Energy Efficiency: Money Saving Measures for your Company
Sometimes you must spend money to make money and sometimes you must spend money to save money. Either way, businesses are familiar with both. Energy efficiency measures might seem like an unnecessary cost initially, but taking small steps independently as a business, like changing your light bulbs, reminding staff to turn off equipment that’s not in use or insulating your premises can save you significantly and help you reinvest in other business activities. Whether you’re a multinational car manufacturer, a local bakery or café, it can be difficult to know just where to start with improving your energy efficiency.
Although decreasing energy bills isn’t on everyone’s priority list, saving 20% on your energy bills can create returns which are equivalent to a 5% increase in sales – so it’s something to consider putting on your to do list.
Growing a business is challenging and overhead costs are rising, but there are many benefits to businesses of going green.
In fact, going green means a lot to consumers, a survey completed by Orsted highlighted that 73% of consumers would choose a retailer that used renewable energy. Improving your reputation and becoming environmentally conscious needn’t be something that will interrupt your businesses operations - it can significantly increase your competitiveness. Think of these improvements as adding to the triple bottom line instead of the traditional bottom line, which is just profit. The triple bottom line consists of the environment you are working in, your social reputation and customer interaction and the economic benefits, all of which can be targeted through new efficiency measures.
This SEAI's new scheme has the potential to reduce energy costs by 90%.
Sustainability Energy Authority Ireland (SEAI) are currently offering grants to businesses who are developing energy saving projects. Find out if you qualify here. Additionally, in 2017, SEAI piloted a smart lighting grant for SMEs. In total the authority granted over half a million euros towards lighting upgrade projects, which resulted in a total cost savings of €540,000. This scheme was so successful that SEAI have created a new grant scheme called 'Lighting Support Scheme', applications for this are now open.
Sustainability isn’t on every businesses radar, but it’s clear that reconsidering your energy usage as a business has huge potential to improve various aspects of business operations.