The price of energy for homes and businesses is increasing every year. These costs are getting harder and harder for businesses to control, especially small businesses and start-ups.
There are a number of reasons for the increases in energy prices. The push towards green, renewable energy sources like solar power and wind is a more expensive way to produce energy and these costs are being passed onto consumers. There is also an increase in taxes on carbon intensive energy sources in order to make renewables more financially competitive in the energy market.
These costs are beyond an energy consumer’s control, and so both home and business energy users are faced with paying increasing energy costs year-on-year.
There are a few steps anyone can take, however, to make savings on their energy bills and hopefully accumulate enough savings on energy to mitigate the increasing costs. Here is a quick guide to three ways any business can save money on energy costs.
Switch to Energy Efficient Appliances
Making the switch to energy efficient appliances can make a huge difference to a company’s energy bill, especially if the business uses a large number of appliances.
Even making the simple switch to energy efficient lightbulbs can make a big difference to your energy bills, but if the business uses personal computers to get the work done, you can save hundreds of pounds a year by switching to energy efficient PCs and monitors.
Get a Better Deal from Energy Suppliers
Finding a cheaper supplier for your energy is one of the quickest and easiest things you can do to save money on your business energy bill.
Just like the home energy market, the business energy market is very competitive with some suppliers offering great value prices for business electricity. If you compare some prices on the market, you could find you can save hundreds of pounds a year on energy.
Invest in On-Site Solar Power and Battery Technology
Generating your own electricity using solar panels can save your business thousands of pounds over the lifetime of the panel, and paired with a battery system, you can save even more.
Solar power paired with a battery system can quickly pay for itself within just a few years, making it a worthwhile investment for any business, and can sometimes create a new revenue stream. Some users of solar and battery technology have reported receiving a cheque from energy companies instead of a bill, as they can produce more electricity than they use.
If you are running your own business, or managing one, you have a fiduciary duty to control costs where possible and save money to be reinvested in the business.
With the constant increases in energy costs showing no signs of slowing, business owners and operators need to do all they can to help cut costs and stop their energy bills eating into their profits. Hopefully this quick guide has given you some of the information and ideas you need to make changes yourself, and save your business money on energy.