From wind to solar and everything in between, renewable energy is growing. And in doing so, slowly but surely encroaching on the reach of traditional energy methods. However convenient and clean, there are still some downfalls to doing power the green way. If you’re looking to get involved in this field, its best to understand its ups and downs beforehand. Here are all of the pros and cons of working in renewable energy.
The Pros of Working in Renewable Energy
Renewable energy is a growing industry
One of the pros of working in renewable energy is that it is projected to grow indefinitely. The International Energy Agency predicts an overall growth of 12.4% by 2023 – with the electricity and power sectors leading the way.
While the industry is growing, many environmental professionals say it’s not growing fast enough. Large corporations are being encouraged to invest in using renewable energy in their businesses, paving the way for large energy contracts to be signed between green power companies and major retailers.
Renewable energy is abundant and stable
Renewable energy is just that – renewable. Wind, water, solar and other forms of green energy are plentiful on our planet. Unlike finite fossil fuels, renewable energy is, in theory, infinite. Unless the sun burns out, these forms of renewable energy will continue to provide infinitely.
In addition, renewable energy sources are not highly reactive like fossil fuels and radioactive energy plants. They provide increased safety for those who work there.
Renewable energy is technology-based
Another pro of working in renewable energy is that it relies solely on technology for harvesting and transport. While other forms of energy like oil and gas require continuous manual labor to be extracted and produced, renewable energy can be gathered and shared using technology alone.
Technology is constantly being upgraded and improved upon. Harvesting renewable energy will only become more efficient and cost-effective as time goes on.
Renewable energy has low maintenance requirements
Renewable energy technology often requires less physical maintenance than what is used in other fuel sources. Several renewable energy sources, like solar panels, have little to no moving parts that could break easily, get stuck or need to be repaired.
In addition, most green energy sources are also not inherently flammable like fossil fuels or coal, meaning there is less chance of damage to the energy structure itself. Another pro of renewable energy is that the low maintenance requirements mean less manpower allotted to repairs, which keeps money in the pockets of the renewable energy company.
Renewable energy promotes energy independence
Unlike other energy sources, renewable energy in one of its forms can be harnessed all over the world. This means using renewable energy gives countries less dependence on others who geographically have control of traditional fuel and its prices.
The Cons of Working in Renewable Energy:
Renewable energy has higher upfront costs
One of the cons of working in renewable energy is that startup costs are more expensive than other energy systems. This can be blamed on the fact that newer technology often is costlier than other, older methods. As time goes on and more businesses occupy the renewable energy space, this cost can be expected to go down.
Despite the more expensive upfront costs, companies that decide to utilize renewable energy occasionally receive tax credits and rebates to offset the initial expense.
Renewable energy has geographic restrictions
Despite being able to be harnessed across the globe, only certain environments are suitable for different kinds of renewable energy. A wind turbine cannot be placed somewhere where there isn’t wind, a hydroelectric pump can’t exist without water, solar panels need the sun to create energy, and so on.
Many consider the geographic restrictions one of the cons of renewable energy, but often one specific area that is suitable for green power can supply energy for all of the surrounding non-suitable spaces.
Renewable energy requires storage
Renewable energy doesn’t work the same as traditional energy sources. Normally, homes and businesses are plugged into a local energy storage grid that can always be accessed. However, since renewable energy isn’t as popular as traditional energy, there is no “community energy grid” to store renewable energy when it is not in use.
This con of renewable energy means homes, businesses or communities looking to implement green energy sources need to have back-up and storage properties built-in addition to having the energy harvester itself installed.
Renewable Energy Factoring
Whether you’re just getting into the industry of renewable energy or are an existing company working in the green energy sector, Factor Finders can help you find funding.
Work outside of your net 30 contract by selling unpaid invoices in exchange for a cash advance. Get the funding needed to make payroll, purchase equipment or cover expenses during testing or research periods without worrying about going into debt or pulling money from personal accounts.
As long as your company has B2B invoices, invoice factoring through Factor Finders can help you.
Have questions about how factoring works, or how factoring can help your renewable energy business? Give us a call. We have experienced personnel on the line willing to assist you.
Want to get a free factoring quote? Fill out this online form and we’ll get in touch with you.
