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HomeBusiness StrategiesSmall Business4 Tips To Manage Energy Price Increases For Small Businesses

4 Tips To Manage Energy Price Increases For Small Businesses

 Manage Energy Price
Image by jannoon028 on Freepik

Energy prices are at record levels, and many small businesses are feeling the pinch. How can you cope with the rising costs and keep your business running smoothly? Here are five tips to help you manage energy price increases for small businesses:

  • Compare energy tariffs and switch to a cheaper deal. You may be able to save hundreds of pounds a year by switching to a more competitive supplier or tariff. You can use online comparison tools or comparison sites, such as britishbusinessenergy.co.uk, to find the best deal for your business. Make sure you check the terms and conditions before you switch, and avoid exit fees or long-term contracts if possible.
  • Invest in energy efficiency measures. Improving the energy efficiency of your premises and equipment can reduce your energy consumption and lower your bills. You can start by doing a simple energy audit to identify where you can save energy, such as by installing insulation, draught-proofing, LED or halogen bulbs, sensors, timers, or smart thermostats. You may also be eligible for grants or loans to help you fund energy efficiency projects.
  • Change your behaviour and habits. You can also save energy by changing some of your everyday habits and practices, such as turning off lights and appliances when not in use, adjusting the thermostat, using natural light and ventilation, and educating your staff and customers about energy saving. You can also encourage flexible working or remote working to reduce travel and heating costs.
  • Generate your own renewable energy. If you have the space and budget, you can consider generating your own renewable energy, such as solar panels, wind turbines, or biomass boilers. This can help you reduce your reliance on the grid, lower your carbon footprint, and even earn some income from selling excess electricity back to the grid. You can also look into green tariffs or certificates that support renewable energy generation.

How to Save Money on Your Energy Bills in 2023

The year 2023 is expected to be another challenging year for energy consumers, as global demand and supply issues continue to drive up prices. However, there are still ways to save money on your energy bills in 2023, such as:

  • Switch to a fixed-rate tariff. A fixed-rate tariff locks in your unit price for a set period of time, usually one or two years. This can protect you from price hikes and give you peace of mind. However, you may have to pay an exit fee if you want to switch before the end of the contract, and you may miss out on cheaper deals if prices fall.
  • Use a smart meter or monitor. A smart meter or monitor can help you track your energy usage and spending in real-time. This can help you identify where you can save energy, adjust your habits, and budget accordingly. You can also access personalised tips and offers from your supplier based on your data.
  • Claim any discounts or benefits. You may be entitled to some discounts or benefits that can help you lower your energy bills, such as the Warm Home Discount Scheme, the Winter Fuel Payment, the Cold Weather Payment, or the Energy Company Obligation Scheme. Check if you are eligible and apply as soon as possible.
  • Join a collective switching scheme. A collective switching scheme is where a group of consumers join forces to negotiate a better deal with an energy supplier. You can join an existing scheme run by a local authority, a consumer group, or a comparison site, or start your own scheme with your friends, family, or neighbours.
  • Switch to renewable energy sources. Switching to renewable energy sources can help you reduce your carbon emissions and save money in the long run. You can either generate your own renewable energy using solar panels, wind turbines, or biomass boilers or switch to a green tariff that supports renewable energy generation.

Reduce Your Energy Consumption with These Simple Steps

Reducing your energy consumption is not only good for the environment but also good for your wallet. By following these simple steps, you can reduce your energy consumption and save money on your bills:

  • Turn off standby appliances. Appliances that are left on standby mode still consume electricity, even when they are not in use. By turning off appliances at the plug when not in use, you can save up to £30 a year on average.
  • Install a smart thermostat. A smart thermostat can make your heating more efficient by only warming the rooms you are using. It can also learn how long it takes to heat your home and adjust the temperature accordingly. You can also control it from your phone or tablet, so you don’t have to come back to a cold home.
  • Replace old light bulbs with LED or halogen bulbs. LED or halogen bulbs use up to 80% less energy than traditional incandescent bulbs, and last up to 10 times longer. They also produce less heat, which can help you save on cooling costs in the summer.
  • Wash clothes in cold or warm water. Washing clothes in cold or warm water instead of hot water can save you up to £52 a year on average. You can also use eco-friendly detergents and wash only full loads to save more energy and water.
  • Adjust the temperature of your water heater. Lowering the temperature on your water heater by a few degrees can save you up to £30 a year on average. You can also insulate your water tank and pipes to prevent heat loss and save more energy.

Switch to LED or Halogen Bulbs and Install Sensors

One of the easiest and most effective ways to save energy and money on your lighting is to switch to LED or halogen bulbs and install sensors. Here are some of the benefits of doing so:

  • LED or halogen bulbs use up to 80% less energy than traditional incandescent bulbs, and last up to 10 times longer. They also produce less heat, which can help you save on cooling costs in the summer.
  • Sensors can automatically turn on and off the lights when they detect motion or light levels. This can help you avoid wasting energy on lighting unoccupied rooms or areas, and also provide convenience and security.
  • Switching to LED or halogen bulbs and installing sensors can save you up to £35 a year on average, depending on your usage and tariff. You can also qualify for some grants or discounts from your supplier or local authority to help you with the initial costs.

Save up to 8% by Lowering Your Thermostat and Turning Off Your Computers Overnight

Heating and cooling are among the biggest contributors to your energy bills, especially in the winter and summer months. Computers and other electronic devices also consume a lot of electricity, even when they are not in use. By lowering your thermostat and turning off your computers overnight, you can save up to 8% on your energy bills, according to Energy Saving Trust. Here’s how:

  • Lowering your thermostat by just one degree can save you up to £80 a year on average, depending on your home size and insulation. The ideal temperature for your home is between 18°C and 21°C, according to NHS. You can also use a smart thermostat or a timer to adjust the temperature according to your schedule and preferences.
  • Turning off your computers overnight can save you up to £17 a year on average. This will depend on your device type and usage. You can also use power-saving modes or settings to reduce the energy consumption of your computers when they are idle or not in use.
  • Lowering your thermostat and turning off your computers overnight can also help you reduce your carbon footprint and improve your health and well-being. A cooler home can help you sleep better, while a computer-free night can help you relax and unwind.

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