How COVID-19 Increases the Need for Affordable Clean Energy

5 Apr 2020

As COVID-19 continues to spread across the world and slow down the economy, businesses have been facing challenges in managing their corporate expenses. Among their top operational costs, electricity has been identified by business owners as a top line expense that can be controlled. Industry leaders and experts are pointing to clean energy as the way forward for companies to manage their operational costs.

In response to the virus, companies around the world have been stocking up on energy storage. It was recently reported that there had been a 40% spike in sales for clean energy, as consumers identified it as the solution to their current business expenses. Coined as “panic buying”, clean energy has usually been a potential investment for business owners, but the current virus has shifted the perception of the industry from being seen as an investment to an essential. 

According to the International Energy Agency, the energy consumption in 2030 is projected to increase by 50%, a large jump from 2005. As there will be an increase in the global population, the energy demand will continue to rise. In addition, with advances in technology, the consumer market will expand due to the availability of products leading to higher demand. With the increase in demand for more technologically advanced products, so will the demand for energy. 

Singled out by the UN, clean energy has been identified to lower the current level of greenhouse emissions that will not only curb the upcoming effects of climate change but provide more affordable energy for communities. As energy contributes 60% to the current level of greenhouse gas emissions (GHG), according to the World Bank, many corporations and businesses have committed to ensuring their organization minimises their carbon footprint as much as possible with clean energy. In the form of solar and wind, clean energy does not emit any associated air pollution emissions, therefore making them a sustainable, convenient and forward-thinking approach to accessing a basic human need with no impact on the environment.

Solar photovoltaic (PV) energy, in particular, is expected to double in the next four (4) years, accounting for almost half of its growth, showcasing its immense potential to expand. Due to high competition and technological developments, solar energy has become more affordable over the past few years. According to the NRDC, clean energy will continue to become more affordable as it grows, leading communities within the lower-income range to benefit from environmental, health and economic aspects.

­With the ever-evolving economic impact of COVID-19, the ROI and benefits of clean energy solutions are still a jigsaw puzzle for many business owners. However, with incentives from the government, green financing initiatives from financial institutions and more green collaborations between businesses, clean energy is more liberalised than it has ever been and no longer as niche as before. 

Through the adoption of clean energy, not only will business owners reduce their electricity bill by 50%*, but they can also have peace of mind that there will be a form of compensation for their business.

As Plus Solar understands these challenges, we work closely with financial institutions to offer affordable financing packages for companies to adopt clean energy. If you are interested in optimising your bill by 50%*, Plus Solar is offering complimentary energy consulting services. For more, contact us today. 

*Terms & conditions apply. Contact a Plus Solar representative today.

Sources: International Energy Agency, World Economic Forum, World Bank, Popular Mechanics and BBC.

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