The triple bottom line is a popular phrase that refers to a company not only focusing on their financial bottom line but also how their business affects the environment and society. Business owners are tasked with yielding acceptable results in each category, which can be a formidable task. Achieving goals in each of these areas takes a lot of time and effort, however one practical way to make it less daunting is to consider participating in community solar.
What is Community Solar?
Community solar, also known as shared solar, allows multiple community subscribers to share in the benefits of a single solar facility and receive credits on their electricity bills for the power generated by their portion of the solar array. It enables individuals, businesses, and organizations that are not able to install solar on their own property to access the benefits of renewable energy. With no onsite installation required and zero cost to enroll, it makes it an easy and appealing opportunity.
Some inherent benefits of participating in renewables, particularly through community solar, include increased access to solar energy, cost savings, emissions reduction, local economic benefits, educational opportunities, and shared resources and scalability.
Triple Bottom Line Impact: Profit, Planet and Society
Enrolling in a community solar program, you can impact the triple bottom line requirements—profit, planet, and society. Enrolling in an agreement, you benefit from on-bill credits (profit), reducing emissions through renewable generation (planet), and embracing local economic impact and educational influence (societal).
A few more details:
- Profit. When enrolled in a community solar agreement they typically last between 15-20 years. In that time, you agree to be an off taker of the electricity that is generated in the developer’s solar facility. Under the agreement, typically there is a 10-15% discount on the entire electric bill, which can be quite significant. With a 10-15% cost reduction, it can have a real impact on operating costs and profit margins.
- Planet. As an off taker of electricity that is generated by a renewable source, such as the sun, your business can reduce its emissions and carbon footprint in support of your sustainability goals. By being under a community solar agreement you can substantiate your business’ commitment to clean energy and sustainability and demonstrate the steps you’re taking to be a greener and more sustainable company in route to achieving your emissions reduction goals.
- Society. Participating in community solar is a commitment to investing in your local community including more local generation, jobs, education, and the local economy.
Overall, community solar empowers individuals, businesses, and communities to participate in renewable generation, and allows greater access to the benefits of solar power while helping to reduce operating costs, support sustainability initiatives, and contribute to a more sustainable future.
Community solar truly does appear too good to be true given the benefits when enrolling in an agreement. However, there is a downside given the scarcity of community solar opportunities in New England. This is where Freedom Energy comes in. Our specialized Renewables Program Team is continually scouring the market and identifying new opportunities with new developers. Availability for community solar projects books very quickly so it is very important, if interested in participating and enrolling in a project, to always have your Energy Advisor on the look-out to advocate for you at a moment’s notice. For more information, please contact your Freedom Energy Advisor or email us at email@example.com.