Renewable energy is now more accessible and affordable because of the growing demand for sustainable development. Many developing countries today want renewable energy as their primary energy source, leading to heightened global awareness and support for curbing the climate crisis.
2024 will be a year of growth for renewable energy services, with emerging trends and innovations like:
- Green hydrogen
- Tech advancements
- Energy storage improvements
- Growing government support
The renewable energy sector has also grown and become increasingly competitive. Thus, providers must think one step ahead to ride that growth successfully.
To compete in such a fast-paced market, analyzing your performance metrics or Key Performance Indicators (KPIs) is essential.
KPIs are numerical metrics that give an overview of operations.
These metrics vary depending on the industry, department, or operations. They help you track various business aspects, including:
- Finances and budget
- Employee performance
- and customer satisfaction
KPIs in Renewable Energy and the Role They Play
Renewable Energy performance metrics give you an in-depth look at the state of your clean energy projects. They give you the insight necessary to make informed business and investment decisions. These metrics can measure your project’s financial status, operational performance, and environmental impact.
Here are several renewable energy KPIs you should watch out for:
- Capacity Utilization Rate (CUR)
CUR measures the energy production rate as a percentage of the maximum possible output. A high CUR rating indicates your business uses its assets more efficiently.
- Levelized Cost of Energy
This metric compares different energy generation methods to measure a power source.
- Return on Investment
This industry-standard KPI measures profitability based on the money your business gains from investments in building and operating business assets.
- Energy Payback Time
This KPI evaluates the longevity performance of an energy system.
- Power Purchase Agreement Prices
This KPI monitors the prices of legal agreements between energy providers and buyers. It also indicates the financial status of your renewable energy business.
- Load Factor
This KPI compares your power plant’s regular output with its output at full capacity. It also indicates operational efficiency by measuring your plant’s capability to run at full capacity for extended periods.
- Maintenance Cost per Unit
This KPI shows the cost of maintaining each unit of capacity. The lower your maintenance cost per unit, the greater your efficiency.
- Energy Storage Capacity
Tracking this KPI lets you assess if your business can meet energy demands during low-production periods.
- Operational Efficiency
This KPI measures energy cost savings based on the efficiency of the conversion process from input to output.
- Carbon Reduction Value
This KPI monitors your company’s environmental impact based on the amount of its carbon emissions. You can convert this metric through carbon credits.
Consider relevant outsourcing KPIs before partnering with a BPO to handle essential services. Investigate metrics like operational performance and customer experience.
Categories for Outsourcing Metrics
Here are four ways to categorize critical outsourcing metrics.
Customer Experience
Customer experience KPIs determine how your business’s CX translates to your consumers.
You can analyze your CX metrics by surveying your customers and asking for feedback on:
- Customer satisfaction
- Quality of service
- Customer loyalty
- Convenience
Employee Productivity
These metrics give an idea of your team’s efforts in resolving customer concerns, paving the way for more improvements in agent performance.
This category includes:
- Active waiting calls
- Agent effort score
- Average talk time
- Calls answered per hour
- Total resolution time
Call Inception
This category determines customer impressions before interacting with customer support.
Metrics in this category include:
- Response time
- Hold time
- Call abandonment
- Service level
Operations
Operational KPIs let you track crucial data on daily operations and team objectives.
Here are some examples of metrics in this category:
- Cost per call
- Call arrival rate
- Repeat call rate
- Peak-hour traffic
Best Practices in Reporting Outsourcing Performance
What comes next after defining relevant KPIs for your business goals?
You must implement the right tools and methods to maximize collecting, analyzing, and verifying critical business data. You can use software, meters, documents, and standard protocols.
Commit to improving your performance and maintaining transparency and accountability.
Follow these best practices when reporting business performance to key stakeholders:
- Provide relevant information backed by accurate, reliable data.
- Emphasize key findings.
- Align the report with previously set goals and standards.
- Provide a comparison between industry peers or targets.
- Utilize different communication channels and formats.
Proven Expertise in Renewable Energy Outsourcing
Clean energy is one of the fastest-growing and most complex industries today, and it will only get more complicated moving forward.
When looking for a renewable energy outsourcing partner, choose one with the knowledge and expertise to guide you through the industry’s complex waters. Find a complete BPO solutions provider for the renewable energy sector that can solve pain points at all stages of the process, from permit application to licensing to after-sales support.
Partnering with the right industry expert will help propel your business’s growth.
ClearSource’s solutions drive lasting success for its renewable energy partners. Our exceptional support system covers all aspects of your sustainable energy business, from support to project management and back-end functions.
Want to know more about our renewable energy outsourcing services? We’d love to hear from you!
