10 Ways to Economise Amid Rising Energy Prices

Let's face it. Reducing costs is never easy, especially when it comes to energy. After all, energy is essential to running your restaurant or bar, right? From keeping the lights on to cooking up those tasty dishes, energy is necessary.

Fortunately, there are ways to cut back on energy costs without sacrificing quality or service. We'll be sharing our top ten tips to help you save money and keep your business running smoothly.

So grab yourself a nice coffee and let's get started.

What's the deal with the energy price hikes?

Before we get into the tips, it's important to understand what’s going on in today’s current climate. Throughout the pandemic and beyond, the hospitality industry has been burdened with rising energy costs leaving them struggling to make ends meet.

A recent study found that almost a third of businesses are expecting to increase prices in the next three months due to rising energy costs. The Australian Bureau of Statistics found that 92% of businesses blamed the rising cost of products and services while 78% said fuel and energy prices were to blame [1].

So what's driving  these increases? In short, it's a combination of things. Firstly, the recent war has limited the import of oil and gas, meaning that there's a higher demand for these commodities from other nations. On top of that, unplanned outages at coal-fired and gas plants have led to a shortage of these energy sources in Australia. This has put even more pressure on prices [2].

Top tips for saving more energy (and money) for your hospitality business:

1. Use energy-efficient appliances

One of the easiest ways to save on energy costs is to switch to energy-efficient appliances. These days, there are energy-efficient options available for just about everything, from refrigerators to dishwashers to coffee makers. Not only do energy-efficient appliances use less energy, they also tend to be more cost-effective in the long run. So if you're looking for a way to save on energy costs, this is definitely a good place to start.

2. Educate yourself on energy-saving practices

You've already taken the first step by reading this blog. But there's always more to learn when it comes to saving energy. The more you know about energy-saving practices, the better equipped you'll be to implement them in your business. There are plenty of resources available on energy-saving practices, so do some research and see what you can find!

3. Educate your staff on energy-saving practices

Once you've educated yourself on energy-saving practices, it's time to share that knowledge with your staff. After all, they're the ones who will be implementing these practices in your business. Make sure your employees are up to speed on all the latest energy-saving tips and tricks. The more they know, the better equipped they'll be to help save your business money. This could be as simple as holding a meeting to go over energy-saving practices or creating an energy-saving policy for your business.

4. Take advantage of natural light

Whenever possible, take advantage of natural light instead of using artificial light. Not only is it better for the environment, it can also help you save on energy costs. So during the daytime hours, make sure to open up the blinds and let in some natural light. You may even want to consider rearranging your furniture to make the most of the light.

5. Utilise energy-saving modes

Many appliances nowadays come with energy-saving modes. And while you may not think that these modes make a big difference, they can actually help you save a significant amount of money on your energy bill. So if your appliances have energy-saving modes, be sure to take advantage of them.

6. Invest in insulation

If you really want to save on energy costs, invest in insulation. Good insulation can make a big difference in how much energy your business consumes. And in turn, it can lead to big savings on your energy bill.

There are a number of different insulation options available, so you'll need to do some research to find the best option for your business. But it's definitely worth the effort, as insulation can really help you save on energy prices.

7. Take advantage of renewable energy

If you're looking for a way to save on energy costs, take advantage of renewable energy. Renewable energy is becoming more and more popular, and for good reason. Not only is it more sustainable, it can also help you save money on your energy bill. There are a number of different renewable energy options available, so you'll need to do some research to find the best option for your business. 

8. Only switch equipment on as needed

This one might seem like a no-brainer, but you'd be surprised how often equipment is left on when it's not needed. Hobs, grills, ovens, dishwashers, and other appliances use a lot of energy, so it's important to only switch them on when they're actually needed. So take a close look at your equipment and see if there's anything that can be turned off when it's not in use. It's a simple way to save on energy costs.

9. Keep your cooking equipment well-maintained

If you want to save on energy prices, it's important to keep your cooking equipment well-maintained. When cooking equipment is not properly maintained, it can use more energy than necessary. That's because the equipment has to work harder to do the same job. So if you want to save on energy costs, be sure to keep your cooking equipment well-maintained. This includes regularly cleaning and calibrating your equipment.

10. Shop around for energy providers

One of the best ways to save on energy costs is to shop around for energy providers. There are several different energy providers out there, and they all offer different rates. So by shopping around, you can find the best rate for your business. Comparison sites can help you compare energy rates and find the best deal for your business.

Cutting back on energy consumption doesn't have to be difficult. There are a number of simple steps you can take to save on energy costs. Not only will you save money, you'll also be doing your part to help the environment by making your business more sustainable.  So what are you waiting for? Start saving today!