Let’s face it, the world is currently in the claws of an energy crisis, with a lot of headlines reminding people every day about bleak predictions about the future costs of electricity and gas supplies and the financial squeeze of the soaring energy bills.
But Where Do Business Firms Fit In This Picture?
There are several ways that experts, such as Stephen Taylor, have suggested businesses may use to survive the soaring energy bills. Some of these ways include:
1. Carry out Energy Audit
You won’t be able to start minimising energy prices if you have no idea where you are losing cash currently. Energy audits aim to identify all the areas where the use of energy has negative financial impacts on your business.
Effective audits of energy present details in a way that will be easy to comprehend and suggest actions, which you may consider to minimise your usage.
While an audit takes around four or six hours, it may depend on building size. Some energy suppliers even offer free audits as part of their services.
2. Monitor Energy Waste and Consumption
Businesses right now may minimise their energy costs through energy monitoring and management. Energy management refers to optimising, controlling, and monitoring energy in an organisation or building site so as to satisfy both environmental and economic requirements.
Businesses also have a chance to identify where their energy is confused with advanced monitoring systems. These help spot all inefficiencies in a matter of seconds, allowing businesses to address them immediately.
3. Use Battery Energy Storage
Simply put, the volatility of energy prices is basically here to stay. And developers and businesses, especially larger ones, have to look for ways to hedge their exposure and reduce it directly.
Most can benefit from installing flow batteries, enabling them to produce their own low-carbon and low-cost power-on-demand.
At the policy level, governments may continue ramping the policy support for measures by introducing incentives and grant schemes so as to allow end-users to take control over power consumption and generation.
4. Negotiate Better Deals
It might sound unlikely in this current crisis, but every business is still encouraged to consider shopping around for various energy deals.
It is not surprising to hear that a couple of options, as well as chances of getting better energy deals, are very low currently.
With the right and better approaches, it will be possible to shave a bit off what you can end up paying if you consider negotiating.
5. Use Smart Metres
Taking metre readers might be hard when running a business. But taking readings now and then only will make it difficult to know when to use energy and where you are wasting it.
Installing smarter metres can give you control over how you use energy. It will also let you see how much you spend on energy.
Many governments are considering proposals to encourage the use of low-carbon electricity generators. This may allow businesses to minimise their energy bills. Plus, regulators are examining different options to cut the connection between the wholesale prices of electricity and gas.