Energy is one of the biggest expenses of any business, but we are only just now coming to terms with how expensive it really is. According to figures from the government of the United Kingdom, savings of 39 percent were possible through efficiency improvements across non-domestic buildings during the years 2014 and 2015, which represents 3.7 billion pounds that could have been slashed from the country’s energy costs.
What you can Save on
There are a lot of things that you can save money on when it comes to energy. Lighting, heating, ventilation, and air-conditioning are among the simple factors that make energy cost more for companies. Across the sectors of office, retail, industrial, health, and hospitality, which accounted for 71 percent of total energy consumption, a lot of money can be saved.
Of these sectors, industrial businesses were the most inefficient. This industry has squandered the opportunity to save as much as 50 percent. Retail and hospitality could have achieved cuts of more than a third and a quarter respectively. Clearly there are big strides to be made in order to improve energy efficiency, and there are simply things you can do to help your business cut down.
Have you seen your policy in the last three years? When was the last time you switched companies? If you haven’t done so in a while you are likely paying much more than you need to. After about this amount of time, energy suppliers will probably switch you to their default or standard fixed rate without telling you. That means that you will start paying more without knowing it. This is a common practice that can be avoided by paying attention to how much you are paying and looking for suppliers that will offer better prices.
Change your Bulbs
According to the experts at MoneyPug, an energy comparison site, not only can switching to LED lightbulbs save you a lot money, they pay for themselves in months. These lightbulbs are actually cheaper than incandescent light bulbs and use 90 percent less energy than these traditional ones. You can also use timers, lighting controls, and sensors to turn off lights when you don’t need them.
The figures from the government say that lighting accounted for more than a billion pounds of the identified 3.7 billion, making it the largest area where businesses can save. While lighting consumers 20 percent of the overall electricity used in commercial and industrial buildings, it plays a more significant role in the retail and hospitality sectors.
Technology is helping people around the world save money on energy, and one way is to utilize a smart thermostat. These remotely-controlled systems allow you to change the temperature of the entire building or from room-to-room when you’re away. They also have special features that will enhance your energy efficiency. For one, machine learning allows the system to learn about the routines, warming or cooling the house based on what you are doing. Furthermore, it can learn to change the temperature based on the weather patterns. Not only can you save money with a smart thermostat, you can be more comfortable.
Combine Heating & Power
There can be a 20-30 percent reduction in energy use when you combine heat and power according to a Carbon Trust study. For a lot of business, combining the two can be a significant opportunity to reduce total usage. It will also cut down on fossil fuel emissions with on-site boilers and power stations that they import electricity from. However, this is best for large businesses. 4,500 hours of high and constant heat demand is required to make combined heat and power economical.
But whatever the size of your business, there are many things you can do to save power. From switching suppliers, to getting better lightbulbs, to implementing new technology, being conscious of energy costs and doing what you can to cut down will be enough to rid your business of extraneous costs related to energy usage. You don’t have to overpay any longer, find out how you can save and make the necessary changes. You won’t regret it, you will see the difference in your pocket book.