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Are Businesses Benefitting from Renewable Portfolio Standards?

Green-friendly energy programs such as wind and solar have become a political hot button in recent years, placing public policy and programs like Renewable Portfolio Standards (RPS) under attack by those who claim they’re bad for business. The reality is that an RPS is a powerful economic driver that can stimulate a local economy through job creation and reduced operating costs for many companies.RPS-BusinessCaseForRPS

Growing business support

In recent years, RPS programs have gained widespread support among the business community as many small to medium-sized companies install solar photovoltaic systems. Simultaneously, over a hundred Fortune 500 companies—such as General Motors, Target, Walmart, and Google—have established their own goals for green energy use over the coming years.

Local benefits

An RPS promotes the adoption of renewable energy, resulting in the reduction of harmful greenhouse gases and a direct stimulus to the local economy. States that have implemented RPS strategies have seen immediate and local economic growth as the demand for skilled laborers within the renewable energy industry increases. 

Reduced operating costs

Programs such as RPS and dedicated “carve-outs” (requirements that specify sources such as wind or solar) offer many large and small businesses less expensive and more reliable renewable energy. Moving to renewable sources is not just a good PR move for many of these businesses, it can also mean more economic stability and a reduction in risk. 

The biggest opposition

Unfortunately, the most significant opposition to RPS policy has been the fossil fuel industry, which has set out to undermine these programs with misinformation around their economic benefits. Fortunately, as more businesses begin to recognize the benefits of green renewable energy programs and adopt and promote their green energy practices, the view of RPS policies has shifted to a positive one.


For more information on renewable energy, download our eBook on Renewable Portfolio Standards.


Download our eBook, Renewable Portfolio Standards, Explained, to learn more about the importance they bring to the world of solar and how they benefit the consumer.

 

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Categories: Why Solar?, Energy Independence
Posted on February 01, 2021