Cutting Down Your Business's High Electricity Bill: Strategies and Solutions
Every business owner knows that managing overhead costs is crucial to maintaining profitability, and with electricity prices increasing by 42% in the last two years, it’s more important than ever to be extra cautious with your utility bills.
There are several strategies and solutions available to help you bring that bill down and keep your business running efficiently. Here's what you can do if your electric bill is too high:
Audit Your Energy Usage:
The first step in reducing your electric bill is understanding where your energy is going. Conducting an energy audit can provide you with this valuable information. You can hire a professional to do this, or you can do a simple audit yourself by identifying which circuits and equipment are using the most energy and determining whether efficiency measures can be put in place.
Read Your Electric Bill:
Many business owners don’t dig deeply into their utility bills because it is just normal to get them and pay them. But even simply monitoring your kWh usage and comparing against corresponding periods will give you an indication if standards are slipping. And the little snippet that shows your peak demand periods is a really good place to start when thinking about reducing those expensive kW charges.
Install a Programmable Thermostat:
Heating and cooling costs often constitute a significant portion of a business's electricity bill. A programmable thermostat allows you to control your HVAC system efficiently, reducing energy usage when the building is unoccupied. By simply adjusting your thermostat, you can save a substantial amount on your electricity bill.
Use Natural Light:
Take advantage of natural light as much as possible. Design your workspace to allow for maximum sunlight, and reduce your dependence on artificial lighting. Not only will this cut down on your electricity bill, but natural light can also improve your employees' mood and productivity.
Consider Alternative Energy Sources:
If your electricity costs are consistently high, it might be time to consider alternative energy sources. Solar power is a viable option for many businesses. With the Solar Investment Tax Credit (ITC) now providing a 40% tax credit for systems installed from 2022 through 2032, plus other incentives that take the available discount to 77%, it's an excellent time to consider going solar. Not only will you be reducing your electricity bill, but you'll also be making a positive impact on the environment.
A high electricity bill can be a significant concern for businesses, but it doesn't have to be. Remember, the key is to take a proactive approach towards energy usage in your business. With these strategies, you'll not only see a reduction in your electric bill but also improve your business's overall efficiency and sustainability.