Practical Tips on Reducing Energy Costs

What can your household and business do to help control what you pay for energy without negatively impacting what you do

increasing energy cost

Published 20 Jun 2022

The Rise of Energy Prices

The demand for energy has been steadily increasing and it is projected to dramatically grow by 50% by the year 2050. Along with the increase in demand is the rise in energy costs and, with many factors considered, energy prices are expected to only increase even further. At the rate of energy price increases, there’s no telling just how costly energy consumption could become.

increasing energy cost

Rising Energy Prices

Having energy regulators in place, such as Ofgem in Great Britain that set energy price caps, is a way for governments to implement controls in order to protect consumers from sudden energy price increases. Measures such as price caps to control energy prices, however, can only do so much.

Factors Affecting Energy Prices

The increase in energy prices is caused by several factors—colder winters that drive an increase in gas consumption, limited gas supplies, changing energy source from coal to gas, international relations—and even though these factors evolve, they often result in energy price increases.

Impact Of Rising Energy Prices

The increase in energy cost has negatively impacted several industries.

Aluminum producers have suffered from energy price increases, becoming one of the causes of closures of aluminum plants.

Even energy suppliers themselves were not unscathed. Several energy suppliers in the UK have shut down due to the gas crisis, forcing their customers to switch suppliers and end up with higher energy prices.

5 Things Households and Businesses Can Do To Reduce Energy Costs

Despite the rising demand and costs of energy, consumers can find ways to minimize energy consumption and, ultimately, the impact of rising energy prices. Here are 5 tips on how to reduce energy costs:

  1. Make sure that appliances are in good working order
    HVAC, water heaters, and refrigerators are among the top energy consumers in homes and businesses. Having well-maintained appliances or keeping them in good working order means that the energy that these appliances consume is being used efficiently.
  2. Unplug electronics when not in use
    It may seem trivial but electronics that are plugged even though they are not turned on still consume energy. Consider using power strips with switches to ensure that plugged electronics do not consume energy when they’re not in use.
  3. Turn off the lights when they’re not in use and utilize natural lighting
    In addition to the use of more energy-efficient LED light bulbs, turn off the lights when they’re not in use. Also, consider opening those blinds to let natural light in on bright sunny days.
  4. Invest in renewable energy
    Solar and wind energy are renewable sources of energy that, given the opportunity, you may want to consider for the long term. Solar panels may seem costly at first but they pay for themselves over time for your household or business.
  5. Look into aligning with energy-saving schemes
    Energy Savings Opportunity Scheme (ESOS) and ISO 50001 are just two of existing frameworks or schemes that your business can use in order to become more energy-efficient and in compliance with regulations and industry standards. You can also conduct energy audits in order to be more aware of how your organization is consuming energy.

How Technology Can Help Improve Energy Efficiency

iAuditor by SafetyCulture, an app meant for organisations of all sizes, can help with the efficient consumption of energy through its many functions. Here are some of the features of iAuditor to help you better control your energy use and keep rising energy costs at bay:

  • Schedule equipment maintenance to ensure that they are in good working order
  • Track the performance of HVAC systems through Sensors
  • Use a variety of energy checklist templates, available in our public library, that can help you control energy use
  • Conduct energy audits for your business

Get started with iAuditor for free, view pricing plans, or book a demo.

SafetyCulture staff writer

SafetyCulture staff writer

Erick Brent Francisco

Erick Brent Francisco is a content writer and researcher for SafetyCulture since 2018. As a content specialist, he is interested in learning and sharing how technology can improve work processes and workplace safety. His experience in logistics, banking and financial services, and retail helps enrich the quality of information in his articles.

Erick Brent Francisco is a content writer and researcher for SafetyCulture since 2018. As a content specialist, he is interested in learning and sharing how technology can improve work processes and workplace safety. His experience in logistics, banking and financial services, and retail helps enrich the quality of information in his articles.