Every business needs a way to procure gas and electricity. Without the proper energy sources, companies can’t operate like they should, which can stall business operations.
Energy procurement, however, comes with its own unique challenges. How can you get the gas and electricity you need without over-extending your budget? What can you do to reduce risks?
At Navigate Power, we understand these concerns. Our business energy procurement services aim to help you navigate common challenges so you can save money and reduce stress. Here, we’ll guide you through some common challenges to make your life easier.
The Challenge of Fluctuating Energy Prices
Gas and electric prices fluctuate regularly due to increasing demand or manufacturing concerns. As a business owner, dealing with these fluctuations can be frustrating. Thankfully, there are ways to reduce the impact of fluctuating energy prices.
Lock-In Long-Term Contracts
Keep an eye on the energy market. Where are prices currently at? If they’re low, requesting a long-term contract with an energy supplier might be time.
These contracts let you lock in a lower price for an extended term, so you won’t have to worry about fluctuations until it’s time to renew.
Embrace Energy Risk Management
Risk management strategies can help you reduce the problems associated with fluctuating energy prices. Consider diversifying your energy sources, watch for market trends, and more to keep your company safe.
Regulatory Compliance Complexity
The energy industry has rules and regulations that all businesses must follow. Staying compliant can be difficult, especially if you’re unfamiliar with these regulations. Work with professionals and take advantage of technology to protect your company.
Partner With Compliance Experts
You don’t have to try to navigate compliance concerns alone. Requesting energy procurement consulting services from a professional can help you better understand industry regulations. Your compliance expert can break down the laws, assess your company’s compliance, and provide guidance to put your mind at ease.
Invest in Energy Management Software
Energy management software is an excellent tool. It automates several tasks — such as energy monitoring — which can make it easier to ensure compliance.
Lack of Energy Procurement Strategy
Your procurement strategy dictates how you’ll obtain your energy. You need to have a solid plan in place, or else you might face serious problems — for example, you may pay too much to get energy from a third-party energy supplier. Take the time to plan and put a procurement strategy in place.
Conduct Comprehensive Energy Audits
Do you know how much energy your company uses? How much energy are you wasting on inefficient practices? A comprehensive energy audit can help you identify problem areas and address them for energy savings.
Additional Read: Why Do You Need An Energy Bill Audit?
Develop a Procurement Roadmap
You need to know how you’ll obtain your energy. A proper roadmap gives you that outline. Take the time to look at current energy providers, create a strategy for energy procurement, and implement that plan. Monitor it carefully once it’s in place and adjust as needed for increased energy savings.
Balancing Sustainability and Cost Efficiency
Sustainability in energy procurement is a growing topic. You could want to make your business more sustainable but might face extreme expenses. You’re a responsible business owner, and you want to make sure your business isn’t harming the environment — but you also don’t want to spend more than your company can handle. Sit down to create a plan and implement certain initiatives to reduce potential risks.
Explore Renewable Energy Options
Companies have put a lot of resources into renewable energy options. Solar power technology, for example, has seen incredible advancements in recent years. While the initial installation costs can sometimes be expensive, businesses now have more options — and that competition can sometimes drive down prices.
Look at renewable energy providers and keep an eye on the market. If you find something that seems reasonably priced, reach out to the provider. You might be able to strike a deal for a more affordable contract.
Evaluate Energy Efficiency Initiatives
If you want to become more energy-efficient, then planning is key. Creating initiatives can be a great way to transition to more efficient energy practices. For example, consider implementing an initiative to switch entirely to renewable energy sources by a certain year.
Get Help Navigating Your Energy Procurement Challenges
Energy procurement comes with unique challenges, but you can successfully navigate them with some help. At Navigate Power, we want to provide the assistance you need.
Get expert advice from professionals who really understand the industry; just reach out to us today to request more information. See what we can do today.