5 Tips on How to Survive the Global Energy Crisis

The global energy crisis we are facing today has been impossible to control, at this point electric power is a few dollars away from becoming a luxury due to its exorbitant price. High energy demand along with rising Natural Gas and oil prices due to low supply. Add to this the supply disruptions caused by the war in Ukraine, plus the exorbitant rate of inflation the world is facing in the wake of the pandemic, it is the perfect equation to create a global energy crisis. The index for electricity in August climbed 15.8% over the same month a year ago and for the remainder of the year, prices are predicted to rise even further.

This situation has led many to look for ways to reduce the impact on their wallets. From homes to large corporations, everyone is desperate to reduce their energy consumption without reducing their quality of life or working conditions.

There are alternatives to saving energy that go beyond changing light bulbs in the building or unplugging and plugging in electronics several times throughout the day, and these can be more efficient and have a greater impact on your energy bill.

 

Navigating the Global Energy Crisis

Burning fossil fuels to create electricity has long been the most widely used energy source and a major contributor to the emission of greenhouse gasses into our atmosphere. Renewable sources and energy efficient alternatives are not only our best shot at overcoming the global energy crisis, but they are also important in our fight against global warming and climate change. 

Here are a few small changes that can create a big impact:

1. Predictive Maintenance: Rather than waiting for a component to malfunction, site managers can discover inefficient or dangerous tendencies by monitoring the conditions of their energy management system and other electrical building services. These flags alert your maintenance team before the issue becomes considerably more expensive.
2. Smart lighting technology: Another step towards lower utility bills is to swap out your regular light bulbs for energy-efficient ones, but if you want to further reduce your electricity costs, you might want to think about updating your lighting system. Smart lighting technology automates usage, responds to variations in occupancy, and enables buildings to fulfill their energy demands while avoiding wasteful consumption.
3. Smart sockets or power trips: Standby power is the energy used by electrical equipment even when they are turned off and it represent a substantial energy expenditure. Smart sockets and power trips cut power consumption from devices that are connected but not in use.
4. Solar panels: Solar technology can collect solar energy through panels and transform it for a range of purposes, such as electricity production, interior lighting, and water heating. With solar panels you will be able to generate your own electricity, helping your site consume less from the utility company.
5. Energy efficient appliances: Despite having a greater initial cost, energy efficient appliances have lower operating costs compared to conventional models since they require less power when in use and standby.

 

Energy Efficiency Can Save Your Business from the Global Energy Crisis 

 

Investments in renewable energy, energy efficiency, or other climate-friendly technology can act as a shield against the market dynamics that influence the price of fossil fuels for residential or business energy consumers. You can save a significant amount of energy just by automating your HVAC units. You can achieve ideal indoor climate with the help of our AI-powered technology without going over budget.

Setpoint’s Climate Intelligence Solution lets you forecast when your HVAC units require repair, minimize energy usage and peak shaving demand.

Keep your building comfortable using Setpoint’s automated solution, upgrade to Climate Intelligence and start saving!