According to The Irish Times figures taken from the Bord Gais Energy Index show that the cost of energy increased by 57% in June compared to the same month last year, driven primarily by soaring gas prices. The index, which explores market developments and price movements in oil, gas, coal and electricity, was up 3 per cent compared with May, but its year-on-year increase of 57 per cent was the highest 12-month rise recorded since the index was developed.
Price hikes like this are substantial for any business, no matter what sector they operate in. So, what can your business do to combat these hikes and future proof against further sharp price increases? At GES Energy our expert energy consultants recommend you take the following steps:
1. Perform a Commercial Energy Audit - Hire a professional Energy Consultant to complete a full commercial energy audit on your premises and facilities.
2. Analyze results of audit – The results of the audit will show where your facilities or procedures are over consuming or under utilising the energy provided. Are systems being left on when not needed? How efficient are your boilers or heating systems? Are you using LED lights? Are you making use of waste heat? Do you have an energy champion in your business? Is your utility provider providing you with the best deal possible….
3. Design and build – From the analysis your Energy Consultant should be able to design and build solutions that will give your business serious savings on your current energy outlay. Make sure to start with projects that will give you an immediate return or greatest ‘bang for you buck’. It is not unusual to be able to achieve savings in the region of 30% - 60%
4. Finance – If you do not have the capital immediately available to upgrade to the solutions recommended, you could consider working with an ESCO on an Energy Performance Contract. Using an EPC the ESCO will fund the initial purchase and installation of all recommended energy improvement solutions and the business just repays the ESCO from the savings made over an agreed period of time.
5. Measure & Verify (M&V) – Put steps in place to measure and verify that your business is receiving the energy reductions promised. Also monitor that staff are using the systems correctly and there is no excessive waste.
If you would like to know more about how GES Energy can help protect your business from future energy price shocks please visit us at www.gesenergy.ie or call +353 61 633298.