?

2 Barriers to renewable energy

Despite the benefits, many companies are reluctant to switch to renewable energy, because they face various obstacles and risks. Some of these are technical, such as the variability, intermittency, and unpredictability of renewable sources, which require backup systems and storage solutions. Some are financial, such as the high upfront costs, long payback periods, and lack of access to capital and credit. Some are institutional, such as the lack of supportive policies, standards, and infrastructure, and the influence of vested interests and lobby groups.

3 Solutions for renewable energy

To overcome these barriers, companies need to be supported and motivated by different actors and measures. Some of these are internal, such as developing a clear vision, strategy, and plan for renewable energy, and engaging and educating their employees, managers, and board members. Some are external, such as collaborating and partnering with other companies, suppliers, customers, and communities, and joining networks and initiatives that promote renewable energy. Some are policy-related, such as advocating and lobbying for more favorable and stable regulations, tariffs, and incentives, and participating in voluntary schemes and standards.

5 Tips for renewable energy

If you are interested in investing in renewable energy for your company, here are some tips to help you get started. First, conduct an energy audit and assessment to identify your current energy use, sources, costs, and impacts, and to find opportunities for improvement and savings. Second, research and compare the different renewable energy options available for your location, sector, and size, and evaluate their feasibility, suitability, and profitability. Third, seek advice and assistance from experts, consultants, and providers, who can help you design, install, operate, and maintain your renewable energy system.

6 Challenges for renewable energy

Investing in renewable energy is not a one-time decision, but a continuous process that requires constant monitoring, evaluation, and improvement. You may face some challenges along the way, such as technical glitches, market fluctuations, policy changes, and stakeholder resistance. Therefore, you need to be flexible, adaptable, and resilient, and to learn from your experiences and best practices. You also need to communicate and report your renewable energy performance and impact, and to celebrate and share your achievements and successes.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?