Plan Insurance Blog

5 Ways Businesses Can Fight Rising Energy Costs

Since 2021, energy prices have been rising at an extraordinary rate… The extremely harsh European winters of 2020-21 put a strain on the world’s energy supply. More recently, the war in Ukraine has imposed restrictions on Russian gas deliveries, worsening the problem.

Although all businesses are affected, according to research by energy analysis firm Cornwall Insight, small and medium-sized firms (SMEs) have seen an average gas bill increase of more than 250% in the last year.

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According to study by financial technology company Iwoca, 30% of small business owners will have to lower their energy usage to save money.

Organizations may wish to investigate strategies to mitigate the impact of rising energy prices to assist ensure that they do not negatively impact corporate growth.

Consider these five tips to fight rising energy costs

Implement energy efficiency measures

Examine current energy efficiency measures to identify any enhancements that could minimise energy consumption. Converting off equipment at the end of the day, for example, or switching to LED lightbulbs and draught-proofing.

Consider going green

Now would be a good time to look into green energy solutions that are both cost-effective and environmentally friendly. The government has set aside around £5 billion in financing to assist UK firms in becoming more environmentally friendly.

Install a smart meter

Taking infrequent metre readings can make evaluating energy usage more difficult. Energy usage can be tracked throughout the day by installing a smart metre, which is useful for identifying energy-intensive tasks.

Find the best energy deal

Because the business energy industry is competitive and suppliers are often eager to expand their customer base, it is always beneficial to shop around.

Consider a hybrid work model

Allowing employees to work from home or elsewhere for a portion of the time may assist reduce energy expenditures.

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