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How small businesses can adapt to rising energy costs

How small businesses can adapt to rising energy costs
How small businesses can adapt to rising energy costs

As an energy crisis is looming in Australia businesses are concerned about how the rising cost of electricity will affect their profits. 

A recent Nielsen Consumer and Media View (CMV) survey showed a whopping 82% of Australians are “concerned” about the high cost of electricity, while more than 45% are “very concerned.” 

CMV has found that 1% of Australians have switched energy providers in the last year, with 12% planning to do the same over the next 12 months.

Those who made the switch say the main reasons are:

  • Cost (41%)
  • Service reliability (11.6%) 
  • Ease of bill payment (8.5%)
  • Energy-saving ideas from the provider (6.8%)
  • Staff courtesy and helpfulness (4.3%)

Rising cost of living bites

The National Debt Helpline data has revealed Australia’s “working poor” are struggling to pay their bills, turning to the helpline for ideas to survive. Debt helplines have been inundated with financial counseling requests.

The Sunday Morning Herald reports that up to 500 people a day are using debt helplines. The National Debt Helpline has seen a 40% spike in phone calls from desperate citizens since the Reserve Bank (RBA) started lifting interest rates in May 2022.

ALSO READ: RBA keeps interest rates on hold: What does it mean for business?

The RBA is meeting again in August 2024. It remains uncertain whether it will lift the official cash rate to a new record high.

Heated debate on nuclear energy

Australia’s prime minister, Anthony Albanese, says the government is “working on getting your power bills down right now.” He is vowing that it will do so with cheap, clean, renewable energy. 

Opposition leader Peter Dutton has been criticized for his proposal to build the country’s first nuclear plant, with many concerned about the cost. The Commonwealth Scientific and Industrial Research Organisation (CSIRO) estimates that it could cost more than $17 billion and take at least 15 years to build. 

Tools to navigate high electricity bills

While the cost of electricity remains exorbitant, there are ways businesses can monitor and reduce their usage. 

Here’s how: 

  • Conduct an energy audit. Assess your current energy usage and identify where you can reduce or implement energy-saving practices.

  • Implement energy-efficient equipment: Regularly maintain equipment to ensure it’s not costing more than it should.

  • Optimize operational hours: Adjust business hours to make use of off-peak energy rates. Schedule energy-intensive tasks for off-peak times. 

About the author

Mia is a multi-award-winning journalist. She has more than 14 years of experience in mainstream media. She's covered many historic moments that happened in Africa and internationally. She has a strong focus on human interest stories, to bring her readers and viewers closer to the topics at hand.

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