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10 tips to save energy and reduce costs
11 Nov 2022

Protecting the environment is critical for both businesses and individuals. One of the focal points of climate change is for us to control the level of energy consumption and to seek sources of renewable energy.

Take these tips as an opportunity to reduce costs, to implement a change in behaviour and to speak up for the environment.

Tip #1 – Outline ecological practices

The biggest challenge usually points to a change in behaviour and habits. Start off by identifying simple steps to reduce energy such as switching off appliances when out of the office and turning off the lights of unused rooms. Continue by educating your family or your employees to follow these simple practices.

Remember that a change in behaviour simulates a greater urge to strive for results! 

Tip #2 – Audit your energy performance

To save energy costs for your business, start off by evaluating your energy performance. Hire an energy audit entity to check your energy performance at the office. Such companies will be able to identify the most energy-consuming areas, guide you on how to trim your energy consumption and also recommend greener alternative products.

Tip #3 – Switch to LED lamps

We got used to the conventional light bulbs at home. You can seek a more environmental solution instead of these. LED lamps are a perfect replacement as they:

- provide a good level of lighting to your home / office;

- increase energy efficiency;

present a 100% recyclable option.

Tip #4 – Shift to Paperless

You start to notice you have a paper problem from several signs such as overflow of paper on your desks, reliability on printed documents, high printing costs and full trash bins.

Start off a Paperless Campaign at your office and set an ambitious goal. Encourage your employees to develop e-signatures, avoid printing of documents, save material on digital workspaces, use electronic calendars and practice recycling / reusing.

Set a goal for your office to switch to completely paperless by a defined deadline.

Tip #5 – Buy energy-efficient devices

Energy-efficient devices cost more money when upfront, but for the long-term, they will save you a lot of money. Think of these as an investment!

When buying appliances such as dish washers, washing machines, freezers, TVs and air conditioners, seek energy-efficient models. If you choose smartly and think ecologically, not only will you protect the environment, but you will also save costs on energy consumption!

Tip #6 – Check your Door / Window frames

Installing new door and window frames is not a low-cost option, but latest systems do offer optimal insulation for protection against challenging weather conditions. These keep your home warm in winter and cool in summer. The cost of such an investment essentially offers long-term benefits as a result of your building’s increased energy efficiency, resulting in reduced use of air conditioning and heating systems.

Tip #7 – Consider Insulation

Most of building heat loss happens through walls, especially ceilings. Well insulated roofs and rooftops can be fundamental towards your goal of making your building a smarter one. This could take your building to a next step of adaptiveness and a better energy-consumption performance.

Tip #8 – Exploit Solar power

Solar energy is free, clean and a renewable source of energy. Solar panels might be costly to install, but by using solar energy to the full, this cost can be recovered within a few years. Solar panels last longer, have less maintenance problems and help reduce your electricity bills.

Tip #9 – Go big with Electric Vehicles

If you’re looking to take your business operational strategy to a new level, invest wisely and equip your employees with a fleet of electric vehicles. Entering the new era of vehicles will save you loads of fuel costs and position your company as an eco-friendly entity.

Tip #10 – Seek sustainable financing

Sometimes you have the willingness to save energy to reduce your costs, but you need the right financing to take on big measures for greater results. Speak to your bank to see what financing you can get to implement a green project. 

Our range of Eco Loans can be the key to making an environmental step forward. Click here to get started!

 

 

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Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap.370. of the Laws of Malta).