Energy efficiency for businesses can be even more significant than to homeowners. As large consumers of electricity, companies can waste alarming amounts of money on inefficient buildings. Whether for financial or environmental reasons, business energy efficiency has become a priority for commercial consumers that want to spend as little as possible on energy.
The more you learn about energy efficiency, the better you understand why large companies, such as Apple, Microsoft and Google, have been investing in these energy-saving solutions. If you’re looking to save energy at work, but still don’t get why to conserve energy or improve energy efficiency, you will be surprised to find out all the ways it can benefit your business.
From simple changes in business lighting to a full retrofit, strategic energy management will save your company money and will enhance your employee’s productivity. In case you think that’s not enough, check below how your company can benefit from energy efficiency.
Lower energy costs
The number one benefit of becoming an energy-efficient business is critical for most entrepreneurs: Saving money on their monthly costs. According to Energy Star, the average commercial facility wastes 30% of the energy it consumes. In plain English, you could cut around a third of your energy costs just by investing in energy efficiency at your company.
The idea of investing may scare some business owners, as it usually means up-front costs. Still, there’s no reason to worry. Energy efficiency upgrades are very much cost-effective and offer consumers a high return on investment (ROI). According to a report by the Southeast Energy Efficiency Alliance (SEEA), recent energy efficiency solutions in the southeast United States have resulted in a 387% return on investment.
As reported by Natural Resources Canada (NRCan), energy efficiency can cut your energy costs by around 20%, which pays for such improvements in the long term. The payback time, however, will depend on the upgrades you’ve made and on your monthly energy usage.
More budget certainty
Energy efficiency not only reduces your utility bills, but also enables you to take control of your energy costs. The fewer leaks, drafts and other sources of energy waste, the higher the chances of having more predictable costs. Your company’s energy consumption will then be under your control and less vulnerable to weather changes and other unexpected situations.
Consistency is one of the most important financial lessons homeowners learn when they invest in energy efficiency, and it can be even more valuable for businesses of any size.
More marketing and public relations opportunities
In the digital age, securing your business with a positive impression from its target audience is essential. Actually, as consumer trends shift toward climate action and other social issues, your brand’s social impact becomes even more significant.
Most consumers want to buy products from companies that they admire. According to a 2018 report by Nielsen, 81% of global consumers think companies should do more regarding climate action. The study also indicates that around 80% of consumers believe it is extremely or very important that companies implement programs to improve the environment.
Energy efficiency improvements can be an excellent opportunity for you to start a new marketing strategy or even a more engaging social media campaign. This could enhance your business’ image and probably bring you more customers. In such a scenario, you would also quicken your payback time for the energy-efficient upgrades.
More comfortable, happier and healthier employees
Clean HVAC filters and well-insulated rooms will protect people at your business from work-related respiratory diseases and will contribute to your employees’ health. According to a report by the American Lung Association, 21.5% of working adults with asthma find that their condition is made worse from exposures at work.
In addition to that, corporate social responsibility has a substantial impact on how the internal community sees the company as well. According to a 2016 study by Cone Communications, 74% of workers think their job is more fulfilling when they can also work on social and environmental issues. The same report states that 70% of employees would be more loyal to a company that contributes to relevant social issues.
Increase your property value
Many studies across the world indicate that energy efficiency for businesses is also beneficial to the property value. After applying energy-efficient changes to your commercial facility, you could increase its market value around 10%, according to a 2012 study by the University of California, Los Angeles (UCLA).
Another report by the Northeast Energy Efficiency Partnerships (NEEP) in the United States points out that nine out of 10 buyers (90% of respondents) would rather purchase a home with energy-efficient features, even if they had to pay around 2-3% more at the time of purchase.
Compare energy providers and energy rates
Although energy efficiency is a must for many companies nowadays, there are more custom energy solutions that can help you save energy at your business. One of the most effective is comparing energy providers and their rates, especially for large consumers of electricity and natural gas.
If you’re looking to switch energy suppliers and get a better utility deal, EnergyRates.ca can be a useful tool. The website is Canada’s leading energy price comparison tool. It allows you to compare both electricity and natural gas retailers and find the best available utility rates, whether for a small business or a large company.
Consumers in Alberta, Ontario, Saskatchewan, British Columbia and Manitoba just need to fill in their postal codes and check the current energy rates in their area. Farms, small business, small commercial, large commercial and industrial consumers can get a free custom quote based on their energy usage.