10 Ways to Economise Amid Rising Energy Prices

With seven out of ten [1] hospitality businesses being affected by rising energy prices, it's never been more important to know how to economise. 

But let's face it. Reducing costs is never easy, especially when it comes to energy. After all, energy is essential to running your restaurant or bar, right? From keeping the lights on to cooking up those tasty dishes, energy is necessary.

Fortunately, there are ways to cut back on energy costs without sacrificing quality or service. We'll be sharing our top ten tips to help you save money and keep your business running smoothly.

So grab yourself a nice coffee and let's get started.

How much energy do hospitality venues use?

Before we get into the tips, it's important to understand how much energy hospitality businesses use. After all, the first step to saving money is understanding where your money is going.

Hospitality businesses use quite a bit of energy. In fact, Moneysupermarket found that small businesses use around 15,000 kWh of electricity a year, medium businesses use around 25,000 kWh and larger businesses use around 50,000 kWh or more [2].

When it comes to bars and pubs, it's a similar story. A study of 14 UK pub restaurants published in the International Journal of Low-Carbon Technologies revealed that in these environments, the average daily electricity consumption of refrigeration was 70 kWh, while grills used 37 kWh and combination ovens used 35 kWh [3]. 

What's the deal with the energy price hikes?

Throughout the pandemic and beyond, the hospitality industry has been burdened with rising energy costs leaving them struggling to make ends meet.

This year, UKHospitality, the British Institute of Innkeeping (BII), the British Beer and Pub Association (BBPA) and Hospitality Ulster released a joint poll revealing that 76% of businesses are having to raise prices and cut trading hours to mitigate against these skyrocketing energy costs. They found the average price increase of a whopping 95% [4] for hospitality businesses. Ouch! 

Top tips for saving more energy (and money) for your hospitality business:

1. Use energy-efficient appliances

One of the easiest ways to save on energy costs is to switch to energy-efficient appliances. These days, there are energy-efficient options available for just about everything, from refrigerators to dishwashers to coffee makers. Not only do energy-efficient appliances use less energy, they also tend to be more cost-effective in the long run. So if you're looking for a way to save on energy costs, this is definitely a good place to start.

2. Educate yourself on energy-saving practices

You've already taken the first step by reading this blog. But there's always more to learn when it comes to saving energy. The more you know about energy-saving practices, the better equipped you'll be to implement them in your business. There are plenty of resources available on energy-saving practices, so do some research and see what you can find!

3. Educate your staff on energy-saving practices

Once you've educated yourself on energy-saving practices, it's time to share that knowledge with your staff. After all, they're the ones who will be implementing these practices in your business. Make sure your employees are up to speed on all the latest energy-saving tips and tricks. The more they know, the better equipped they'll be to help save your business money. This could be as simple as holding a meeting to go over energy-saving practices or creating an energy-saving policy for your business.

4. Take advantage of natural light

Whenever possible, take advantage of natural light instead of using artificial light. Not only is it better for the environment, it can also help you save on energy costs. So during the daytime hours, make sure to open up the blinds and let in some natural light. You may even want to consider rearranging your furniture to make the most of the light.

5. Utilise energy-saving modes

Many appliances nowadays come with energy-saving modes. And while you may not think that these modes make a big difference, they can actually help you save a significant amount of money on your energy bill. So if your appliances have energy-saving modes, be sure to take advantage of them.

6. Invest in insulation

If you really want to save on energy costs, invest in insulation. Good insulation can make a big difference in how much energy your business consumes. And in turn, it can lead to big savings on your energy bill.

There are a number of different insulation options available, so you'll need to do some research to find the best option for your business. But it's definitely worth the effort, as insulation can really help you save on energy prices.

7. Take advantage of renewable energy

If you're looking for a way to save on energy costs, take advantage of renewable energy. Renewable energy is becoming more and more popular, and for good reason. Not only is it more sustainable, it can also help you save money on your energy bill as renewable energy costs can also be less expensive than alternatives in certain instances.There are a number of different renewable energy options available, so you'll need to do some research to find the best option for your business. 

8. Only switch equipment on as needed

This one might seem like a no-brainer, but you'd be surprised how often equipment is left on when it's not needed. Hobs, grills, ovens, dishwashers, and other appliances use a lot of energy, so it's important to only switch them on when they're actually needed. So take a close look at your equipment and see if there's anything that can be turned off when it's not in use. It's a simple way to save on energy costs.

9. Keep your cooking equipment well-maintained

If you want to save on energy prices, it's important to keep your cooking equipment well-maintained. When cooking equipment is not properly maintained, it can use more energy than necessary. That's because the equipment has to work harder to do the same job. So if you want to save on energy costs, be sure to keep your cooking equipment well-maintained. This includes regularly cleaning and calibrating your equipment.

10. Shop around for energy providers

One of the best ways to save on energy costs is to shop around for energy providers. There are several different energy providers out there, and they all offer different rates. So by shopping around, you can find the best rate for your business. Comparison sites like Moneysupermarket and Uswitch can help you compare energy rates and find the best deal for your business.

Cutting back on energy consumption doesn't have to be difficult. There are a number of simple steps you can take to save on energy costs. Not only will you save money, you'll also be doing your part to help the environment by making your business more sustainable.  So what are you waiting for? Start saving today!