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NAB recently extended its Quarterly Business Survey to include a set of questions on the use of renewable energy by business.

The survey covers between 850-900 firms across the non-farm business sector ranging from small (35-99 employees), medium (100-199 employees) to large companies (200 plus).

The survey found that only a third of companies confirmed they use renewable energy, and of this group, only 1 in 4 used more than 25% renewable energy in their mix.

The survey also found that cost is considered to be both a major driver and barrier to use. Almost 70% of surveyed firms stated that cost savings were one of the main drivers of use, yet 50% stated costs being too high were a barrier to greater use.

This could indicate that many respondents perceive renewable energy as being more expensive than non-renewable energy suggesting there’s a need for increased awareness of the actual cost of renewable energy vis-à-vis other energy sources. In addition, the social and reputational benefits were also a high driver of use, whilst the uncertainty around government policy was seen as a major barrier.

This paper explores these insights via business, segment, sector and geography and is the first of what will be an annual survey to gauge how Australian business is choosing its energy future.

Download the survey for the full findings

Hear from NAB’s Global Head of Energy, Specialised & Acquisition Finance, about the 2019 outlook for Australia’s renewable energy sector