As summer winds down and we prepare for the cold and rain, you should think about how to save money on your business energy bills. Find out more below.
Submit meter reads
When you pay an estimate of your business costs, you often pay more than you really need to. Make sure that you regularly take readings of your energy meters and send them to your energy provider. This helps to create an accurate reading of your business energy use, which is then used to create your bill. If you are going to follow other tips on our list, but not actually get regular meter reads, you will likely end up paying more for your energy use this winter than you need to.
Install a smart meter
A smart meter is the easiest way to obtain regular meter reads. Since the smart meter is connected via a SIM card, your energy provider should have real-time, up-to-date readings of your business energy usage. A smart meter also gives you accurate details on when your energy use is highest and accurately looks at what your costs will be.
With a smart meter, you can track much more information regarding your energy use. If you find that you are incurring significant energy costs when your business is shut down for example, maybe someone is forgetting to turn down the heat at night. A smart meter can help you spot this.
Check your contract rates
There are many different contract rates for different types of business, different types of energy, and different sizes of business. Pick a contract that works best for you, considering:
- Business operating hours – Peak business hours typically increase your electricity rate. If you work in the evenings or on weekends, you could get a contract where business gas and electric go down in price during these times.
- Business type – There are different contract types for different business types. If you have days where you won’t have any energy usage, for example if you’re a landlord, then consider a contract without a standing charge. Ask your energy provider for the contract types they offer.
There are many things to consider when it comes to your rates, energy consumption, VAT and Climate Change taxes. Take some time to study up on all the regulations regarding your business.
Identify problem areas in your HVAC systems
Take some time to talk about energy saving tips with your energy provider, research online, or just keep an eye on your bill. While you are doing this, look for off-hours uses of gas and electric. These off-hours increases or high energy uses may be a sign that you have problem areas in your HVAC systems. From a boiler check to installing higher efficiency LED lights and room timers for rarely used rooms, there are many ways a savvy business owner can improve their systems.
Make certain that you get HVAC, boilers, and other mechanical systems in your building checked and maintained according to manufacturer recommendations. Your business needs to run efficiently to produce for you, and your energy infrastructure is part of your business.
Get renewable energy
As we mentioned earlier, is your business on a renewable energy plan? Renewable energy can save money by impacting your taxes and credits from the government. Renewable energy also shows that you are committed to a positive interaction with the world around you, which could be a great boost to your CSR commitments.
Are you on a flexible plan? Take some time to look at your energy contract, and see if fixed rates make more sense. Many business energy providers can lock in your price for over a year. This might be a positive way to give you peace of mind as you lock in the cost of your energy for at least a year.
These 6 ways to save money might just make this winter a little easier on your business and give you some extra cash for your upcoming Christmas bonuses.