In today’s business environment every dollar counts. Utility costs are no different. According to Consumer Price Increase data released in January by the U.S. Bureau of Labor Statistics consumers paid an average of 14.3% more for electricity in 2022 than in 2021. That is double the overall rate of inflation for the same time period. It’s important for businesses to find ways to manage and reduce this expense. Are you tired of dealing with rising utility costs? Here are 7 strategies to help you better manage your rising utility costs:

• Conduct a thorough energy audit to identify areas for improvement. An energy audit can help you identify opportunities to reduce your energy consumption and lower your utility bills.
• Implement energy-efficient practices and technologies. This can include replacing outdated equipment with more energy-efficient models, using energy-efficient lighting, and implementing automatic power-down systems for equipment when it’s not in use.
• Monitor and track energy usage. By using tools such as energy dashboards and smart meters, organizations can track their energy usege in real-time and identify opportunities for cost savings.
• Explore alternative energy sources. Consider investing in renewable energy sources such as solar or wind power to reduce reliance on traditional every sources, generate you own electricity, and lower utility costs.
• Participate in demand response programs. These programs allow you to earn incentives to reduce your energy usage during peak demand times.
• Implement a company-wide energy conservation program. Encouraging employees to be mindful of their energy usage and adopt energy-saving habits can help reduce overall energy consumption.
• Consider purchasing energy from a third-party supplier. This can sometimes be more cost-effective than purchasing energy from your utility company, especially if you’re able to lock in a fixed rate.

By implementing these strategies, you can take control of your rising utility costs, reduce the overall financial pressure on your organization and make your business more energy-efficient and sustainable. At CWE we can work with you to take the steps noted above, as well as offer historical and ongoing utility invoice collection, data processing and bill consolidation.