The cost of energy is through the roof at the minute, mainly because of the conflict that’s currently taking place in Ukraine. However, inflation and the damage to the economy caused by the COVID-19 pandemic are also to blame.
If you are responsible for running a business, then you are probably very concerned about rising energy costs, since winter is just around the corner. Media outlets are reporting that many businesses are going to be forced to close because they won’t be able to heat their businesses anymore.
This post will tell you some facts and things that you need to know about the cost of heating your business.
1. Rising Costs
Unfortunately, energy costs are rising all over the world. If you are a business owner, then it is time that you began educating yourself about the costs of powering your business (and what you can do to cut down on costs). By educating yourself about these things, tackling the current energy crisis will be a lot easier. You should look at your current energy supplier’s tariffs and see if other suppliers could offer you better deals.
2. Using Oil
A very old-fashioned way of heating a business is by using oil. However, oil can actually be very efficient, and reasonably affordable. The reason that oil’s so efficient is that it burns a lot slower and can be stretched out a lot more. You can arrange for the delivery of heating oil directly to your business once a month. You will need a large tank to store your business’s oil in, however. These tanks are quite affordable and won’t set your business back much. If your business uses oil already, then there will be a tank somewhere on the premises.
3. Renewable Sources
An alternative to oil and gas is to use renewable energy. If you live in a part of the world that gets a lot of sun, then you can invest in your own solar panels. You can put these solar panels up somewhere on your property and generate your own electricity. If you generate enough electricity then you can completely cut yourself off from the main electricity grid and heat and power your business that way. If you live in a place that’s very windy, you can do the same thing using wind turbines. The installation of a wind turbine can be a lot more expensive than a solar panel, however.
4. Payment Plans
Payment plans can be arranged with most energy suppliers if you are struggling to pay your bill. If you are struggling, then transparency is essential. If you don’t notify your supplier that you are struggling then they won’t be able to work with you to help you to create a more affordable payment arrangement. Most energy suppliers have been told to help businesses that are struggling by the government since so many are expected to go out of business due to rising energy costs.
5. Reducing Usage
If you want to cut down on the amount that you have to pay for your energy, then the easiest way of doing this is to significantly reduce the amount of energy that you use. Reducing energy usage can be a challenge but is possible. The best way to do this is to sit down with your staff and explore your options. If you run a bar or restaurant, one effective solution for reducing energy usage is to use candles instead. Candles can actually create a more relaxing environment for your customers and your business’s patrons. Reducing energy usage is relatively straightforward, as long as you and your team are all working together.
6. Government Grants
In some parts of the world, governments are offering grants and bursaries to businesses to help them to stay open through the energy crisis. If the country that you live in is experiencing extremely high energy costs, then it is definitely worth doing a little bit of research online and seeing if you are entitled to any grants or bursary funds. If you are, then you should be able to get them paid out to you quickly. Some bursaries will also pay your energy supplier directly so that you don’t have to worry about paying energy bills. You may have to repay these grants.
7. Increasing Prices
Finally, the last way that you can keep yourself afloat through the energy crisis is to increase the prices of your products or services. Increasing prices isn’t always the best idea because it can alienate customers, many of whom are also suffering because of the rising cost of energy at the moment. Despite this, if you have no other options available to you, then increase your product’s prices by as much as you can without impacting customers and pushing them away. Increasing prices can help you to earn more money, which you can spend on energy.
It’s not easy running a business, especially now with energy costs rising higher than ever before. One of your primary concerns at the moment should be reducing energy usage or trying to save money on your energy bills. This post’s guidance should come in handy with doing that.