When is the last time you’ve looked into the rebates or tax incentives that are offered for your manufacturing business? Have you checked in the six months? A year? Or has it been even longer than that?
If you’re working on transitioning your manufacturing business into a greener process, you need to check out those statewide incentives right now, because there’s a chance you could be missing out on some seriously beneficial grants, loans and tax exemptions. For example, a lighting manufacturer can receive up to $3.3 million in combined grants and loans if the business qualifies and is actively looking to manufacture energy efficient and energy renewable products. Many of these incentives can qualify businesses that are simply looking on new ways to become green.
Green manufacturing efforts have shown to work quite well alongside lean manufacturing work—both involve reducing unnecessary waste while often simultaneously cutting costs. Many of the most effective green manufacturing changes are very simple by design. Pushing for better or more accurate recycling practices reduces waste, and recycling some products, like aluminum, will give your business rebates or tax breaks for your effort.
Additionally, increasing worker safety also has an unexpected side effect of increasing your green efforts. Dangers in the workplace can also lead to mistakes or spills, which in turn can make your business more hazardous and require additional professional cleaning. By following proper worker safety regulations, both your employees and the environment are at less of a risk for injury.
As an interesting side note, customers have begun looking at green businesses more favorably than others. Previous research has shown that customers are more likely to buy from businesses that they know have positive environmental efforts than those that don’t.
Finally, these efforts can be rewarded in the long run. Depending on the effort, both state and federal offer grants, rebates and tax breaks for environmental improvements in manufacturing. Additionally, developing new, greener products and processes can qualify your business for Research & Development tax credits.
To learn more about how NJMEP can develop your business’ green or lean manufacturing plan, click below!