Rising energy prices are a fact of life, and although businesses around the UK are hurting, there is no other way but to cope and strategise. Electricity and gas consumption make up a huge chunk of every company’s monthly expense which makes it a top priority for every business to consider possible ways to reduce consumption, or at least pay less each year.
Becoming energy aware also helps companies find solutions to the ever-increasing cost of operations, while at the same time developing higher consciousness and acting to reduce overall carbon footprint. For companies with services that rely heavily on business utilities such as the hospitality industry, manufacturing, and healthcare, here are tips that may help reduce energy consumption.
Price comparison and switching utility providers
It is a simple enough suggestion, yet often overlooked by many companies around the country. If you allow the current tariff to roll over for another renewal period, your current utility provider will put you on a higher rate. An ideal time to start looking into the option of switching your current provider is before your contract end date.
There are three ways to switch – use a comparison website, contact a broker, or directly reach out to the provider. Although one of the big six is the obvious choice for most, you may also want to consider smaller suppliers for an opportunity to get better rates and better service as well.
Get smart with a digital meter
A smart meter records your daily energy consumption which you can also monitor using an application installed on your phone or computer. A smart meter eliminates estimated readings, which means you are assured that you are only paying for what you consume.
By being able to monitor your company’s energy consumption daily, you can use the information to determine why energy consumption spikes and what you can do to curb it. Smart meters provide valuable data which helps with analysing the problem and coming up with realistic solutions on how your company can save on utility expenses.
Enforce changes that promote energy-efficiency
Changing behaviour is an effective method to reduce company energy consumption. Even simple policies such as encouraging employees to turn off all electronic devices when not in use and putting timers on lights will have a significant impact on the company’s spending over time.
To enforce energy efficiency measures, some companies reward positive behaviour and green habits; thus, fostering a new culture within the company aimed at lowering energy consumption and reducing its carbon footprint.
Invest in long-term savings
A more radical approach to saving money on business utilities is by investing in facilities for on-site production. Renewable energy sources such as wind and solar power are excellent alternatives to relying on utility providers for energy. Although this option does not come cheap, it is possible for larger companies to have the resources to invest in such facilities. On the other hand, small businesses can take a less aggressive approach by making sure that company resources such as appliances and light bulbs have a high-efficiency rating.