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HomeFinance and AccountingBudgeting and Cash FlowHow businesses can save time and money with effective utility management

How businesses can save time and money with effective utility management

What comes in your mind when you hear about managing utilities? You might think that turning off the air conditioners once in a while and switching off lights when not in use could cut a huge chunk out of your bill. Well, that might sound true, but what about those business entities? Can they manage the same utility management as what everyone does at home?

According to business reviews, small and medium businesses represents 90 percent of all businesses and can consume 40-50 percent of the nation’s energy. These types of consumers need to think more of a better way to effectively manage their utility bills. While some corporations still considers this as low priority, there are more who embraced energy efficiency practices and have been gaining profits out of it.

Things to consider.

  • Invest in renewable energies

There are many forms of renewable energy present these days and most of these depend on natural resources. The most common is Solar energy. This type of energy can be collected and converted into a few different ways. Investing in such systems today can be very beneficial and can reduce risks from a company’s rising retail prices. Several huge corporations such as Macy’s, Apple, IKEA, and Amazon are already benefiting from having a sustainable energy source and has guaranteed to have saved billions of dollars annually.

  • Save costs by working with a utility management company

Utility management companies will have extensive technical knowledge and expertise to advise you on how to come up with a good utility management strategy. They will audit your entire business process to quickly see where problem areas and good ways to improve them.

Using a utility management company can streamline your processes to reduce energy spending or find newer ways of cutting usage. For example, they can advise on how to consolidate your existing utility expenses and get the best possible deal.

  • Investing in smart controls

Just like when you’re at home; you tend to cut down energy when not in use. Smart control works the same, only smarter.

It uses a combination of sensors like light, humidity or movement sensors. As technology evolves, the possibility of having a cost-efficient appliance also gained a reputation in today’s market. May it is a smart thermostat, lighting, heating or a smart security camera, these new technologies guarantees savings of energy to 40 percent. For corporations, automating the lights and climate control to save energy not only benefit its pockets but it helps improve employees productivity too.

  • Negative over Positive

Getting the value of “negawatt” instead is the key. This is an amount of electrical power saved that was coined by the chief scientist himself, Amory Lovins in 1985 (source via Wikipedia). By establishing this, it will give the company an insight as to how much energy can be saved in a year, then converts it into its equivalent – profit. It encourages businesses to be aware of the energy consumed by an establishment, thus prevents utility bill surge.

Corporate executives can just choose one from these suggestions or a combination of all. But managing energy use—whether it’s within a full-scale corporation or just a single property— is as important as managing any other type of operating costs. As time goes on and utility bills rise, effective management of energy saving will become an imperative whether we take it or not. By embracing this practices as early as now, companies can significantly save money and may have a chance to create more businesses, provides a good hiring rate to a community of employees and at the same time, helps save our environment.

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