Solar Panels: Good for Your Brand and Your Bottom Line

Here at iDEAL, we often talk about the irresistible economic logic of solar because we understand that if it doesn’t make financial sense, then no amount of environmental benefits are going to make it an attractive investment for businesses.

Now it’s time for the rest of the story, as more and more businesses are realizing that success is not just reflected in their profit and loss statements.

Solar is Good for Business

Growing social and environmental conscientiousness in the marketplace has led many companies to rethink their mission and become increasingly accountable for impact beyond their balance sheet—including how their processes and output affect workers, customers, communities, and the environment.

In this article, we’re going to look at how solar can help differentiate your business by demonstrating your commitment to reducing your carbon footprint and being a purpose-driven leader. 

1. Reframe Your Mission
2. Attract & Retain Key Stakeholders
3. Lead by Example

1. Reframe Your Mission

With more demand for sustainable and green efforts, companies in every sector are having to look at their "Going Green" plans like never before to meet the necessity growing from their employees, customers and community. Businesses that use solar power can differentiate themselves in the marketplace and attract new customers who appreciate their commitment to sustainability.

Be Environmentally Conscientious

Consumers and stakeholders are increasingly concerned about environmental issues, and businesses that prioritize sustainability are likely to be viewed more positively.

Solar energy is not only environmentally friendly but also provides many benefits to the community, including reducing greenhouse gas emissions and mitigating climate change, which are crucial in order to protect ecosystems. Additionally, solar energy can help improve air quality and reduce water pollution and consumption from traditional forms of energy production. Lastly, solar offers a plethora of health benefits, including reducing lost workdays due to respiratory or cardiovascular problems. 

Be Innovative

Solar power is a cutting-edge technology that is rapidly becoming more accessible and cost-effective. Businesses that invest in this technology are seen as innovative and forward-thinking, which can enhance their reputation and drive further product improvement, ultimately benefitting the customer with better options and prices.

Be Fiscally Responsible

Choosing on-site solar to offset your utility expenses frees up capital that can be put towards making other environmental improvements to the facility and operations. By greening operations, businesses can minimize out-of-pocket expenses, maximize ROI, and build a company culture that prioritizes environmental and fiscal sustainability.

2. Reach Your Key Stakeholders

Public opinion, consumer purchasing power, the speed and transparency of information sharing via social media, and even industry-led activism has made it easier for stakeholders to hold organizations to a higher environmental standard. When that sentiment is present, it has the power to impact who consumers buy from, where they work and who they do business with. 

Win Customers

Did you know that consumers are generally willing to pay more for sustainable products than companies expect? In fact, two-thirds of consumers say they would be happy to pay extra for eco-friendly items.

Whether for-profit or non-profit, people are mostly likely to buy and support sustainable brands because they want to help the environment.

Green Your Supply Chain

Increasingly, businesses are beholden to their customers to have a sustainable story, which puts pressure on their suppliers to make investments in environmental initiatives as they look to green their own supply chains. That’s especially the case for consumer-facing companies but it also increasingly matters in manufacturing.

For business to business relationships, a green supply chain creates partnership opportunities with investors, other businesses and the general public that place value on working with other vendors that share their ethics. 

Green supply chain management (GSCM) has arisen as a set of business practices that allow organizations to improve environmental performance and in doing so, their image. This involves incorporating environmentally-focused initiatives into supply chain management that includes product design, material selection and sourcing, manufacturing practices, and delivery of final products to customers.

From medical device manufacturers to cabinet makers, many Minnesota manufacturers have already dipped their toe in and some dove in head first. Read about four of them here...

Retain Loyal Employees

This goes for fostering employee retention and satisfaction, too. In light of the Covid-19 pandemic, research from Washington University in St. Louis has found that employees place greater importance on employers that share their values.

In a recent report from Unily:

• 83% of employees said they don't feel their company is doing enough to become more sustainable or address climate change
• 65% added that they would be more likely to stay with a company that had stronger environmental policies

People want to work for sustainable companies more than ever before due to the belief that these businesses will take care of them, offer meaningful careers, and lead to higher levels of satisfaction.

Inspire Your Community

Installing solar panels not only shows you care about your stakeholders and the environment, but it also shows your community and industry that you are serious about conservation.

Active people in their communities and city councils have vocalized their concern with climate change and the desire to see businesses and government agencies be more environmentally friendly.

These green credentials act as a visible reminder of your company’s commitment to the environment and fiscal responsibility and can help legitimize your organization as a forward-thinking brand concerned with the world around it. 

Lead by Example with Solar

In the face of significant global issues and high consumer demand, by considering the impacts on all stakeholders, including employees, customers, suppliers, community, and the environment,  on-site solar provides an opportunity for businesses to rewrite their missions to become community leaders and a catalyst for change while gaining a competitive advantage by presenting themselves as purpose-driven leaders.  

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