You are most likely aware of the increases in the price of electricity, water, and other utilities. Energy prices have soared meaning that average business energy bills in London have increased by over 100% in the last seven years (statistic according to Bonhill Group.) This means that for most London businesses, gas and electricity charges now make up a considerable chunk of their monthly outgoings. These figures may seem alarming but there are ways that you can save money on your energy bills. It’s important to remember that whenever you save energy within your business, you are also saving money. Here are our top tips on how you can make your London business more energy efficient, reduce environmental harm, and save money on your energy costs:
Get an energy performance check
An Energy Performance Certificate (EPC) is used to measure the energy performance and environmental impact of a property. It would be worth getting a new energy performance check carried out to get recommendations on how to permanently improve the energy efficiency of your business premises. This may include things like installing double glazing, switching to energy-efficient appliances, or having better insulation fitted in your property. This is a great starting point to becoming more energy efficient and any improvements will save your business money in the long run.
Switch to a green energy provider
One simple way to become more energy efficient and reduce your energy bills, is by switching to a green energy provider. Make sure that you use price comparison sites and look out for the best deals. Switching is simple, can be done online and according to uSwitch, means average savings of £482 a year!
Invest in solar panels
Even better than switching to a green energy provider, is to install solar panels and generate your own clean, green energy. Having solar panels installed may seem like a costly investment, but it can result in substantial energy savings and actually make you money in the long run. With rising electricity costs and a significant decrease in the cost of solar systems, solar power has become an extremely cost-effective energy alternative for many businesses in London.
Installing solar panels effectively allows your business to forward buy all of your future electricity at a set price. This means that you will never be exposed to energy price rises again. Most businesses can expect to pay off the solar system and installation costs within 6-9 years. According to information on Green Match, modern solar panels are expected to last anywhere from 30-40 years. This means that most businesses will typically see a return on investment within 10 years, and then go on to enjoy access to a free electric supply for many more years.
In addition to the benefits mentioned above, your business could also actually make an extra income from solar with the Feed in Tariff (FiT). This government scheme means that business owners who choose to install solar panels will receive a set payment for any electricity they generate but don’t use and export back to the grid. These payments are set for 20 years and offer a great opportunity for your business to earn some extra money from switching to renewable solar energy.
Reduce your energy usage
For most businesses, it is essential to use electricity to carry out their daily operations. However, reducing the amount of electricity you use is a simple way to lower your carbon emissions, whilst also saving you money on energy bills. Make sure that all employees turn their computers and other electronics off at the wall when they’re not using them, instead of just leaving them on standby.
You should also try to take advantage of natural lighting whenever possible to reduce the need to turn lights on. Make sure that lights are turned off in rooms when there is no one there to benefit from them. You could also consider replacing any incandescent light bulbs with energy efficient ones, such as LEDs. These use far less energy and can also last around 10-20 times longer, meaning they don’t need to be replaced as often.
With the prices of electricity and other utilities increasing, it is important for business owners across London to look for ways to save money on energy costs. Remember that the more energy you save in your business, the more profitable you can be. Adopting greener practices, like switching to solar power and using less electricity, are simple ways to become more energy efficient, reduce carbon emissions, and save your business money on energy costs.