If you're thinking about starting a business at some point during the future, it’s important to consider what your business’ energy bills might look like. Energy costs can have a huge impact on the success and viability of any venture, so understanding what bills are likely to look like in the coming years is essential for strategic planning.
In this guide, we explore the current landscape of business energy bills across different industries, and what this could mean for your future business. It’s an essential guide that no forward-thinking entrepreneur should be without!
As of now, the current landscape for business' energy bills presents a mixed picture. The cost of energy has been steadily rising over the last few years due to a number of factors such as climate change regulations, global energy demands, and evolving technology. Additionally, the ongoing COVID-19 pandemic has led to fluctuations in energy usage patterns and a decline in energy prices in some regions while increasing them in others. The Russia-Ukraine war has also led to widespread gas supply disruption due to Russia being one of the top 5 gas producers in the world – causing a massive spike in gas prices.
Furthermore, the increasing focus on sustainable and renewable energy sources has resulted in higher costs initially. However, businesses that have invested in energy-saving technology have realised long-term cost-saving benefits through reduced electricity and gas consumption.
It’s clear we are currently going through a period of energy supply instability and uncertainty, but how will this impact the future? Will it improve? Will it worsen?
The future of business energy bills is expected to drastically change based on the current climate. Climate change has become a major concern for governments, businesses and civilians around the globe, which is why policies to reduce carbon emissions have been implemented in recent years. In Europe, most of the countries have adopted the European Union's 2030 Climate and Energy Framework policy, which sets targets for reducing greenhouse gas emissions.
As a result, companies will be expected to implement more energy-efficient measures and use renewable sources of energy to power their operations. This will not only have a beneficial impact on the environment, but it will also help businesses to save money in the long run.
As businesses become more aware of their impact on the environment and renewable sources become less reliable, many are beginning to switch from traditional fossil fuel energy sources to more sustainable options, such as solar power, wind power, and geothermal energy.
While there is an initial investment required to make this switch, it is likely that over time, businesses can expect to see significant savings on their energy bills.
In fact, according to a report by the International Renewable Energy Agency, the cost of solar and wind energy has already dropped significantly over the last decade, and is expected to continue to decrease, making it more affordable for businesses to invest in renewable energy sources. It may also be beneficial to use an energy broker to help you find the best energy deals for your business.
But perhaps the biggest benefit of switching to renewable energy sources is the potential long-term cost savings. Fossil fuel prices are known to be volatile and subject to sudden increases, while renewable energy prices tend to be more stable and predictable. By investing in renewable energy now, businesses can protect themselves against future energy price hikes while also reducing their carbon footprint and contributing to a more sustainable future.
In conclusion, understanding what the future of energy bills will look like for businesses is complicated — and rightfully so. The ever-changing energy landscape means that businesses who are planning ahead can save thousands on their energy bills over time and contribute to the overall success of their business.
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