How Businesses Can Cut Expenses and Save Money
Businesses are still under pressure, however, through the Energy Bill Relief Scheme, the UK Government is currently subsidising the cost of gas and electricity prices.
Soaring energy prices have left many businesses facing financial difficulties, forcing many to close their doors. We are still witnessing an extremely volatile energy market, and given current global events, the crisis appears to be far from over – with prices expected to rise again.
UK Energy Relief Schemes: What SME’s Need to Know
Businesses are still under pressure, however, through the Energy Bill Relief Scheme, the UK Government is currently subsidising the cost of gas and electricity prices for businesses, charities, and local authorities. This has been in effect since October 2022 and will continue until March 2023.
The upcoming Energy Bill Discount Scheme, which will run from April 2023 – March 2024, will replace the current Energy Bill Relief Scheme. The new £5.5 billion support scheme will prioritise industries with high energy consumption, which will consequently mean less support for smaller businesses. Since the discount is automatically to wholesale prices rather than the contract price, businesses do not need to register for the scheme. Therefore, those who are eligible will receive the discount.
Why It May Be Time to Reconsider Your Water Supplier
Many businesses may be looking to cut costs elsewhere to offset their rising energy bills, which has encouraged them to seek ways to reduce their water costs. The UK’s largest water suppliers recently published their wholesale rates for 2023-2024. All businesses in England will be impacted when these go into effect on April 1, 2023. With prices set to rise, it is critical that businesses look at their water bills now rather than later. Since the Government deregulated the water industry in 2017, only 15% of UK businesses have switched water suppliers, according to reports. Businesses are missing out on massive opportunities to save money, and with the average water bill set to increase in April 2023, businesses could save of up to £150 per year.
Embracing Renewable Technologies: Cost-Effective Way to Future-Proof Operations
Besides water supply, many businesses can lower their entire energy costs by implementing renewable technologies.
Businesses that become greener and more efficient can help to future-proof their operations and provide a more precise level of budget certainty.
Solar PV panels, for example, are growing in popularity as they can be installed on most premises’ regardless of size, and effectively reduce costs and carbon footprint. Smaller actions that businesses can take include implementing LED lighting solutions and utilising more eco-friendly materials. Many companies have adopted these techniques as a method to comply with the requirements made by larger corporations in their supply chain.
How You Can Take Control of Your Business Utilities
Credit Passport has partnered with Energisave - a specialist consultancy that assists businesses in reducing their gas, energy, and water costs by securing the best contracts on the market. Their analysts have expert insights into the market and are able to achieve cost-effective deals for all types of businesses thanks to access to the whole energy market and established relationships with key UK suppliers. Businesses can take control of their utilities for example by getting an update on existing contract rates and keeping track of when the renewal window is approaching.
Credit Passport users can register at Energisave to book a free consultation on how you can achieve your sustainability goals.
