SHREVEPORT, LA / ACCESSWIRE / March 19, 2024 / At this point in the 21st century, the benefits of clean energy are no longer contested. Renewable energy technology has grown dramatically in the last decade, and innovations like microgrids have gained widespread popularity. A microgrid is a small-scale power grid that serves a localized area, typically consisting of renewable energy sources like solar panels and energy storage systems. Unlike traditional electrical grids that rely on centralized power generation, a microgrid is able to operate independently and can switch between different sources of energy depending on demand.
According to a projection by Wood Mackenzie, the U.S. microgrid market is expected to experience a CAGR of 19% annually until 2027. Over the past five years, approximately 7% of the total renewable generation deployed in the United States has been associated with the implementation of microgrids. One of the key advantages of microgrids is their ability to greatly improve electrical reliability and resilience, which is particularly valuable at a time when the occurrence of electricity outages is on the rise. In the event of a grid failure, a microgrid can seamlessly take charge of operations within a specific area.
This surge in popularity can also largely be attributed to the adoption of new business models within the microgrid industry, which shift the upfront costs away from the end user. As a result, microgrids are increasingly being chosen as a favorable option for organizations seeking to promote green initiatives and those aiming to mitigate the impact of costly electricity outages. However, the path to effectively make the shift to renewable energy is not always clear or obtainable for smaller enterprises. That's why companies like Correlate Energy Corp. (NASDAQ:CIPI) can play a big role in increasing access to solar and microgrids.
Making Sustainability Profitable
Correlate is a company that focuses on making sustainability profitable for organizations. The company's platform offers a program and process to help improve the net operating income of buildings while meeting Environmental, Social and Governance (ESG) goals. Correlate identifies cash flow positive energy solutions, designs and manages upgrades and monitors performance over the long term. The company's platform also includes a customized operating strategy, a software platform for monitoring building performance metrics and flexible funding mechanisms that don't require upfront capital expenditure.
In other words, Correlate is making it feasible for companies to transition to cleaner energy while taking the burden off of those companies to make it happen successfully. Correlate works with existing vendors to ensure all parties are aligned toward sustainability and profitability goals. The company currently caters to organizations with over 1 million square feet of space or those spending more than $500,000 per year on energy.
As microgrids continue to rise in popularity, Correlate can potentially leverage this increased accessibility to provide even more opportunities to companies it partners with. More microgrids around the nation translate to more companies being able to transition to solar energy without breaking the bank. If microgrids are the way of the future, Correlate seems poised to be an industry leader in that future.
Featured photo by Manny Becerra on Unsplash.
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SOURCE: Correlate Energy Corp.