Finance News & Insights

3 ways to control energy costs before they control you

Getting a handle on your company’s energy costs can’t wait. But with everybody touting the latest ways to slash energy costs, companies don’t have the time or the money to try out what works and what doesn’t. Here’s three things that have consistently proven successful in lowering energy costs:

1. Start with the big problems first. Rather than trying to save a little here or a little there, concentrate on your biggest energy-wasters first. For example, Sherwood Design Engineers cut down on travel. Instead of flying employees between its New York and San Francisco offices, the company switched to Web conferencing. The result: Approximately $50,000 a year in travel costs.

2. Audit energy use. Many companies want to know what savings strategies will yield results fastest. And energy auditors can provide a thorough report on a company’s energy usage along with specific steps and time frames for them to improve. These auditors also help businesses get federal and state tax rebates.

Where to go: Many local utility companies offer free audits to their small business customers.

3. Ask the source. Utility companies will often help companies find plans that best fit their usage. Some utilities even offer fixed-rate plans to set rates and control rising costs. It’s best to talk to a few companies and see which one best fits your needs.

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