The global energy crisis poses significant challenges for individuals and businesses. This has resulted in soaring energy bills, the risk of energy shortages, and inflation affecting the cost of living. Because of market volatility and rising energy prices, individuals and businesses alike were pushed to look for ways to reduce their utility bills.
The government has taken steps to provide some relief by introducing various incentives and the energy price cap. While this may have provided reassurance, it also offered opportunities to switch to reliable and sustainable energy sources.
Investing in Renewable Energy Alternatives
The International Energy Agency’s (IEA) Renewable Energy 2022 Report reports a significant increase in green energy capacity. This growth means that renewable energy capacity will nearly double, eventually surpassing fossil fuels as the only source of electricity generation.
The issue with burning fossil fuels to generate electricity is that it produces harmful gasses. What the energy crisis means is an opportunity to boost clean, renewable energy as a way forward. The good news is that businesses can switch to renewable energy immediately.
Switch Energy Suppliers
Several green energy suppliers are available for you to choose from. Before switching, you can use a comparison site or work with an energy broker to select the best supplier and find the best deal for your budget.
Ensure that the type of renewable energy source is available in your location though. While solar power is standard, other resources like hydropower and biomass energy may not be available where you are.
What you will need to switch suppliers is
- Your existing gas and electricity supply costs
- Who is your current supplier
- Basic information such as your address and postcode
You’ll also need to know your tariff and annual usage to get a more accurate quote, which can be found in your online account or on an old energy bill. Once you have this information, most websites will display the exit fee of your current tariff, which should be considered when getting a quote.
If the exit charge exceeds any potential savings, it’s best to wait until your supplier notifies you that your contract is ending, typically a month and a half before the final day. If you switch during this time, you won’t be charged for leaving.
Request A Green Tariff
Choosing a green tariff for your businesses can lower your energy consumption. A green energy tariff means that your energy supplier’s investment will match a portion, or possibly all, of the electricity they purchase from renewable energy sources.
Green tariffs are more expensive due to the higher operating costs of green energy suppliers. The reason is that most green energy suppliers use advanced processes to make sure renewable energy matches customer demand, compared to other providers that could offer mixed tariffs or greenwashed options.
When choosing green tariffs, deciding what works best for you is important. The most environmentally friendly tariffs are when your supplier purchases renewable “green” electricity and obtains certificates directly from the generators, like wind and solar farms. This assures that your renewable usage is secure and comes with actual benefits.
Generate Your Own Electricity
With so many methods and processes available, power generation is exciting but challenging for businesses. It is important to consider which option is best for your business, including the type of renewable energy source available to you.
For example, solar panels are popular due to their small size and low maintenance. Wind turbines also harness the wind into electricity but take up more space, and you will need permits and permission before installation.
Companies can save money and protect the environment by producing electricity while enjoying the following benefits.
- Generating your own energy reduces your reliance on the grid.
- Your energy bills are significantly reduced.
- You can sell excess energy back to the National grid and increase revenue.
- Generating solar energy shows that your business is committed to sustainability.
Generating your own energy gives you the opportunity to control your energy costs so that price increases from your utility company do not impact you. Investing in renewable energy solutions can make your business more attractive as socially and environmentally responsible.
If anything, the energy crisis has forced many to reduce their energy consumption and look to sustainable energy to reduce costs. Switching to renewable energy means saving money and helping protect the environment. It is also a great way to explore additional opportunities like becoming more energy-efficient and reducing your carbon footprint.