The EIA reports that the world’s energy use will increase by 28% by 2040. Businesses and consumers are turning to alternative forms of energy to keep their bills down. Solar PV systems are installed every four minutes in the United States, with the rate expected to be much higher in 2018.
Businesses and consumers are trying to cut down on energy costs.
1. Switching Energy Suppliers
Price protection is difficult, especially for business electricity, in a deregulated market. Consumers and businesses are switching from a deregulated market to a retail energy supplier to gain:
- Cost savings
- Price protection
Consumers are also comparing energy rates online to better determine the best rates available in their market. Switching energy suppliers can result in immediate savings.
Note: Energy deregulation in amply served markets has resulted in Energy Service Company formation, which offer lower rates and energy options.
2. Install Power-Saving Technology
Power-saving technology exists, and this technology will turn off your electronics that haven’t been in use. You’ll find this technology used in computers and the monitors that they run on. You’ll also find that there’s dimming technology that will dim the lights at night, or according to the time of day, to lower energy usage.
Businesses and consumers are also turning to smart thermostats. These devices will be programmable and will adjust the heating and cooling in a home or business automatically.
Many of these thermostats can save 10% – 20% of an electric bill per month. And there are also energy reports on several devices that explain how you can be saving more money on your electric bill.
3. Change Out Light Bulbs
Yes, light bulbs matter a lot. Fluorescent or LED bulbs are far more efficient than incandescent bulbs, and they last 10 – 40 times longer, too. You’ll spend less money on buying new bulbs, but you’ll also save money because these bulbs require less energy to operate.
Energy-saving bulbs are a great option, and they can make a big difference in overall energy consumption.
4. Complete Energy Assessments
Energy assessments should be performed periodically. Energy companies can come to a consumer’s home to determine the biggest source of heat and air condition leaks. Energy assessments in large-scale businesses are able to save some businesses hundreds of thousands of dollars a year.
Hospitals, for example, will often undergo an assessment that lasts months and may include:
- Determining optimal lighting usage
- Equipment analysis for energy loss or overconsumption
- Heating and cooling issues
- Window heating and cooling leaks
Sometimes faulty equipment, especially for broilers, can result in excess energy usage for businesses. Assessments are a great starting point to determine what can be upgraded or repaired to save on energy consumption.
5, Tax Breaks and Incentives for Businesses
Tax breaks and incentives are available for businesses, depending on the state or city. Local governments often offer incentives to businesses to buy equipment or appliances that are energy efficient.
There’s also investment tax credits (ITC) that offer a 30% credit to residential and business owners for installing solar systems.