In addition to saving the earth, there are a variety of ways that individuals and companies who practice sustainable technology are able to save money. In fact, many sustainable technology practices are even economically profitable in certain situations. Whether through conservation on the consumer level or companies gaining a profit through alternative renewable energy sources, there are certainly economic benefits in the use of sustainable technology.
Saving Money Through Conservation
Conserving the use of energy consumption and materials is the simplest way of saving money. Using less means spending less. Individual households which use less water or fuel or electricity will find that their utility bills are lowered significantly. Families who conserve fuel by driving less or lowering the heat by a couple of degrees in their homes will find that saves a significant amount of money over time.
Companies who invest in energy-saving practices can save thousands, even millions of dollars each year simply by changing the way they use energy. For instance, many companies in the United States are allowing employees to move to a four-day work week or work from home one day a week in order to save electricity in the company buildings, as well as saving the fuel for transportation. Even corporations taking steps which seem small, such as turning personal computers and monitors off at night, can save hundreds of thousands of dollars a year.
Efficiency Creates Economic Benefits
Companies and individuals who increase efficiency will ultimately benefit financially. Although the startup or renovation costs may be higher originally, the ultimate savings is profitable. There is no single act of efficiency which is best, rather is a combination of a variety of efforts to reduce wasted materials, emissions, energy, and other valuable resources which will all add up to a high rate of return in a rather short amount of time. In fact, some companies have found that they can profit more quickly than through some of their other business efforts.
Profiting Through Renewable Energy Sources
A fairly new term on the investment market is “green chip” stocks, which refers to investments which are made in the renewable energy industry. As the cost of renewable energy sources continues to fall, prices may be sitting lower than those of fossil fuels such as oil, coal, and natural gas. With the future of green chips continuing to develop, the trend of profitable investments for green energy, such as wind and solar power, are sure to be on the rise while the finite resources of fossil fuels will continue to deplete.
MIT News reports that companies reporting a profit from efforts toward sustainability rose from 23% to 37% in 2012.* Incorporating sustainable practices and thinking into every aspect of business has shown that green companies in emerging markets are growing rapidly with sustainable business models. Consumers will also continue to benefit financially from practicing sustainable principles and protecting the earth through conservation.