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How businesses can combat rising energy prices
Rising energy prices are undoubtedly the biggest issue facing most businesses across Yorkshire and the rest of the UK. While we’d all like to bury our heads in the sand for a little while, businesses simply can’t afford to ignore the increase in costs.
In this post, we’ll discuss why you need to combat rising energy prices and some ways to do so.
Why is action needed?
In the past, when your energy bills went up, the advice was to shop around and get a better deal. Unfortunately, that’s not a practical option in 2022 – as the price rise isn’t just from your supplier. Wholesale energy prices have risen due to a global shortage following the pandemic, made worse by the ongoing conflict in Ukraine and rampant profiteering from big energy companies.
The government responded by increasing the price cap, which has since been limited by the new Prime Minister, Liz Truss. Unfortunately, that cap doesn’t apply to businesses, with many reports of eye-watering charges well above the caps per unit for domestic customers. That’s why it’s more important than ever for businesses to cut down on their energy use. Here’s how…
Invest in the long-term
For years, we’ve been told that energy-efficient appliances pay for themselves over the years. That’s because they use less electricity or gas, in turn saving you money on your bills. It was true then, but it’s even truer now!
With gas and electricity costing more, those savings will be bigger, meaning you’ll recoup your investment over a shorter period. Anything after that is all yours. Here are some of the main candidates to consider:
- · Heating systems
- · Cold appliances – fridges and freezers
- · Wet appliances – washers and dryers
- · Lighting
Make the most of energy-saving schemes
It’s also worth considering the things you’re already doing. All large organisations have to monitor and report on their energy use for the Energy Saving Opportunities Scheme (ESOS) and Streamlined Energy and Carbon Reporting (SECR).
But are you making the most of those opportunities, which were both introduced to encourage energy-efficiency?
Rather than ticking boxes and getting your obligations out of the way, you could benefit from some expert insight for both ESOS and SECR. With the right team on your side, you can take a data-driven approach that helps you reduce your energy usage and really combat those rising prices.
Offsetting costs by saving on the road
Of course, it’s not just gas and electricity that have shot up in price. Diesel and petrol have increased by around 50% in the last year or so. While it won’t reduce your energy bill per se, investing in more fuel-efficient cars can offset the higher cost of energy bills. Electric vehicles are the ultimate alternative in this respect, with the typical electric car costing less than half per mile compared to its average petrol counterpart. If your business has a fleet, switching to electric with on-site charging facilities could counteract those rising bills.
To find out more about the energy-saving measures mentioned in this article, visit: