Utility costs can be a significant expense for any household or business, especially in times of high demand or fluctuating prices. Fortunately, technology can help you monitor, control, and optimize your energy consumption and save money on your bills. In this article, you will learn how to use technology to manage your utility costs by following these six steps:
The first step to manage your utility costs is to understand how much energy you are using and where you are wasting it. You can use online tools, apps, or smart meters to track your electricity, gas, and water consumption and compare it to similar properties or industry standards. This will help you identify your baseline, your peak periods, and your potential savings.
Understanding your tariff structure is crucial for optimizing energy costs. If you're on a TOU tariff, leverage it by strategically planning energy consumption during off-peak periods. Additionally, consider programming equipment to avoid operation during peak hours, maximizing efficiency and savings. An energy monitoring and management system will give you detailed information on you consumption and provide you energy trends so you can evaluate if the strategies and ECM and working properly.
You need an overview of your system in order to identify inefficiencies to be improved. Technology is improving everyday and the current energy consumption is to be benchmarked with the best in class performance. An understanding of the usage trends is also important for the next step to formulate a plan to improve energy performance.
The next step is to set realistic and achievable goals and budget for your energy management. You can use technology to help you plan and forecast your utility costs based on your usage patterns, weather conditions, and tariff rates. You can also use technology to set alerts or reminders to keep you on track and motivate you to reduce your consumption.
One of the most effective ways to manage your utility costs is to upgrade your appliances and equipment to more energy-efficient models. You can use technology to help you research and compare the energy ratings, performance, and features of different products and find the best ones for your needs. You can also use technology to control and automate your appliances and equipment remotely or with voice commands.
Improvement to existing equipment is the quickest way to reduce utilities cost but it is also the most difficult way in terms of getting traction. Take the example of a chiller plant. Chillers have been gaining huge efficiency gains over the last 10-15 years. Chiller effiicency used to be around 0.6kW/RT but in recent years can go down to 0.45kW/RT and even lower. This seem a great number as there is a 25% improvement in efficiency . However, there may be factors such as equipment too new to write-off, equipment that is unable to be payback by savings etc. Hence, timing the campaign for new equipment is important considering the enterprise environmental factors to achieve a successful reduction of utilities bill through new equipment.
Another way to manage your utility costs is to implement smart solutions and strategies that optimize your energy usage and reduce your waste. You can use technology to install smart thermostats, lighting, sensors, and power strips that adjust your temperature, lighting, and power supply according to your preferences, occupancy, and schedule. You can also use technology to implement renewable energy sources, such as solar panels, batteries, or generators, that reduce your reliance on the grid and lower your carbon footprint.
The fifth step to manage your utility costs is to monitor and evaluate your results and see how much you have saved and improved. You can use technology to generate reports, graphs, and dashboards that show you your consumption, costs, and savings over time and across different categories. You can also use technology to benchmark and audit your performance and identify areas for improvement or further savings.
The final step to manage your utility costs is to share and learn from others who have similar goals and challenges. You can use technology to join online communities, forums, or groups that offer tips, advice, and support for energy management. You can also use technology to access online courses, webinars, or podcasts that teach you new skills, techniques, or trends in energy management.