The Growing Push to Finance Renewable Energy in Office Buildings

Across the U.S., stricter laws around carbon emissions are continuing to be passed by cities and states. As those laws proliferate, office building owners and developers are being forced to reckon with the energy source of their properties, which in many cases, are fossil fuels that are costly, will eventually run out, and don’t align with the new regulations. As a result, renewable energy sources like wind and solar are in big demand.

New office developments are incorporating renewable energy sources into their new projects more than ever, but while the decision will eventually lead to cost savings and energy reductions, it can be expensive upfront to build out for both new and existing buildings. In addition to new rules around emissions, many companies made ESG commitments of their own around emissions reductions and energy efficiency, increasing the pressure to upgrade to renewable energy sources. Fortunately, there are tools that can help. Programs like the locally-operated C-PACE model that is being activated in more states around the country and federal tax deductions that were recently expanded to incentivize more renewable adoption are helping office owners meet their commitments while making clean energy pencil out. 

Greener pastures

Renewable energy sources like solar and wind have been growing rapidly on a global scale over the last several years. Since 2015, the number of wind and solar farms has exploded, jumping from 1.7 percent of global electricity generation to 8.7 percent between 2010 and 2020, a number far higher than what experts had previously predicted.

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