Sustainable energy can be profitable. That, in a nutshell, is the finding of a GreenBiz Research survey presented in the 2019 Corporate Energy & Sustainability Progress Report from Schneider Electric. And an important key to those profits is sharing data.
“Companies agree that sharing data is important, with those that share the most seeing significant benefit,” the report said. This importance of data sharing stands out in the context of the overall report findings, which are broken up into 5 main topics:
- Funding: Executives that demonstrate ROI (return on investment) and provide strong leadership can overcome perceived obstacles, such as insufficient capital.
- Data: The challenge is to ensure the quality of collected data, and to share it effectively.
- Goals: Setting public targets or goals for energy conservation and sustainability drives motivation and success.
- Energy: Strategic sourcing optimizes usage, yielding significant cost savings in a volatile energy landscape.
- Technology: Energy efficiency and renewables, based on data-driven technologies, are a leading source of ROI.
Ultimately, for a sustainable energy project to succeed, it must provide a solid return on investment. This report affirms the experience of our customers in wind and solar that the better the quality of their data, and the more they are able to share it, the higher their ROI.
For example, a wind farm doesn’t operate in isolation. In addition to the electrical power it sends to the grid, each wind turbine also sends data for its rotor speed, operating state, power output, and more out to control engineers and automated systems to optimize performance. This data can also be integrated with other data arriving in real time. Weather and climate conditions can be introduced, along with real-time market pricing, to generate live, real-time cost/benefit analyses.
Seeking ways to share data
Sharing data like this takes both cooperation and technology. The various players involved have to agree on what to share and how. Reviewing last year’s survey, the report noted that “respondents indicated that 80% of their companies had energy and sustainability data collection projects underway.” And this year “the research finds that more companies are now seeking the most efficient ways to share the data that has been collected.”
We are pleased to see this growing level of awareness of the need for data sharing. At the same time, we actively encourage executives, managers and engineers who are looking for more efficiency in their data sharing practices to consider our approach. It could be just what they need to boost the ROI of their sustainable energy projects.