Increase in energy prices has been the most debated topic in the United Kingdom for a while but now it has also become one of the most stress causing factors for people in general. Whether it’s households or commercial locations, energy has a big impact on the monthly budget. It is also a pressing concern for people involved in retail businesses who suffer from the changing shopping habits of the people due to the National Living Wage and increasing import prices. In such situations, energy wastage is an intolerable and unaffordable habit which needs to be controlled at any cost.
According to Utilitywise, a UK utilities consultancy, small and medium businesses waste a lot of energy. As per their report, reduction of 20% in energy costs is equal to a 5% increase in sales, which is nothing but a good deal of profit. This means, if a shop keeper has £20,000 then its 5% is £1,000, which can be utilised for increasing the business or enhancing the online presence or for developing marketing schemes to attract more customers but, not many are unaware of this. Simply put money saved is money earned and retailers can use this money saved by controlling energy wastage into other investments.
In fact, most of the retailers do not even monitor their energy usage, a practice that leads to unnecessary wastage. Although, energy usage depends on the kind of business, it is always a good idea to keep things under check. Shop owners involved in supplying food items use 30% to 60% of electricity for keeping their refrigeration system up-to-date. Another key factor that takes away electricity is the lighting needed in retail outlets. Nearly 28% of total electricity consumed is utilised for creating proper lighting in the stores.
Apart from these, around 40% of electricity is utilised for room and water heating in retail stores. To avoid unnecessary usage of energy, the retail stores can equip themselves with business energy monitoring devices like smart meters, which can actually display the amount of energy used and so, they can strategies’ to cut down the usage of appliances and devices that use excess energy. Although, heating, ventilation and air conditioning (HVAC) are the biggest energy sappers, retailers waste around £300 million worth of energy by allowing heat to escape through open doors, as reported by the non-profit organisation Shut that door.
Find here, a pie chart suggesting energy usage by UK retailers:
According to research published by Cambridge University, simple things like keeping the doors closed can save 50% of energy during cold winters and 10 tonnes of CO2 annually. These are jaw dropping figures and prompt ones to consider energy conservation as it is simply not affordable to waste so much. Another method to decrease energy bills is to compare energy prices online and find suppliers that offer cheaper tariffs and discount deals.
Brijesh is a financial advisor at Freepricecompare.com and a passionate blogger. He writes on personal finance and money-saving tips. He suggests all UK households to compare energy prices before renewal energy contract with existing supplier. When he isn’t writing, he is spending time to find advance technique of farming and its way of applying. He also plays his guitar gifted by his father.