Investment in renewable energy technologies is powered by concerns about the environment, energy security, and financial well-being. Driven by global demand, price uncertainty, and social impacts of fossil fuels, more business, institutional and governmental leaders are turning to renewables as part of their energy mix. These solutions can:
- Reduce carbon footprint
- Reduce utility costs
- Meet increased demand
- Protect against fuel price volatility
- Improve energy security & reliability
- Secure ENERGY STAR® and LEED® credits
- Improve community perception
- Promote environmental stewardship
Renewable energy sources such as solar, wind, geothermal, biogas and biomass can be harnessed to generate electricity and produce heat and steam. They can complement existing systems or be used to achieve energy independence, especially at mission-critical and remote sites.
Programs, policies and legislations exist at all levels of the government – federal, state & local – to increase renewable energy generation and set standards for development. In many cases, significant utility and tax incentives are also available to help defray the high initial cost of installing these renewable energy technologies. Despite these enabling mechanisms and the trend towards lower capital costs for some renewable technologies, first cost remains a significant barrier to growth. According to the U.S. Energy Information Administration (EIA), only 13% of all U.S. electric generation came from renewable sources in 2013.
Renewable energy projects delivered by NORESCO require no capital outlay when associated with an energy savings performance contract. Instead, they are self-funded and can be bundled with other energy conservation measures to optimize overall efficiency, sustainability and savings on site. We evaluate renewable technology options to identify the best solution that meets environmental, financial and operational goals. We also supply the expertise necessary to optimize all available financial incentives.
Customers can also take advantage of NORESCO’s asset management solutions to move the cost and risk of owning, operating and maintaining renewable energy assets to NORESCO or a third party. Using a power purchase agreement, customers can purchase electricity from the third-party seller at a rate that is typically lower than the local utility rate and feed excess power back to the grid. Such rates can be guaranteed for up to 20 years.
LEED® is a registered trademark owned by the U.S. Green Building Council®.
ENERGY STAR® is a registered trademark of the U.S. Environmental Protection Agency.