One great way to save money and at the same time be environmentally friendly is to switch to renewable energy in your home or in your business. By switching to renewable energy you can save money and see a great benefit of having a lowered bill in your next monthly energy bill.
Using renewable energy can help you save money on your electric, heating and cooling costs. Renewable energy can also save a business money as well as help them operate to be more environmentally friendly.
Operating as green as possible is becoming a trend these days as more and more people are becoming environmentally conscious. Not only are you helping your business save money by using a renewable energy resource on energy bills, and have a positive reputation, you are also helping save the environment by reducing your carbon footprint.
How Does Renewable Energy Save Money and Explain?
- Reduced energy bills
Reduced energy bills by using renewable energy is a great way for a home or a business to save money. There are various types of renewable energy that are available to use, wind energy, hydropower and the most popular is solar energy through solar panels installation at home or for commercial use. Solar energy is the most prevalent and cleanest energy.
Solar panels installation can be expensive and can be seen as an investment at first, but solar panels can last for a long time, more than a decade, and are low maintenance so you can use the same amount of electricity with a lower electricity bill while using a green way to use electricity, so if you want to switch to solar look for Solar Alternatives in New Orleans.
- Government incentives
Making the decision to switch to renewable energy can be challenging as you consider the initial costs, it does have some benefits which will save you money later on and which will reduce those costs. There are many great incentives from the government if you will switch to renewable energy. This can come in the form of grants from the government or in tax rebates.
Do your research and check what kind of incentives are available in your state or local area as they can differ from state to state.
- Price fluctuation protection
Energy prices can change without prior notice and sometimes can rapidly change severely. There can be changes in the amount of fuel available which can lead to a high demand in electricity and the high cost of distributing electricity.
If a home or business does own a reliable source of renewable energy they do not have to worry as much about any future fluctuation of energy prices as they can be assured that they can meet the effects of this through their own source of energy.
- Selling electricity back to your grid
If you have your own form of renewable energy, any energy that was not used can be sold back to your utility grid. If your own energy source is generating more than what you need or use, selling back to the grid can add to your savings and even added income.
Using renewable energy can be a turning point for people due to its initial cost but renewable energy can pay for itself over time due to the many benefits it can give.
How Much Money Would We Save If We Switched to Renewable Energy?
A report by Rewiring America shows that switching to 100% clean and renewable energy would save Americans as much as $321 billion in energy costs. Drs. Saul Griffith and Sam Calisch, find that switching to 100% renewable energy would mean up to $2,585 per year in savings to each American household in energy bills.
In the same report, they find that many homes that would transition to renewable energy such as solar or wind would financially benefit from it. They find that more than 40% of energy emissions come from the appliances they use in the home such as heating, cooling, and private vehicles.
How Will Renewable Energy Help the Economy?
According to a recent report by the International Renewable Energy Agency (IRENA) using renewable energy can bring economic benefits. For example, it can help create more jobs as there are at least more than 10 million people who work in the renewable energy industry and due to growing demand for renewable energy by home and business owners, more can be expected to join the workforce to meet this demand.