Why businesses should listen to millennials when it comes to energy production
Solar panels are a positive investment for businesses for several reasons. Not only do they have a positive impact on the environment, but they also reduce operational costs, can bring about a healthy return on investment and improve brand image. With extra pressures to ‘go green’ from both governments and consumers, it is becoming more and more important for businesses around the world to consider turning to renewable sources of energy.
Adopting the millennial mindset
A 2017 study by the World Economic Forum showed that the top global concern for the Millennial generation is climate change and the destruction of nature. This group of consumers represents nearly the entire young adult population, so if companies want to keep their consumer base and potential customers on-side, with favourable perceptions of the company, they need to show that they are fighting back against environmental threats.
By adopting methods of renewable energy production such as solar power, businesses demonstrate that their sole concern is not simply turning a profit – they are aware of the world around them and their own corporate social responsibility. In increasingly competitive markets, this can be the difference between a young, environmentally-savvy consumer choosing one brand or the next.
If a company goes out of its way to change its energy acquisition habits, it will win the attention and loyalty of millennials; as this generation develops and achieves greater spending power, this loyalty will quickly turn into profit.
Go green or go home
On the contrary, should businesses display little or no corporate responsibility towards the environment, and shy away from initiatives looking to reduce their carbon footprint, they may very well find themselves being left behind by the more thoughtful businesses that are adopting the ‘millennial mindset’.
In a post-Brexit Britain, the UK government, free from EU regulations, will need to come up with its own agenda when it comes to keeping industrial carbon emissions to a minimum. Given the increasing influence of millennials as part of the electorate, we should expect stringent sanctions to be placed on businesses to keep their impact on the environment to a minimum. The wisest move for all companies would be to invest in renewable energy sources now, to beat the rush and to start saving right away.
Contact Touchstone now to request a free audit of your business energy needs