Renewables installed between 2021 to 2023 saved European businesses €100 billion
Mandip Bhamra, head of renewable energy at leading sustainability consultancy, SaveMoneyCutCarbon, comments on how adopting renewable energy can help save businesses money on energy bills whilst benefitting their bottom line.
Recent International Energy Agency (IEA) data has unveiled that Renewables installed between 2021 to 2023 saved Europe a staggering €100 billion. According to the IEA, without the solar and wind capacity additions made in 2021 to 2023 Europe’s energy costs would have been €100 billion higher in those three years, as prices spiked due to the unexpected drop in output from nuclear and hydro. This comes as a recent global survey has found 68% of people favour solar energy as the most popular energy source, according to research conducted by Gocalities in collaboration with advocacy groups Global Citizen and The Fossil Fuel Non-Proliferation Treaty Initiative. The EU's latest Eurobarometer from May to June found 85% of Europeans support ‘investing massively’ in renewable energies, such as wind and solar power, and they expect the businesses they support to do the same, according to research by leading sustainability consultants, SaveMoneyCutCarbon . SaveMoneyCutCarbon has unveiled a report finding that 22% of Brits (11.7 million) will only support businesses that put sustainability at the forefront of their operation, proving Brits are actively trying to be more cautious around the businesses they choose to support. Further to this, the survey found 38% of Brits (20 million) have also stated that they are more likely to trust a business if they know it is taking action against climate change, bringing forth an encouragement for businesses to choose more sustainable measures going forward.
Discussing how investment into clean and renewable energies provides new ways to generate energy SaveMoneyCutCarbon (SMCC) – the leading sustainability corporate consultant – offers insight on how businesses can utilise clean energy, save money, reduce costs and increase employee retention through sustainable practice. Offering quick and actionable tips that can be scaled at speed, Mandip Bhamra, head of renewable energy from SaveMoneyCutCarbon, advises business to invest in renewable energy, saying: ‘Businesses can reap tonnes of benefits from renewable energy sources such as solar PV systems. The main advantage is reduced electricity costs, which is pivotal in today’s cost of living crisis. Although it is a big upfront investment, it is guaranteed return on investment and you will earn your money back in no time. ‘Turning away from fossil fuels will also lower your carbon footprint and enhance your business’s reputation with green credentials. More and more consumers are choosing businesses that invest in green practices and businesses must keep up with this change to stay relevant.’ Mandip further commented on the cost of solar panels, saying: ‘Generating your electricity will put less reliance on the grid and save you money. A technical survey will determine if the property will be suitable for a solar installation as the location, angle, and direction of the roof space will determine how much electricity is generated. It is important to consider how much electricity is being used during daylight hours as solar generated electricity not used by the property will go back to the grid, which will increase the payback period. A battery installation could then be considered to self-consume as much free electricity as possible. On analysis of the property, other demand reduction measures could be LED lighting and smart controls. To summarise, the price of a solar installation with a battery is likely to cost between £6 and 14,000 pounds (with batteries), self-consuming the free electricity is key to the best return on investments.’