How to Protect Your Business from Rising Energy Costs: Practical Steps for 2024

In recent months, energy prices have been nothing short of unpredictable. As businesses continue to feel the strain of rising costs, managing energy consumption has never been more important. The good news is that there are plenty of practical steps you can take to protect your business from these price hikes and keep energy bills under control. By acting now, you can not only save money but also improve efficiency and reduce your overall environmental impact.

At Switch365, we recognise that managing rising energy costs is a key concern for businesses. That’s why we’ve put together a list of strategies that can help you stay ahead, make informed energy choices, and create a more sustainable, cost-efficient business model.

Securing the Best Energy Deals

One of the first steps in protecting your business from rising energy costs is securing the best possible energy deal. Many businesses don’t realise that switching energy suppliers or renegotiating contracts can result in significant savings. It’s easy to get locked into long-term contracts that are no longer competitive, which is why regularly reviewing your energy agreements is essential.

At Switch365, we can help guide you through the process of finding the most competitive energy rates, ensuring you’re not paying more than you need to. We can assist in comparing tariffs and identifying any potential savings opportunities, whether you’re looking to lock in a fixed-rate deal or simply explore more flexible options. Taking the time to shop around could make a big difference to your energy bills over the long term.

Energy Efficiency Upgrades

When it comes to reducing your energy costs, energy efficiency is key. Small changes to how your business uses energy can add up to substantial savings. Start with LED lighting—not only does it use a fraction of the energy of traditional lighting, but it also lasts far longer, reducing replacement and maintenance costs.

You can also improve your building’s insulation. Proper insulation reduces the amount of energy needed to keep your workplace comfortable, especially during the colder months. Simple upgrades like sealing gaps in doors and windows, installing more efficient heating systems, or adding insulation to walls and attics can lead to long-term savings.

Investing in energy-efficient equipment is another way to cut costs. Whether it’s upgrading to more efficient machinery, using smart thermostats to control heating and cooling, or replacing old appliances with energy-efficient models, these changes will pay off quickly, improving your bottom line.

Smart Metering for Real-Time Insights

In today’s world, information is power, and smart metering can give you the real-time insights you need to make better energy decisions. Smart meters track your energy consumption throughout the day, helping you pinpoint exactly when and where energy is being used most.

Having access to this kind of data empowers you to make smarter choices, whether it’s adjusting your energy use during peak hours or identifying areas where energy might be wasted. By monitoring and adjusting your consumption habits, you can better control your energy costs and avoid surprises on your monthly bills.

Implementing Energy-Saving Practices

Sometimes, the smallest changes can have the biggest impact. Energy-saving practices in the workplace—such as switching off lights when they’re not needed, encouraging employees to turn off unused electronics, and ensuring that equipment is only running when necessary—can go a long way.

Encourage your team to be mindful of their energy use, especially during non-working hours. Consider implementing policies that require lights to be turned off in empty rooms and equipment to be switched off at the end of the day. Simple habits like these can add up and make a noticeable difference to your monthly energy consumption.

Another small but effective change is adjusting your thermostat settings. Many businesses can save a surprising amount by lowering heating or cooling slightly during off-peak hours. In the warmer months, try setting the temperature a little higher, and in winter, a few degrees lower. These slight adjustments can cut energy use without compromising comfort.

Government Grants and Incentives

The UK government offers several initiatives designed to support businesses in reducing their energy consumption. From tax relief for energy-efficient equipment to grants for installing energy-saving measures, there’s financial support available to help businesses make the switch to more efficient energy systems.

For example, the Workplace Charging Scheme (WCS) provides financial support for businesses to install electric vehicle (EV) charging points at their premises. Businesses can claim up to £350 per socket for installing charging points, covering up to 75% of the installation cost. Additionally, the Annual Investment Allowance (AIA) enables businesses to claim 100% of the cost of energy-efficient equipment, including EV charge points, up to a specific limit. Taking advantage of these schemes can significantly lower the upfront costs of upgrading to more energy-efficient systems, improving your energy usage and cutting costs over time.

At Switch365, we can guide you through the available incentives and grants, ensuring you’re making the most of what’s out there to support your energy-saving efforts.

Conclusion

The impact of rising energy costs can be overwhelming for businesses, but by taking proactive steps, you can reduce the strain on your finances and protect your bottom line. From securing the best energy deals and upgrading to energy-efficient equipment to using smart technology and implementing simple energy-saving habits, there are plenty of practical ways to reduce your energy consumption.

At Switch365, we’re here to help you navigate these changes. Whether it’s comparing energy contracts, implementing energy-saving strategies, or accessing government grants, we’ve got the expertise to guide you through every step. Let us help you make smart energy choices that will save you money and ensure your business is ready for whatever the future brings.