By installing photovoltaic (PV) panels on your commercial property, you can demonstrate your commitment to sustainability and environmental protection, enhancing your company’s corporate social responsibility (CSR) image. Choosing to power your business with clean and efficient solar power rather than relying on fossil fuels can show your stakeholders that you take environmental responsibility seriously.
However, the impact of CSR on generating sales is debatable. While many consumers prefer to support businesses that reduce their negative impact on the environment, others prioritise buying products or services that offer the most value.
Although customers will likely appreciate your sustainability efforts, the question remains: can solar-powered CSR lead to higher revenues? According to research by Centrica Business Solutions, 68% of sustainable business leaders believe that sustainability can help their companies succeed and remain profitable in the long run. In contrast, only 29% of followers recognize that sustainability could benefit their organisation.
There are several unexpected benefits to investing in commercial solar energy beyond just enhancing your company’s corporate social responsibility (CSR) image. One of the most notable is the potential to attract more customers.
A 2021 sustainability study by Simon-Kucher & Partners found that 85% of people globally have shifted towards purchasing from more sustainable brands over the past five years. Additionally, one-third of consumers are willing to pay more for sustainable products or services. By demonstrating a commitment to sustainability through solar PV installation, you could increase consumer attraction and demand.
Investing in CSR could also help attract and retain top talent. A 2021 study by the IBM Institute for Business Value found that CSR increases the attraction of potential candidates for a role. Two-thirds of surveyed employees indicated they are more likely to apply and accept a job from an environmentally responsible employer, with 71% finding sustainable companies more attractive.
Furthermore, a 2020 academic study by Coventry University found that CSR can assist companies in achieving competitive advantages and improve corporate performance. Striving for CSR fulfilment can help business leaders satisfy stakeholders’ interests and demands, ultimately helping them achieve their financial objectives.
Investing in solar power not only enhances your company’s corporate social responsibility (CSR) image but can also make you more profitable in other ways. Here are a few examples:
Lower operating expenses
By installing solar PV panels, you can generate your own clean and efficient electricity on-site, which reduces your reliance on expensive grid energy. This helps to lower your operating expenses and enables you to forecast energy spend.
Positive press and stakeholder engagement
Apart from customers, employees, and investors, going solar provides an excellent opportunity to connect with stakeholders even if you don’t have new products to announce. Carbon savings can make newsworthy updates, which are worth publishing in periodic press releases.
Differentiation and competitive advantage
In highly competitive industries, solar power investment offers a unique way to differentiate your business from competitors. While your products may be similar to others in terms of price and quality, a cutting-edge solar power installation sets a great example and provides a competitive edge.
Building competitive advantage and striving for net-zero
A recent guide by Centrica Business Solutions outlines a pathway to net-zero, helping companies to strive toward their CSR and create a better future for their organisation. According to the survey conducted, 75% of organisations plan to implement decentralised energy systems, so it’s important not to fall behind the competition.
Businesses across all industries are experiencing these benefits by adopting advanced energy solutions like solar power. Contact us to learn how solar power can improve your business performance and yield a competitive advantage.