The rising cost of energy prices has been front and center in the news lately, so what does this mean for you and your HVAC running costs? As a business owner, you’re undoubtedly worried about increasing prices while the economy is performing poorly. In this article, our team will take a more in-depth look at the impacts of energy costs and how business owners like you may be affected in the coming months.
Why Are Energy Prices So High in 2022?
As countries around the world started to recover from the worst periods of the COVID-19 pandemic, the demand for energy increased and the supply shortage meant costs went up. To boot, renewable energy resources like wind farms and solar panels were not producing as much energy during the cold winter months, meaning people needed to rely on their traditional heating systems more.
As if that wasn’t enough, Russia, one of the world’s largest producers of oil and gas, invaded Ukraine in February 2022, which threatened their exports of oil and gas and inflated prices even further.
How Does the High Cost of Energy Affect the Economy?
- High energy costs mean people have to budget more for their energy needs. It’s simply not feasible to tell people not to use their heat, their air conditioning, their hot water, and other daily necessities that require energy. When people are forced to spend more money on their energy bill, they inject less money into the economy elsewhere.
- It can cause price increases across the board. If a business is now spending 20% more to keep their building open and running, they’ve got to recoup that extra cost somewhere else, and business owners are often forced to raise their prices to make ends meet.
- High energy costs can prevent businesses from expanding and hiring people, especially in an economic slump.
What is the Actual Impact on Your HVAC Running Costs?
We recommend you monitor your energy bills closely over the coming months so you can understand how the increasing cost of energy will affect your HVAC running costs. Because every business and HVAC system is different, there are several factors to consider, including:
- The age of your system. Older systems are more inefficient and expensive to run than newer ones.
- How long you keep your HVAC system turned on each day. This is highly dependent upon the climate you live in, because you need to maintain a comfortable temperature inside your building. For example, a business in South Florida would not be able to turn off the air conditioning for hours every day because it would be too uncomfortable.
- How well-maintained and clean your HVAC system is.
- The size of the rooms in your building.
How Can You Reduce Energy Consumption?
Install a Smart Thermostat. There’s no need for your HVAC system to be running at full strength when it’s not needed. With a Smart Thermostat, you can pre-set your system to turn on and off at specific times. The best part is you can control and monitor everything from a convenient app on your cell phone.
Invest in regular maintenance. Even something as simple as having clogged air filters can hamper the efficiency of your HVAC system, and it will have to work harder just to run normally, resulting in more expensive energy bills for you.
Install ceiling fans. Ceiling fans are a great way to keep the rooms in your building cooler and well-ventilated, meaning you won’t need to rely as much on your air conditioner.
For more information about how to keep your HVAC running costs low while energy prices soar, or if you have any other commercial HVAC maintenance questions, please contact our team at Tri-Tech Energy today or visit our website at: https://www.tritechenergy.com/