8 November 2018
Is your business struggling with the rising cost of power bills? It is not a shock to find out that Australia's wholesale electrcity prices rose across the National Electricity Market by 130% on average between 2015 and 2017, according to the Grattan Institute.
The best way to deal with the country's high electricity prices is to improve your energy efficiency. It is one of the fastest and easiest ways to reduce your electricity consumptions.
By embracing energy efficiency, your business can enjoy the countless benefits that extend beyond just cost savings. Here is a list of the top benefits of improving energy efficiency at your business.
1. It Helps You Reduce Operating Costs
Dealing with the energy cost blowouts in Australia has certainly been a trial for many businesses. As a small to medium sized business, increasing your energy efficiency is one of the fastest and easiest ways to reduce operating costs, improve asset value and boost profit margins without having to increase revenue.
Energy efficiency has shifted dramatically due to technology advances such as artificial intelligence (AI), Internet of Things (IoT), cloud computing and many more.
By integrating smart technologies such as smart appliances and lightning into a building’s energy management system, you can cut down your electricity bills and reduce consumptions up to 20-50 percent.
Read more about why be energy efficient in commercial buildings here.
2. It boosts your reputation and promotes social responsibility
If your business embraces energy efficiency, you can build an energy efficient reputation for being socially responsible and use it as a marketing opportunity.
You can promote your organisation using the GreenPower Customer Logo or get a Green Star Certification from the Green Building Council Australia. This would allow you to promote your effort to reduce your carbon footprint.
Studies show that there is a strong relationship between corporate social responsibility (CSR) and corporate finance performance. CSR can have an impact on the organisation’s triple bottom line (people, planet, and profit) so make sure you opt in to improve your business’ energy productivity.
3. You can qualify for government programs, rebates and incentives
There are a range of Australian Government and state and territory government programs that can help you access finance for your energy efficiency improvements. Applying for these programs can help you reduce overheads and costs and receive many other benefits of energy efficiency.
4. You’re saving the environment
We all know there has been alarming reports on the rapid change in climate over the last few months and it is time for us to act by reducing emissions and adopting resilient energy efficiency measures. By increasing energy efficiency, you will contribute to proportionate reduction in carbon footprint and emissions and support the transition to renewable energy sources.
Australia’s 2030 climate change target is certainly achievable with your effort!
5. It improves the security of energy supply by reducing base demand
One of the most distressing concerns our nation is facing is energy wastage. A recent survey revealed that Australians waste $222 million each year on energy. Many people are not aware that the waste puts national security at risk by making the nation more vulnerable to instability abroad and economic disruptions.
As such, improving energy efficiency in buildings could reduce the demand for how much energy we need.
You can do this by adopting energy efficient heating, ventilation and air-conditioning (HVAC), metering and monitoring, and more. You can read more about these technologies here.
Stay tuned for our next month’s blog, which will be on A State-By-State Energy Efficiency Programs Guide. If you like this post, follow us on social media to receive energy efficiency related updates.