There’s been a lot of news about using IoT devices to reduce costs; however, uptake has been slow due to the expense of implementation and the dearth of data scientists and analysts. There are 14 states, primarily in the Northeast and Atlantic Coast, including Washington D.C. with deregulated electric markets.
Energy management has been around as long as deregulation. Small, medium, and large enterprises can benefit from the economies of scale that can be gained by buying energy in bulk across multiple states.
If you are buying energy for your business in a deregulated market, an energy management consultant can help you reduce your spend by 20 to 40%. The consultant will begin by obtaining your utility bill and analyzing how to improve the price you are paying. This includes evaluating market conditions, discovering risk tolerance, and determining your real business needs.
When energy markets begin trading, your consultant will arrange a competitive auction to determine the most competitive price, the best supplier, and the optimal terms which will result in the best energy solution for your organization.
Having worked with hundreds to thousands of clients, energy consultants are able to identify efficiencies that those not dedicated to energy management are aware. You remain active in the energy market determining the best times to buy for the optimal efficiency and cost savings. All of this is tracked versus your budget with ongoing reports of budget versus actual.
Taylor Consulting and Contracting have been providing energy management services with impressive results:
- A collection of Dunkin’ Donut franchises in six states have saved 15 to 20% annually for six years over what they were able to buy electricity for individually.
- More than 4,000 Boston SMEs have joined Boston Buying Power (BBP) and enjoyed 50% savings during the 2014 polar vortex, and more than 100% versus the market-based price of electricity.
- Independence Blue Cross of Pennsylvania has saved 50% on their electricity over the past five years since Pennsylvania deregulated electricity.
Technology, and data, is enabling companies of all sizes to reduce their energy spend. You don’t have to wait to employ IoT to enjoy the savings.