3 Ways to Lower Your Energy Costs Almost Immediately! Future Electricity Prices

From turning off lights more frequently in your business to making sure all unused devices are unplugged, it seems like every cost saving tip and trick takes a lot of effort and a long time before you see any results on your bill. When time is of the essence, savings can’t come quickly enough. Here are three ways to not only lower your energy costs, but how to save starting now:

Not only does the amount of electricity (measured in kWh) you use dictate your energy costs, but when you use that energy can have a significant impact on how much you pay. To lower your bills, you can peak-load shave and maximize your load factor.

Your load factor shows how efficiently you use your electricity. It measures of actual kWh used compared to the maximum potential used over that span. The closer your maximum and minimum demand are, the higher your load factor will be. The higher your load factor is, the cheaper your energy rate will be because it is closer to when you are actually using power. Hence why lighting meters have some of the cheapest rates around.

While you won’t see the cost benefits immediately, knowing when your distribution charges are calculated can help you lower energy usage during those times. In Texas, for example, your individual distributions charges are calculated from the four coincidental peaks (4CP), the highest usage day in each month during summer (one day per month, June to September).

From tuning up HVAC systems, to replacing bulbs and lighting fixtures, there are many ways to reduce the total kWh used through increased energy efficiency. Identifying the lowest hanging fruit for efficiency upgrades can be done through simple facility walk through by trained professionals. They can identify any inefficient processes and provide recommendations on how to remedy them. While it isn’t technically an efficiency upgrade, measuring your energy usage, either at the facility or fixture level, will put energy use and practices at the front of your mind. Many studies show that monitoring energy usage alone has a very positive impact on reducing energy costs.

There are dozens of energy suppliers out there and shopping for a low electricity rate can reduce your price per kWh by almost 30%. You can do this yourself or hire a broker to do it for you. Some brokers even offer an online marketplace to compare and contrast rates in real time. Oftentimes it requires no out-of-pocket spend, giving all the bang for no bucks.

At times, it may seem that trying to save on your electricity bill can take a lifetime and that waiting for the results may be a pain, but hopefully you can implement these tips for quick, noticeable savings. Future Electricity Prices future cost of electricity