As the Energy Bill Discount Scheme draws to a close on March 31st, no further Government financial support for energy bills is on offer so businesses are now on their own to figure out how to best manage energy affordability and sustainability. The end of this scheme poses challenges but also presents opportunities for businesses to explore alternative strategies and initiatives to keep consumption and costs down. Here are some potential steps businesses can take:

1. Smart Energy Buying: While wholesale energy prices are well below their 2022 high point they are still significantly above historic levels and getting a good deal on your energy contracts is all about timing and locking in your renewal prices when the market looks most favourable. Flex energy contracts used to be regarded as a more risky option than a fully fixed agreement, but now the opposite is true in many cases. Any business with high energy consumption levels should explore the option to buy their energy on a flex basis or as part of a flex basket.
2. Make sure that you know what you are paying for: It is well known that a significant percentage of energy invoices are inaccurate so be sure to always check your invoiced rates against contracted rates, regularly submit and keep a record of meter reads and sense check your consumption against expectation.
3. Energy Efficiency Investments: Businesses can invest in energy-efficient technologies and practices to reduce their overall energy consumption and mitigate the impact of rising energy costs. This may include upgrading to energy-efficient lighting, appliances, and HVAC systems, as well as implementing smart energy management systems to optimise energy usage.
4. Renewable Energy Adoption: Transitioning to renewable energy sources such as solar or wind power can help businesses reduce their reliance on traditional energy sources and stabilise long-term energy costs. Investing in on-site renewable energy generation or purchasing renewable energy credits can be viable options for businesses looking to embrace sustainability while managing energy expenses.
5. Demand-Side Management: Implementing demand-side management strategies can help businesses better manage their energy usage during peak demand periods, thereby reducing overall energy costs. This may involve adjusting production schedules, implementing load-shedding measures, or participating in demand response programmes offered by utility providers.
6. Government Incentives and Support: Businesses should stay informed about Government incentives, grants, loans and cashback programmes available to assist with energy efficiency upgrades and renewable energy projects. Taking advantage of these opportunities can help offset initial investment costs and improve the overall economic viability of sustainability initiatives.
7. Continuous Monitoring and Targeting Improvement: If you can’t measure, you can’t manage. Implementing a robust energy management system that includes regular monitoring, benchmarking, and performance tracking can help businesses identify areas for improvement and optimise energy usage over time. This could involve submetering, energy visualisation platforms and staff engagement sessions. By continually striving for greater efficiency and sustainability, businesses can maintain competitiveness while reducing their environmental footprint.

In conclusion, while the end of the Energy Bill Discount Scheme removes the final cushion of support for businesses, it also provides an opportunity to embrace alternative strategies and initiatives that promote energy affordability and sustainability.

The team at Here’s the Plan can help you put all the suggested strategies above in place – contact your Account Manager or get in touch at the following:

☎️ 01738474630
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