Renewable Energy: Definitions to Demystify Your Options
Renewable Energy Solutions & Benefits
Renewable energy encompasses diverse technologies that harness natural processes to generate clean, inexhaustible power. The following definitions and benefits of key renewable energy sources and related solutions are intended to shed light on how each contributes to the energy landscape. Though not an exhaustive list, these basic terms are a few you will want to understand and delve further into before making renewable energy recommendations for your organization.
Onsite Solar
Solar panels installed at your facility create economic value for your business through utility bill savings and can mitigate future regulatory and power market risks, support employee retention through a shared purpose, and be positive for your brand. Commercial and industrial companies' onsite solar value proposition is strong in most regions worldwide. While geographic or facility barriers may exist for your facility, plenty of other renewable options exist. Read more.
Community Solar
When your onsite infrastructure or budget rules out onsite solar, a community solar project owned by a third party may be a great option. Community solar allows multiple residential and commercial customers to come together to purchase electricity from a solar project installed in the same region. Typically, there is an economic value for community solar customers through guaranteed discounts on their utility bills. Additionally, participating companies have a strong corporate sustainability story to tell through their support of locally installed solar.
Onsite Battery Storage
Battery storage technology has seen rapid cost declines over the past five years. Coupled with strong federal and state incentives, this has led to the rapid growth of these systems designed to store electricity at the location where they are used. The benefits of onsite battery storage include the potential for decreased utility bill costs, mitigated power market volatility risk, and access to utility revenue-generating programs. Additional value propositions, such as resiliency and brand recognition, make battery storage a strong investment consideration. Read more.
Power Purchase Agreements (PPAs)
Power purchase agreements are a great way to contract with third-party-owned renewable energy projects and their associated renewable energy certificates. These contracts allow companies to decarbonize their scope two emissions without needing to invest in physical renewable energy projects onsite. Read more.
Energy Attribute Certificates (EACs)
EACs are certificates that represent the environmental benefits of renewable energy. They are easy to transact and provide immediate benefits linked to renewable energy use, such as reducing your scope two emissions. Regarding EACs, a wide range of options are available to match your carbon and sustainability strategy. Read more.
Consider renewable energy in your decarbonization planning
Each renewable energy solution outlined above can affect your decarbonization planning. The tricky bit is determining which solutions make the most sense for your organization’s sustainability initiative. This can be a challenge for even the most seasoned professional.
Leveraging the insights and expertise of seasoned energy advisors can significantly improve your results. No matter where you are in your decarbonization journey, World Kinect's energy experts can help you develop a roadmap and implement renewable energy projects that best meet that roadmap.
Schedule a consultation with a renewable energy specialist to determine which options will most impact your business.
