More than one in two small business owners say money is the biggest barrier to going green. Things like upgrading to solar panels, updating an inefficient HVAC system, and even replacing old lightbulbs can add up quickly.
But green experts say these initial costs are investments—and the return on investment is evident. For example, switching to LED lighting has an average payback period of less than 12 months. The US Department of Energy estimates that widespread LED usage would save more than $30 billion by 2027. And because LED lights last 25 times as long as incandescent bulbs, they need replacing a lot less often.
Good for the planet, good for business
Beyond energy savings, studies show that going green isn’t just good for the environment, it’s good for business. Today’s consumers care about supporting businesses that care about the environment, and they’re willing to change their consumption habits or spend more to do so. In the US alone, 61% of consumers say sustainability is a top criterion when making a purchase. And more than one-third are willing to pay up to 25% more for sustainable products.
For business owners struggling with money, resources, and time, taking steps towards sustainability can be as simple as shutting the lights off in favor of natural light and making sure computers or displays are powered down at the end of the day. Small drops, yes, but many small drops make waves.
Find more tips for going green on the QuickBooks Blog or visit the QuickBooks SME Climate Hub for additional resources. Check out the Intuit Climate Action Marketplace to browse green business resources curated for small businesses and vetted as low-cost and simple sustainability solutions.
Small Business Insights Survey, March 2022
QuickBooks commissioned Qualtrics to survey 2,031 small business owners and decision-makers ages 18+ throughout the U.S. in March 2022. Respondents’ businesses have up to 100 employees and more than $5,000 in annual revenue. Roughly one in four (29%) are brick-and-mortar businesses. The remainder describe themselves as omni-channel, multi-channel, or primarily online businesses. Almost a third (31%) are product-based businesses, more than two in five (44%) are service-based, and the remainder sell a mix of products and services. One in two (50%) are located in urban areas while the remainder are in rural or suburban locations. Percentages have been rounded to the nearest decimal place. Respondents received remuneration.