October is National Energy Awareness Month! Help manage our nation’s energy resources by taking steps to conserve your company’s energy use. Not only will you save energy, but you’ll save money too.
At Team Financial Group, we partner with local nonprofit organization Michigan Saves to help Michigan businesses obtain financing so they can build more sustainable and more energy-efficient companies.
Not located in Michigan? Don’t worry — we offer financing solutions to qualifying businesses throughout the Midwest and beyond.
Keep reading to learn about the many benefits of energy efficiency and find out how you can save money when you save energy.
4 Benefits of Reducing Your Company’s Energy Use
Besides helping our environment by reducing energy waste, decreasing your business’ energy output can be very beneficial for your company. Here are four of the top benefits of efficient energy use.
1. Earn Tax Breaks
Your company may be eligible for a variety of energy-related tax breaks if you decrease your energy usage by a certain percent. Tax breaks may include:
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- Deductions per square feet of your commercial building
- Solar power investment tax credits
- Accelerated depreciation of smart meters and grids
For more information about your specific qualifications, talk with your tax advisor.
2. Decrease Utility Costs
Is your energy bill one of your company’s biggest expenses? If your company has a large production or manufacturing facility, decreasing your utility bill is likely to save you considerable money before long, even when you consider the initial costs of installing more energy-conscious equipment.
3. Improve Public Relations
More than a third of consumers today consider the environmental impact of a product before purchase. Being able to advertise your products, services, or facility as being environmentally conscious can give your company an edge against the competition and attract business from mindful consumers.
4. Attract Top Talent
A recent study from Cone Communications found that 75% of millennials said they would take a pay cut to work for a company with strong corporate social responsibility practices. If you devote the time and effort into developing a more sustainable business, you’ll position your company to attract the next generation of top talent.
What Can Companies Do to Use Energy More Efficiently?
The steps below may not make sense for all companies, but they’re a great place to start when looking for inspiration for your energy initiative. Some suggestions also require more financial investment than others but remember that Team Financial Group is here to help.
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Invest in Renewable Energy
Companies of all sizes are investing in renewable energy, especially solar power. While few companies run exclusively on solar power, supplementing your consumable energy with renewable sources can drastically cut back on your utility bills. The cost of solar panel systems has plummeted in recent years, and various organizations offer special deals, tax breaks, deductions, and recognition for companies that go solar.
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Upgrade Your Current HVAC System
Controlling the temperature of your workplace often makes up a large part of your overall energy use. The heating, ventilation, and air conditioning systems you use throughout your facility play a major role in determining your energy use. While you may be able to adjust the temperature and conserve some energy, the best way to save both energy and money is to upgrade your HVAC system. Newer systems have updated technology that require less energy. Some of them may even include or work with add-ons that provide suggestions for energy conservation.
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Update Appliances and Equipment
Many appliances and pieces of heavy equipment that your employees use can be updated to safer and more energy-efficient models. Even small appliances like microwaves can consume a significant amount of energy with frequent use. The older your appliances and equipment are, the less likely they are to be energy efficient. Consider updating assets such as:
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- Computers and laptops
- Printers and copiers
- Kitchen appliances
- Fans and lighting
- Manufacturing machinery
- Production equipment
- Packaging systems
RELATED ARTICLE: Get the Financing You Need to Improve Your Workplace Safety
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Don’t Forget the Little Things
Your initiative to save energy doesn’t have to happen all at once. If you’re not sure where to begin, start with small steps and work up from there. Initial measures you could take to conserve energy might include:
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- Replacing old lights with LED lighting
- Using smart power strips
- Connecting a programmable thermostat
- Installing daylight sensors and timers
- Planting a green roof (living roof)
- Insulating your water heater
- Mounting energy-efficient windows
Team Financial Group Partners With Michigan Saves to Help Clients Conserve Energy
At Team Financial Group, we’re dedicated to helping conserve energy and keep our environment clean. As part of our sustainability initiative, we partner with local nonprofit Michigan Saves to help businesses acquire affordable financing for energy improvement.
Ready to boost your company’s sustainability and save money? Give us a call at 616-735-2393 or fill out our online contact form and we’ll do the rest.
References
Cone Communications. (2016). 2016 Cone Communications millennial employee engagement study. Boston, MA: Cone Communications. Retrieved from http://www.conecomm.com/research-blog/2016-millennial-employee-engagement-study
Martins, A. (June 4, 2019). Most consumers want sustainable products and packaging. Business News Daily. Retrieved from
https://www.businessnewsdaily.com/15087-consumers-want-sustainable-products.html
Tax incentives for energy efficiency upgrades in commercial buildings. (2013). Office of Energy Efficiency & Renewable Energy. Retrieved from
https://www.energy.gov/eere/buildings/tax-incentives-energy-efficiency-upgrades-commercial-buildings
The content provided here is for informational purposes only. For financial advice, please contact our commercial financing experts.