Social housing providers face a variety of costs to enable them to deliver their service and with energy prices on the rise, utility bills can have a big impact on your finances.
Inspired Energy work with over 30 major social housing providers to manage their utilities, using our expertise to ensure you never pay more than you should for your energy. Here are our top tips for future-proofing your business against rising costs.
Buying your energy
Energy prices fluctuate daily and can be affected by a whole host of factors, including demand, weather conditions and even political factors. This can make it hard to stay within budget, meaning that energy procurement becomes a stressful and time-consuming process. This can be a significant burden for smaller providers, who might not have the resources or time available to dedicate to procurement.
Choosing a consultant-led approach can relieve this burden. Look for a consultant with sector expertise and access to all major UK suppliers to give you a choice of supply contracts that are suitable for your requirements.
Checking your bills and recovering historical overcharges
Business energy bills are complex, there’s no doubt about that. With a widening range of non-commodity costs now taking up a majority share of the invoice, it can be both confusing and time consuming to effectively recognise whether your business is being billed correctly.
Another way of achieving significant cost-savings is to use a bill validation service. Up to 20% of utility bills are thought to be incorrect, with non-commodity costs being the area where most inaccuracies occur. In the UK’s move towards net-zero, using a reputable business energy consultant to conduct your bill validation will allow them to identify consumption reduction opportunities, while reviewing the benefits of any energy optimisation measures you’ve already implemented.
As well as making sure that your bills are correct going forward, historical invoices can be investigated for up to six years previous. Using a consultancy to review your historical billing data means errors can be identified and recovered on your behalf, with the potential to receive a significant refund that had previously been paid incorrectly.
Being energy efficient
Making sure you are operating efficiently is key to lowering costs. Something as simple as switching to energy efficient lighting can have a huge impact on your bottom line, with LED lights using up to 90% less energy than traditional lighting.
Other measures include comprehensive site audits to highlight exactly where your properties are wasting money by identifying reasons for high energy consumption, which can be investigated and rectified – leading to immediate savings.
For larger properties, or those providers with multiple sites, our Profile Alerts software can automatically detect unusual patterns of energy consumption, so that overspend can be avoided.
Creating your own energy
On-site generation is becoming a popular option for providers looking to protect themselves from rising utility costs, while supporting a low-carbon future. Making your own energy has many advantages but is very much dependent on your premises. We can help by carrying out a site suitability assessment and advising on which technology is the best fit for your properties.