Keeping Your Business Economical Saving Money on Utility Rates

The purpose of every business is to make profit and reducing operational costs and expenses is a great strategy to do so. When expenses are reduced alongside making and increasing revenue, the bottom line of a business does well.

A great way to reduce expenses and cut down costs is to save money on utility costs. With saving money on utility costs, every little bit and amount matters and adds up to the big picture.

When it comes to energy costs, most businesses approach it with a ‘take it or leave it’ attitude, it is considered to be a static phenomenon. This could not be less true, energy costs are not static or unchangeable, you can manage and drive down the costs without much fuss. Here are four ways by which you can cut down on your business’ energy costs.

1.Energy audit:

An energy audit is the first step that you should take if you want to drive down your energy costs. An audit helps you determine how energy is being used in your business as well as where and how it is being wasted. With an audit, you will identify the areas to deal with and how to cut down consumption. To carry out the audit, an energy monitor which can be fitted on your cables or an energy saving power meter are tools you can use. They are also useful in further monitoring usage.

2. Energy usage

Reduction and monitoring: Now that you have carried out your energy audit, the next thing to do is to cut down and monitor the usage of energy. There are several angles to reducing and monitoring usage. On one hand, you need to find out about and implement cost efficient ways of using energy. For example, you could switch to the use of energy efficient light bulbs or you could turn down the thermostat in your office by a degree or two. It would surprise you how much energy you can save by making these changes.

On another hand, it is important to get your team involved with the efforts being made by the company to cut down energy consumption. Educate them about the seemingly little ways by which they can cut down their usage. You do not want them leaving their computers plugged in overnight or throughout the weekend or leaving doors open thus letting out heat when you want the reverse.

3. Contract shopping:

This is one areas businesses are not fully aware of. Most businesses do not know that they can shop for deals and contracts with different energy providers or switch providers even before the contract with their current provider expires.

"It is the customer’s choice and responsibility to begin a new contract with a provider and that with the variety of tarriffs and rates available, you can always shop for and get a better deal that suits your needs." . Phil from Watt explains that it is the customer’s choice and responsibility to begin a new contract with a provider and that with the variety of tarriffs and rates available, you can always shop for and get a better deal that suits your needs.

This means that you do not have to be stuck with the contract your current provider gives you thinking it is the same with other providers or that there might not be a better deal out there that meets your needs. Ever since the energy market was deregulated, suppliers have had to compete very hard as the demand for switiching increased. Therefore, they have had to design a variety of packages for their different customers customers.

4.Bill reviewing:

Read and review your energy bills regularly. A lot of businesses do not do this. It is important to read and review your bills and compare them with your meter readings. Doing this will not only help you understand your usage but ensure that you are truly getting what you are paying for. You need check that you are being billed for exact usage and not for estimates as being billed based on estimated and not exact usage may mean you are being overcharged.

Reviewing your bill regularly also helps with proper budget planning. Implementing the above energy costs saving strategies, which are not exhaustive, will help your business do better financially. If you do not have the time to do all of these, there are energy consultants you can engage that will help you with cutting down your energy costs and help you reach your goal of improving your bottom line.

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