The business world sets trends that the rest of the world follows. In recent times, the business world has made some steps towards embracing renewable energy opportunities.
For example, in late 2017, the CFRA (Center for Rural Affairs) carried out a survey in Iowa that established the high support for wind power among the landowners in Iowa. Similarly, in September 2017, General Motors (GM) announced their intention to purchase enough wind energy from farms in Iowa and Illinois to power up to seven plants.
More business giants have declared their intentions to support renewables. However, the broader business world is still reluctant, and it begs the question why.
In 2016, about 10 percent of the total United States energy consumption and 15 percent of electric generation was from renewable sources. The US Energy Information Agency states that between 2000 and 2016, consumption of renewable energy sources has doubled.
The simple fact is; this trend is bound to continue. The industry keeps growing, and businesses should consider renewable energy opportunities and the effects renewable energy may have on their operations.
In the past nine years, the cost of wind power has gone down by 67 percent. The primary reason for this is technological advancements which enable wind turbines to reach stronger and more consistent winds. In turn, each turbine generates significantly more electricity and lowers cost. As new technology improves efficiencies, wind power and other renewable sources of energy will keep getting cheaper.
Elon Musk made a fascinating observation, he said, “it is a definition that if it is not renewable, it is going to run out at some point.” It may not happen today, or tomorrow or even 100 years from now, but it is very accurate that as long as it is not renewable, it will eventually be exhausted. Therein lies the beauty of renewable energy sources, the sun will never stop shining, and the wind will never stop blowing.
There is an untapped market of renewable energy opportunities. Engineering and manufacturing of parts, pioneering renewable energy technological advancements, and developing new renewable energy markets are just some of the possibilities the business world can take advantage of and build enviable multi-million dollar businesses.
TCI Business Capital has been a leader in financial resource for small businesses since 1994. If you are interested in launching a new business venture and would like to learn how invoice factoring can be a part of your growth strategy, call (800) 707-4845.