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How your business can combat sky-high energy prices

Businesses are suffering from substantial increases in the cost of electricity and gas – try these simple steps to mitigate rising energy costs from comparison site Aquaswitch.

Try these simple steps to help businesses across the UK mitigate sky-rocketing energy costs
Try these simple steps to help businesses across the UK mitigate sky-rocketing energy costs

Unlike households, businesses are not protected by a consumer price cap and are being hit by the full impact of sky-high wholesale energy costs.

We look at why wholesale energy costs are increasing and tips on how your business can combat the price hike.

Why is the wholesale cost of energy so high?

Wholesale energy prices remain at record highs due to the following key factors:

- Declining generation from renewable energy sources due to less windy weather

- The conflict in Ukraine is reducing the supply of natural gas to Europe

- The UK’s reliance on imports as natural gas storage levels have dwindled.

How to combat the rising wholesale energy costs

Here’s how your business can combat the rising wholesale energy costs.

Compare business energy rates and prices

The commercial energy market is highly competitive with suppliers competing for new customers. Comparing the market allows you to secure the best deal for your business. If you have 12 months or less on your energy contract, you can compare and secure competitive rates for the future.

Ensuring you pay the best possible business gas prices and electricity rates will help to reduce your annual business energy bills significantly.

Use the AquaSwitch business energy comparison tool to compare business gas and electricity prices immediately.

Use eco mode!

Using eco mode on different appliances and machines around the office can help reduce your energy consumption considerably. In eco mode, appliances may work a little slower, but it will save a considerable amount of energy.

A dishwasher is a prime example of this in an office environment, it’s something that’s used multiple times a day, and eco mode will reduce energy consumption by 30 per cent.

Install timers

Install smart timers to reduce your energy usage significantly. Smart timers allow you to set a time limit for an appliance. There’s no point in a printer waiting on standby in an empty office in the middle of the night.

These small tweaks will have a significant cumulative effect in reducing the overall cost of your business's energy bill. Many companies are going one step further by going paperless.

Revamp your lighting

By changing your lighting to LED lightbulbs, you can save between 20-30 per cent compared to conventional lighting.

Install larger glass windows to light your office during the days with natural light; you can limit the energy usage and provide a better environment for your employees.

Install a smart meter

Installing smart meters help you manage your energy supply with the latest technology. The first benefit is that you’ll be paying accurate bills with no estimated consumption.

Secondly, you can monitor your energy usage daily, enabling you to spot anomalies in your energy usage. You can then act fast to rectify any problems.

Use a heat pump

Using a heat pump is a great way to reduce your annual energy consumption as a business. A heat pump uses the air outside and applies pressure to heat it and produce hot air and water that runs through your business premises.

Unlike a conventional boiler, a heat pump system is many times more efficient and doesn’t rely on a natural gas supply. A heat pump significantly reduces business carbon emissions and dramatically reduces energy bills.

Go 100% renewable

Install solar panels on your business property. By installing solar panels, you make considerable savings in the long term.

Solar panels cost a lot less than ten years ago, and the technology is better. You’ll recoup the initial investment of solar panels within the first four years.

Solar panels last up to 30 years, so these can be a long-term great investment that helps your finances and the environment.

Energy audits - should I consider one?

Energy audits are a great way to review your current energy consumption and assess how you use energy. An energy audit will provide you with valuable information on reducing your business energy consumption and gives you actionable steps.

It’s worth discussing this with your current energy supplier, as many of them offer this as a free service. If you’re looking to move suppliers, your new supplier may provide you with an energy audit soon after switching supply to them.

There are three types of energy audits. These are over the phone audits, internal audits (internal staff are provided with a checklist), and on-site audits conducted by your supplier or auditor.

What are the benefits of an energy audit?

- Reduce your impact as a business on the environment

- It promotes sustainability through the business

- You ultimately save money on your energy bills

- Helps lower your exposure to energy price hikes.

We hope this article was of use to you. At AquaSwitch, we look to help businesses save money on their business energy bills through our comparison service.

Visit www.aquaswitch.co.uk to find out more.