Green Renovations a Small Business Loan Can Help You With
There are many reasons why a small business might seek a business loan. Expanding the business, purchasing new equipment, and making branding moves like going green are just a few of a myriad of reasons. Going green has been a trend among businesses for years now. This is especially true since consumers are becoming increasingly concerned about purchasing from companies that are environmentally friendly. If you get a small business loan, there are lots of green renovations you can put it towards.
Move to Renewable Sources
The future of energy is green. Sooner or later, businesses are going to have to transition to renewable sources of energy. You can make that transition easier for your company by starting that move now. Consider having solar panels installed on the roof of your business. Installing solar power systems might seem like a significant investment initially, but it can provide multiple advantages in the long run. If you’re renting your workplace, you’ll need to clear this with your landlord first. You may also find it beneficial to start investing in renewable energy certificates. This can be a great way to support green energy generation and work towards meeting sustainability goals.
What is a renewable energy certificate (REC)?
A renewable energy certificate, or REC (pronounced: rěk), is a market-based instrument that represents the property rights to the environmental, social, and other non-power attributes of renewable electricity generation. RECs are issued when one megawatt-hour (MWh) of electricity is generated and delivered to the electricity grid from a renewable energy resource.
RECs include several data attributes, including:
- Certificate Data
- Certificate type
- Tracking system ID
- Renewable fuel type
- Renewable facility location
- Nameplate capacity of project
- Project name
- Project vintage (build date)
- Certificate (generation) vintage
- Certificate unique identification number
- Utility to which project is interconnected
- Eligibility for certification or RPS
- Emissions rate of the renewable resource
Reduce Energy Loss
Generating clean, renewable energy is great, but if your building is leaking energy you’re not being as green as you could be. Find ways to reduce the energy loss from your building. Make sure it is properly insulated and that doors and windows are sealed properly. Something simple like painting your building exterior a certain color can reduce energy loss. Remember that darker colors tend to absorb heat while lighter colors tend to reflect it. What color works best may be dependent on the conditions in your location.
Here are simple and cost-effective ways to lower your electric bill:
- Lower the temperature.
- Eliminate dust.
- Replace your filters.
- Cook with something smaller than an oven.
- Plant trees.
- Consider adding a zoning system.
- Buy energy-efficient appliances.
- Install a ceiling fan.
- Identify – and fix – any leaks.
- Add solar panels to your home.
Make Energy Efficient Upgrades
A small business loan can also provide you the funding you need to make energy-efficient upgrades to your facilities. Installing energy-efficient LED light bulbs is a great way to continue to provide bright light in your business while using significantly less energy than other types of bulbs.
While these bulbs may cost more than other varieties, they’ve come a long way since being introduced, and the price has decreased dramatically over time. The cost can be a major prohibiting factor in a business’s efforts to be more environmentally responsible.
Small Business Loan
By obtaining a small business loan, you can use the money to transition to more renewable sources, reduce your business’s energy loss, and make energy-efficient upgrades to the workplace. This can help you reduce the impact your company has on the environment and help you appeal to conscientious customers.