If energy expenses ended up costing you more in 2018 than you would have liked, now is the ideal time to sit down and streamline your energy budget for 2019. With the depths of winter behind us (hopefully), you can be well prepared for the period of peak energy use during the height of summer if you take action now. Here are some key factors to consider as you formulate and plan your 2019 energy budget.
Optimizing Your Energy Budget
When business owners ask us about some of the basic measures they can take to minimize energy expenses to get the most out of their budget, we usually recommend these simple strategies:
Establish a Baseline
When you begin benchmarking energy consumption and costs, you can gain a deeper understanding of how your business uses energy. By establishing a baseline for energy use, you can begin prioritizing which energy systems need to be upgraded and which you can hold off on for a bit longer. You can even incorporate powerful data visualization tools to interactively track energy resources and expenses.
Calculate the Long-Term Value of Upgrades
Before you can make upgrades to your energy systems, you need to step back and look at the bigger picture. Knowing how investments will impact your operations both today and tomorrow is critical to leveraging your options. While you may have to invest in significant up-front infrastructure, a quick return on investment may justify that HVAC efficiency upgrade or solar panel installation you’ve been considering.
At the same time, tracking your energy projects and investments make it easier to pinpoint how you’re spending money and how capital expenses are adding value to your business.
Once you start tracking energy consumption and upgrades, you’ll gain a deeper understanding of your energy needs. If you notice any anomalies, make sure you’re asking your utility company or energy partners questions that could lead to cost-saving measures down the road. Likewise, ask other businesses in the area if or how they’re leveraging energy solutions such as renewable energy credits and solar energy to minimize operating expenses.
Use Data to Drive Decisions
Once you’ve started tracking and accumulating sufficient energy data, you can begin to base all of your decisions around that information. That way, you always have ample reason to justify upgrades and investments.
With the right numbers, you can quickly decide whether that water heater upgrade is worthwhile or if you would be better off installing solar panels on your rooftop. With data driving your decision, you’ll be in a better position to make choices that guarantee your business’s continued success.
Want to learn more about how Verogy can help you get the most out of your energy budget in 2019? We’re here to help. Learn more about our services and contact our team of experts today to discover what we can do for you.