Maintaining a profitable business means keeping a careful balance of revenue and expenses, resulting in a positive cash flow. Companies often try to cut costs to increase profitability, but focus on eliminating superfluous expenditures instead of making long-term strategic changes to fundamentally needed structures and services.
Adopt these five strategies to save money on electricity, and you could save hundreds, if not thousands of dollars over the course of your business operation:
- Perform an Energy Audit. An energy audit is a simple process to evaluate your current energy use and spending habits. You can hire a professional to administer the audit, or opt to conduct one yourself. Either way, you should have a list of action items for possible improvements by the end.
- Tighten Your Temperature Control. Heating and cooling costs are generally the highest energy expenditures for a business. Keep the office just a few degrees warmer in summer and a few degrees colder in winter, and you’ll be able to save significant money.
- Shut Down at End of Day. When everybody leaves the office for the day, take measures to ensure all devices are turned off and unplugged, and all lights are turned out.
- Upgrade Your Old Appliances. It costs a bit up front, but upgrading your old machines and appliances to newer, more efficient models can result in major savings.
- Look for Government Programs. Several state and federal loan and grant programs exist for companies looking to improve their energy efficiency.
If you’re interested in learning more strategies you can use to save money on electricity, keep reading Star Energy Partners Insights. Star Energy Partners exists to help homeowners and business owners make smart long-term changes to their electricity habits for a positive result.