Major disruption and continuing economic uncertainty means that it's more critical than ever before to control and reduce business costs.
As a major overhead, energy is a good place to focus. However, many businesses are unclear how to achieve cost efficiencies without jeopardizing carbon reduction targets or spending large sums of money.
In our new guide to managing energy cost, we detail five proven methods to improve financial and environmental performance – putting your business on the path to business recovery.
1. Drive efficiency through energy data
If you don't know precisely how, when and where energy is being used across your business, how can you understand where your energy costs really lie, or the best opportunities to improve energy and operational performance? Using Centrica Business Solutions’ energy insights wireless sensor technology, you can monitor energy usage in real-time – right down to device and equipment level. When this information is relayed to our PowerRadarTM analysis platform, you can access the intelligence you need to develop a data-driven energy strategy.
2. Unlock revenue opportunities from your energy infrastructure
Are you getting the best value from your energy producing assets? Optimizing your energy enables you to reduce your bills, or add a revenue stream by reducing consumption in peak periods. By participating in large, Virtual Power Plants (VPPs) that make use of decentralized systems like Generators and Combined Heat and Power units, your business can become more sustainable.
3. Create energy independence by generating your own power
How do you control your energy costs while being good social and environmental stewards? For many organizations, the answer to improving energy performance and reducing reliance on the grid is Solar. This renewable on-site energy source can help you take control of your operating costs while reducing your carbon footprint. With a Solar Photovoltaic (PV) installation, you can harness energy from the sun to generate clean electricity.
4. Become a sustainable business and give your organization a competitive advantage
Sustainable businesses are exploiting distributed energy technologies to cut costs and carbon emissions. This also increases operational resilience and enhances brand reputation. In fact, our global research reveals that 61% of the most successful businesses are also clean energy leaders. Offering Electric Vehicle (EV) charging infrastructure and transitioning fleets to EVs provide businesses and public bodies with a credible role in reducing carbon emissions and inspiring wider EV adoption.
5. Utilize financing solutions to invest in new energy technology
Lack of capital should not be a barrier to accessing new energy opportunities. It is important for organizations to consider flexible funding options for their energy investments and explore how different funding options could help support wider business objectives. These solutions enable customers with capital constraints to gain immediate benefit from sustainable energy opportunities on a pay-as-you-save basis.
We have looked closely at the approaches being taken by some of the most energy efficient companies in America to see what can be learned. So, where does all this leave your business? And what can we learn from their experience? In spite of these challenging times, there are ways to quickly reduce your energy costs, generate revenue and reduce your carbon emissions with little upfront capital. With an energy management strategy, you can unlock opportunities to monetize your energy infrastructure and reduce total cost of ownership.