Across the nation, many states are implementing efficiency goals for utility providers, requiring them to invest certain amounts into new efficiency efforts.
At first glance, energy efficiency programs might seem counterintuitive for business. After all, providers sell energy by the kilowatt hour. When consumers use more energy, providers make more money.
But programs geared toward energy efficiency can benefit consumers in many ways. Especially when they are supported by state and local governments.
In fact, as the climate crisis progresses, we’ll see efficiency is not just a convenient model, but it will be vital for energy providers to implement in order to stay with the growing demands of the industry.
Here is how utility providers can use energy efficiency programs to help consumers.
The Need For Efficiency
The cleanest and cheapest source of electricity is the wasted energy we’re already producing but not using. Efficiency programs help us tap into this vast source, minimizing demand for new resources.
This ultimately benefits the environment, which is already straining under the weight of growing demand.
As populations continue to grow, and our dependence on technology increases, we can predict this demand will only continue to rise. Some utility companies have met this surging demand by building new infrastructure and expanding the grid.
But these solutions are time-consuming and extremely expensive. So by delivering the energy we’ve already produced in more efficient ways, providers can ultimately save money.
Updating the Old Business Model
As the energy market has changed in recent years, so have the needs of customers. They have more access to information and smart technology, such as thermostats and home security systems.
Utility providers can stay with these changing times by updating their old business model.
For example, energy providers can integrate these products and services as a bundle with their kilowatt sales, or reward customers for upgrading their home with efficient products, such as solar panels, provided by the company.
Another idea has been used in places like New York City, which encounters excessive demand during peak hours of the day. In this city, energy providers incentivize consumers to use less during these hours, including by providing businesses the tools and technology to be more efficient.
These updates to the business model will then go on to serve the consumer. After all, when they use less newly produced energy, they can save money on their bill.
Cheaper products are a benefit all companies strive to provide. Utility companies can use the decreased price of energy as a competitive advantage to bring new customers, leading to higher profits.
In this way, energy efficient efforts can benefit the environment, the company, and ultimately the consumer. Now that’s a win-win-win solution!
Energy Audits Made Easy with EMAT Field Auditor
Another important way providers and consumers alike can improve efficiency is by conducting audits. This allows building owners to discover the glaring areas of energy loss that are ready to be improved.
With EMAT Field Auditor, this process has never been easier.
Our technology allows you to conduct audits quickly and affordably. Collect data and monitor major systems through your mobile device, with support from our team of experts at every step of the way.
Data is synced to the cloud, allowing for collaborative sharing and convenient off-site assessment. Call now to learn more!