We are all under tremendous financial pressure as record inflation keeps prices high and interest rates rise. The prices rose significantly beyond what was expected, putting pressure on budgets. It has yet to be determined where the market will go in 2023.
People look to the government for direction during times of economic uncertainty. Businesses can play a greater role in encouraging monetary deflation.
We all know that deflation is caused by less demand. Gas prices plummeted during the pandemic as everyone was forced to go home. This resulted in dramatically lower demand for gas. This logic can also be applied to energy costs, giving businesses the opportunity to make positive changes in the economy.
These are four energy-saving tips that businesses can use to improve their operations.
1. Use the “work from anywhere” approach.
As the pandemic subsided, many employers have returned employees to work. If we move to a hybrid or remote model, you can expect to see a decrease in energy prices. A smaller office with fewer people requires less energy to power lights and computers. Depending on the outside temperature, a large building can also be expensive to heat or cool. If employees work from home, the need to regulate the temperature in office spaces would be greatly reduced.
2. Optimize HVAC systems.
Businesses that cannot travel far can make greener choices for cooling and heating. This will help support energy cost reduction. An option is to add variable refrigerant flows to the HVAC system of an office building. This will allow the HVAC system to meet each office’s requirements, reducing energy costs. You can also reduce HVAC energy costs by maintaining routine maintenance, regularly changing air filters, and using wireless climate control technology.
3. Consider solar energy.
Your roof can be put to use. You can add solar panels to your office building if you own it. Although switching to this type of energy can be expensive initially, you will save money on your energy bills over time.
Although there aren’t many numbers that can be easily found about business savings, we do know that homeowners will save, on average more than $25,000 each year over the lifetime of their solar energy system. It makes perfect sense that businesses could save more than homeowners because they use more energy than their homes.
Although energy costs vary depending on where you live, you can make more money if your business sells excess solar energy to utilities through net metering. Some states offer tax incentives and tax breaks for solar panel installations.
4. Adopt smart electronics.
Large swathes of America use smart meters to track their power consumption. This technology has allowed customers to pay for the actual energy they use instead of an estimate of 2006. Smart thermostats have become more common, which can adjust energy consumption, save money, and help power users. These devices allow businesses to remotely control the climate in their buildings using their smartphone or computer.
Businesses can also fight vampire energy, the electricity that electronics drain even when turned off. Companies could also invest in smart plugs that monitor and control the energy consumption of electronics, such as computer monitors or lamps, to combat the problem of vampire energy.
We must all do our part.
Although the government is trying to lower inflation, it can be long and difficult. In the past, increasing interest rates too quickly or too high has led to widespread unemployment and recession. No one wants to see unemployment rise. Business leaders need to do their part in reducing our energy and spending. We can help bring inflation down if we can make these savings.
