First coined in the 1950s, the term “Corporate Social Responsibility” (CSR) describes how companies should redefine their roles within the communities they serve. Instead of focusing solely on profit-maximization, businesses should work with stakeholders to improve society, often through:
In effect, it’s the thought that businesses have a responsibility to do the right thing because it is right. However, CSR isn’t simply beneficial for society at large. When done correctly, it may actually increase long-term revenues for companies that make CSR central to their business.
What role can commercial solar power can play in your CSR efforts? And how can installing solar photovoltaic (solar PV) panels increase your bottom line?
Fossil fuel consumption is one of the leading causes of global warming. The more traditional energy sources we burn – like oil, gas, and coal – the more greenhouse gases we release into the atmosphere. These pollutants can disrupt Earth’s delicate balance, leading to climate change and environmental destruction.
However, energy produced by solar PV panels doesn’t emit CO2 or other greenhouse gases. By installing solar PV panels on your property, you can generate your own power onsite using a renewable energy source. With solar panels installed on your site, your business draws less traditional energy from the grid, reducing your carbon footprint and the impact your organization has on the environment.
Going solar is not the only way to green your business. Many companies publish environmental statements pledging their support for ecological responsibility. However, these are often used for PR purposes. After all, environmental statements are just that – “statements”.
Other businesses take more tangible steps, like taking control of their energy consumption by implementing an energy efficiency strategy. This is a much more impactful approach since it reduces resource consumption and boosts operational efficiency within your company, saving your company money with lower monthly utility bills. Energy efficiency measures have another benefit – making going solar more affordable than it already is. The less electricity you use, the fewer solar PV panels you’ll need to install to power your business needs.
Better still, the environmental benefits of your solar investment are shared by all. By no longer burning fossil fuel to power your operations and instead running on clean, renewable power, businesses are making an energy decision that is also good for their employees and customers as well as the planet.
This is why going solar can have such a powerful impact on your corporate social image. The solar PV panels on your commercial property are visible and constant reminders of your environmental commitment. In addition, you can publish your carbon savings in whatever marketing literature you share with stakeholders or even showcase your greenhouse gas reductions with a dashboard displayed in your lobby for visitors to observe.
Customers, investors, and suppliers will applaud your CSR efforts. But will installing solar PV panels actually attract more business? In research by Centrica Business Solutions, one quarter of respondents said that advanced energy solutions have not only improved their reputation but provided additional revenue too.1
Previously, we explored how going solar may increase profitability by reducing expenses. Rather than rely on grid electricity, you’re able to generate your own energy onsite.
But can going solar increase profitability by generating new sales? More specifically, will potential customers care enough about your renewable energy investment to want to do business with you?
The short answer is YES. In the next installment, we’ll look at how installing solar panels can add business advantage by improving corporate performance, attracting new customers, and retaining talent
Schedule a free solar evaluation with us today to learn more about what commercial solar can do for your business.
1Energy Advantage Research, Centrica Business Solutions. Statistics based on a six country survey of more than 1,000 energy decision-makers in large organizations.