Energy efficiency should be top of your list whether your goal is reducing costs or simply making your home more comfortable. There are various reasons for prioritizing energy efficiency as a priority in your home.
Improving energy efficiency helps improve grid reliability, which reduces power outages during weather events and dependence on imported fossil fuels with geopolitical risks associated with them.
1. Reduced Energy Bills
Energy efficiency can be one of the cheapest and easiest ways to cut your energy costs, often costing less than monthly energy bills themselves.
Energy efficiency goes far beyond saving money; by reducing demand, we can also ease pressure off of Earth’s resources and ecosystems.
As previously discussed, energy efficiency gaps can sometimes be due to hidden costs; market failures like lack of information may also play a part. Luckily, many strategies for increasing your energy efficiency are straightforward and budget-friendly like installing programmable thermostats and power strips that optimize usage – eventually these small adjustments will lead to major savings that help you meet your goals without breaking the bank!
2. Increased Property Value
Real estate professionals across the nation are reporting that energy efficiency upgrades increase property value. Homeowners in particular could find these measures paying dividends when it comes time to sell their home.
homeowners who invest in installing effective insulation and high-quality boilers typically see higher sale prices for comparable properties than others. Homes certified as green through government incentives like Green Mortgages or Boiler Upgrade Scheme can also fetch a premium when sold.
Efficiency investments have a similar effect on market value of commercial buildings. They can lower operating costs while meeting tenant expectations more closely, helping reduce vacancy rates and building resilience against disruptions like power outages. Unfortunately, much of the capital cost for this efficient equipment often falls on owners instead of tenants (known as split incentives), however this issue has been addressed through policies encouraging efficiency in buildings.
3. Reduced Carbon Footprint
Energy efficiency is one of the best ways to decrease our carbon footprint. It reduces fossil fuel usage, helping limit climate change, while simultaneously decreasing demand for imports of energy and making renewable sources more cost-effective for all.
Producing food requires significant energy consumption. A simple way to reduce carbon emissions and cut your environmental impact is to opt for healthier options like vegetables and grains instead of beef.
Lighting and appliances that use less electricity are an easy way to lessen our environmental impact, while unplugging electronics from standby mode is another effective strategy for cutting back carbon emissions. The more efficiently we utilize energy resources, the easier it will be for us to transition towards 100% clean energy sources.
4. Increased Employee Morale
As a business owner, you want your employees to know you care for them. Energy efficiency helps build employee morale by creating a healthier and more comfortable working environment; happier workers tend to be more productive.
Energy efficient practices can also make for an effective selling point for your company. According to surveys, over two thirds of people prefer engaging with environmentally conscious firms, and four out of five workers would consider taking jobs at energy-efficient firms as attractive employers.
If your business hasn’t implemented one already, consider adopting an energy efficiency plan. Begin by informing employees on what they can do to reduce energy waste – using reports on usage or even contests with employees to keep this topic top of mind.
5. Increased Profits
Energy efficiency reduces emissions and helps people live healthier lives, as well as decreasing economic inequities by allowing lower-income households to afford more cost-effective heating, cooling, and appliances.
Businesses that take an active approach to energy efficiency can minimize the effects of volatile energy markets on operational costs and profits. This can be achieved using smart building technologies which monitor, analyse and automate energy-saving actions.
An energy efficient business is also more appealing to eco-conscious consumers who are willing to pay more for brands that demonstrate environmental stewardship and social responsibility, increasing customer relations and brand loyalty. Companies with effective energy efficiency strategies – like Sainbury’s, Google and Microsoft – are finding great success as more consumers turn green.