It’s on everyone’s mind when running a small business – how do I keep costs down and profits up? Often the answer is quite simple and right in front of our eyes. With the rising costs of electricity a hot topic for many business owners, it is more important than ever to be proactive and understand how one can save.
There are many simple steps that you can take to reduce your energy consumption, and this can lead to significant savings on your electricity bill. In this blog post, we will outline some of the best ways to become more energy-efficient, and we will also discuss the benefits of doing so. We will provide information on how to take advantage of government rebates for solar, LED lighting upgrades, and heat pump hot water systems.
So, let’s get started on becoming more energy-efficient!
Heating and cooling
Heating and cooling account for a large proportion of most businesses’ energy usage, so it is important to ensure that your heating and cooling system is operating efficiently. One way to do this is to regularly service your system and keep it well-maintained. Another way to reduce your energy consumption is to upgrade to a more efficient system. Although this can be a significant investment, heating and cooling technologies have advanced over the past ten years and upgrading your old systems will save you money in the long run. Another important factor is setting the right temperature. Generally, in winter to 22 degrees celsius and in summer to 24 will ensure maximum energy efficiency from your unit.
Solar Energy
You are probably familiar with solar panels, but if you haven’t made the switch yet, you may be wondering how much money you can save and if it is worth the investment. Solar is a great way to reduce your power bill, and there are many government rebates available to help offset the cost of installation. Solar panels work by converting sunlight into electricity, and this electricity can then be used to power your business. The benefits of solar energy are numerous; not only will you save money on your power bill, but you will also be doing your bit for the environment.
If you run a small business from home and your power bill is $800 or less, or if you have limited roof space, we recommend a 6.6kwh system. This would roughly save you about $6 per day in electricity. Now if you have a higher power bill or more roof space then an 11.kWh system is recommended and would save you about $11 per day. Typically large offices or warehouses will need to install a 20kwh + system.
You may be thinking that’s all great but how much will it cost me? Well, the average price of a 6.6KWH solar system is around $5500 after rebates, however the payback period is only about 24 months so it’s worth considering! An 11KWH system is around $9500. If you are looking to get a free solar estimate check out Efficient Energy Group. They can provide you with a tailored quote, to suit your business needs.
LED Lighting
One of the simplest and most effective ways to reduce your energy consumption is to upgrade your old incandescent light bulbs to LED lights. LED lights are much more energy-efficient than traditional incandescent light bulbs and can last up to 25 times longer. The initial cost of LED lights may be higher than traditional light bulbs, but the long-term savings will be worth it. You can also take advantage of government rebates to help offset the cost of installation. If you live in NSW or VIC there are huge government rebates to cover the supply and installation – in most cases it’s practically free!
Heat Pump Hot Water Systems
Another great way to reduce your energy consumption is to upgrade your old hot water system to a heat pump hot water system. Heat pump hot water systems are much more energy-efficient than traditional electric hot water systems and can save you up to 30% on your energy bill. The initial cost of a heat pump hot water system may be higher than a traditional hot water system, but the long-term savings will be worth it. You can also take advantage of the Federal government rebates to help offset the cost of installation.
Energy monitoring systems
If you have a smart metre, you can take things one step further by installing an energy monitor. These devices give you real-time feedback on your power consumption so that you can make changes to reduce your usage. Energy monitors are available from most major retailers. If you live in Victoria, be sure to get your free monitor as the State government covers the cost.
Government rebates
If you are lucky enough to live in NSW you have access to the energy-saving scheme (ESS). This is a state government rebate that offers huge incentives for LED lighting and Heat Pump Hot water tank installations. This can be used for both residential and commercial properties. If you live in VIC the state government is offering interest-free loans of up to $30,000 for energy efficiency upgrades including solar, LED lighting, and also heat pump hot water systems. Be sure to check your eligibility. There is another handy tool for all Australians to check out, the Australian Government Rebate Finder website. This website will help you find out what rebates are available to you based on your postcode.
Conclusion
So there you have it, some simple tips to help make your small business more energy-efficient! By making these changes not only are you helping your small business become more environmentally friendly, but the money you save in the long term can be better spent in other areas to grow your business further.
“The opinions expressed by BizWitty Contributors are their own, not those of BizCover and should not be relied upon in place of appropriate professional advice. Please read our full disclaimer."
