Energy prices are spiraling out of control all around the world. Part of the reason why is that fossil fuels are being phased out and nuclear generation is also falling out of favour due to safety concerns, particularly after the Fukushima disaster in Japan.
The issue is that while the world is pulling the plug on coal and gas, large scale renewable technology is still catching up and the shortfall in Megawatt hours of energy generated has still not been filled.
One of the solutions to this is behind the meter generation. What does this involve? Larger businesses tend to have a lot of rooftop real estate that is not utilised and one of the best returns on investment that a business can make is install photo voltaic panels on the roof. Systems usually work in such a manner that all electricity generated goes straight back into feeding the business’ needs on a real-time basis.
But at times when peak power generation is excess to demand, the electricity generated can be sold back into the grid. Some new companies are setting up block-chain systems whereby you can also trade with your peers with households and businesses purchasing electric power directly from you.
This involves a small capital investment for the software to be hooked up to the solar power generation system, but the returns on investment are good and the system pays for itself after just a few years.
The world is moving towards renewable energy as being the sole provider of power and waiting too long will mean that businesses will fall behind. Research studies have also consistently shown that customers are also willing to reward businesses that are powered by renewable energy.
Because most energy retailers are privately owned, their prices are subject to market conditions and this is why it is advisable to become self sustaining with energy generation.