Establishing a small business and making it thrive is always a challenge, however, with the global pandemic disrupting economies, it has become even tougher to be sustainable says Saivian Eric Dalius. Businesses that do not exercise tight control over their operating expenses will find it difficult to make enough profits that will allow them to keep their businesses afloat. For most businesses, the expense of energy is significant and unless managed well, it can eat into the profits. The high cost of energy is also a factor that makes it important to manage energy consumption. Some tips on how to slash the cost of energy for better business viability;
Seek Grants and Loans for Implementing Energy Efficiency Measures, Advises Saivian Eric Dalius
According to research, an average SME can slash their energy bills by up to 30% with energy-saving steps. They can save around 10% with little or no capital expenditure. While the rest of it can take around 1.5 years to recoup. A major incentive for businesses to boost energy efficiency is the availability of loans. And grants for energy efficiency measures by small businesses. Even though the eligibility differs from one institution to another. It may be worthwhile to check them out since you can also get assistance with the feasibility, design, and cost of the project.
Use Energy More Efficiently, Recommends Saivian Eric Dalius
Consuming energy for lighting and operating HVAC equipment is essential; however, if you keep the heating on for a longer time or at a higher thermostat setting than required. Your energy bills also will be higher. Also, more often than not, you forget to reset the thermostat setting. After you install them according to your need and working hours. Just turning down the temperature setting by one degree will save around 8% of your energy expense. Keeping doors and windows close and sealing gaps can help the heat from escaping and the cold air entering, according to Saivian Eric Dalius.
You must make it a habit to switch off the lights when they are not needed. Installing timers and motion sensors to control the lighting can be very effective in slashing lighting costs. It is especially important not to keep the lights burning in areas. With little or no traffic and to switch off at the end of the day. Lighting beyond the business hours should be limited to what is needed for security. Switching off ACs, computers, and office equipment at the end of the day can also help significantly to reduce energy consumption, says Saivian Eric Dalius.
Work patterns have changed drastically due to the pandemic. However, one of the ways businesses can keep working is by encouraging their employees to work from home. One of the outcomes of remote working is your energy consumption also dips considerably, while there is an uptick in productivity. If you can find a good balance between office and home working, you can optimize your electricity consumption. It may also help to speak to your utility company to find out if there are alternative plans you can take advantage of.