Warning! You might be Wasting Money on Electricity Bills!

Here is a quick question – When was the last time you checked your electric bill? Do you remember how much it was? If you are like most small business owners you do not pay attention to how much you are paying towards electric bill. You take it for granted that the electricity expense is fixed and there is not much you can do to bring that expense down. This could be a mistake because even a small monthly savings of $50 in electric bill can add up to substantial amount at the end of the year.

 

Saving on electricity with traditional tactics

There are number of ways in which small business owners can save on their electric bill. You have probably heard about them and have, hopefully, implemented them in your business. To summarize, you should always turn off lights and other electric appliances when not in use. You should also look into installing energy saving light fixtures, such as CFL bulbs and LED lights. Programmable thermostats provide a powerful way to control the electricity usage even when you are not present.

Recently, a new option for savings on electricity bill has come up, and it is even more powerful than other saving options mentioned above. Before we discuss it let’s look at the history of your electric bill.

Why is it so hard to lower electric bills – Electric Monopolies

It used to be that the electric power generation and distribution was a monopoly business (and for many parts of world it still is). You had an electric cable from some company coming to your property that supplied all the electricity you needed to run your business. You did not worry about who was providing the electricity, and for the most part how much it cost, as long as it was reliable and did not cost exorbitant amount. However, times are changing. Utility industry is undergoing deregulation, just like many other industries that went through it a while ago. This represents an opportunity for many small business owners to save on their electric bill.

Reason for hope – rise of competition

The law of economics says that competition is the best way to bring down prices. When suppliers compete for your business you win! When you combine this with the transparency of comparative prices from the suppliers small business owners can save substantial amount in their monthly electric bill. The only problem is it is not easy to find and compare the prices of various electricity options.

Help from electricity advisors

That is why it helps to talk to advisors who understand the industry and can compare rates from various competitors and present best option to you. Many times these advisors are industry veterans who understand how the industry works, how government regulations impact the end customer and what is in their best interest. For example, Energy Helpline’s business electricity advisors can help small business owners save on electric their bill for. Many small business owners have saved significant amount on their electric bill with the help of these advisors.

Last word of caution

One word of caution – do not overlook other factors while trying to save money. While saving money is important you also need to ensure it does not come at the cost of service reliability. Losing electricity even for few hours can negatively impact your business. Having a quick and easy customer service is equally important. Again, the business advisors I mentioned earlier can help compare these other aspects along with prices.

Have you had any experience with saving on your electric bill? Let us know in the comments below.