If you have been in a car over the last few months, chances are you have noticed the dramatically reduced prices for a gallon of gas. This is tied directly to dropping rates for oil around the world, so consumers are now experiencing the cheapest gas in years.
Crude oil prices have basically been in a free fall since July 2014, with it dropping to $45 a barrel toward the end of last week. While this is certainly welcome news for consumers at the pump, it isn't so welcome for clean tech companies around the country. When oil prices are low, they have to scale back.
Here are a few ways they can survive these low oil prices:
- Diversify your investments: While you will want to have a lot of your money in clean technology, it never hurts to expand your company into other areas and find other revenues. This is especially true if you have a high number of investors.
- Educate consumers: There is a notion out there that making upgrades to clean technology is too costly for the average person. As this is simply not the case any longer, it is important to get the appropriate information out to potential customers.
- Shift focus away from cost: Instead of putting all of the emphasis on how much consumers are paying for their energy, be sure to focus on other benefits of clean technology as well. This means promoting health and wellness, particularly if you are a residential energy efficiency company.
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