It’s no secret that the economy has been in a state of flux over the past few years. With costs going up due to inflation and the markets anything but stable, it is more important than ever to work on decreasing your bottom line. Finding ways to save money on operating costs is key to withstanding a poor economic environment.
If you are looking to prepare for a potential recession or simply cut your bottom line, going green with your energy needs and lighting solutions is of top importance and should be a priority going forward. In addition to the added benefits to your savings, you can also reduce your impact on the environment and receive tax incentives from the government to help you save on your operating costs. Let’s dive into why it is more important than ever to rethink your lighting and energy needs to save costs on bills and maintenance costs.
That is the big question, isn’t it? Economists predict that a recession is likely to occur in 2023. Markets are pointing in that direction worldwide. It seems the latest reports are showing signs warning of a recession coming in the near future. As inflation goes up, the Federal Reserve is working to tighten spending in an attempt to control rising costs that are affecting industries worldwide.
According to CNN, there is a 98% chance that a recession is coming. Right now, it is mostly a question of when. This is why now is the time to act on reducing the bottom line in anyway that you can. One of the best ways to do this is to reduce energy bill costs and ongoing maintenance spending by switching to more energy-efficient options for lighting. While there is no telling how bad the recession will be, it is best to prepare for the worst. Even if it ends up being mild, you can still enjoy the immense benefits that come from going green.
There are many ways to reduce your bottom line to get yourself ready for a recession. As a business or workspace, there are many things you can do to help save money and reduce the impact that a recession can have on your business. Here are a few ways to reduce your bottom line:
- Adjust your pricing to accommodate for increasing overhead caused by inflation (if possible).
- Reduce interest payments for ongoing debts. This can be done by refinancing loans for payment plans with better rates.
- Look for new business opportunities to increase your revenue (Companies get more estimates during a recession, so be aggressive).
- Create a contingency plan to have in place in case things start to go south.
- Cut down on your expenses.
Let’s focus on cutting down on your expenses. You can do this by making your workspace more efficient with green energy. Switching to LED lighting can help cut down on your energy bills and maintenance costs. These savings can add up quickly and help you reduce your bottom line when the recession comes. With the world market and economy in its current state, it’s time to start thinking about how you can transition your business into more efficient practices to help reduce your bottom line. Let’s look into how reducing costs by going green can help prepare you for the coming recession while also positively impacting the environment by reducing energy consumption.
Reducing Costs By Going Green
Switching to greener options for all your business needs can help cut down costs. Whether this is from packaging, more efficient machinery, or your lighting fixtures, you can reduce your costs immensely by going green. Energy-efficient lighting like LED bulbs, tubes, and strips can help cut down on the size of your energy bills. Their increased lifespan can also cut down on maintenance costs as you won’t have to replace them as frequently as other options like incandescent and halogen lighting.
According to CNBC, businesses can save thousands of dollars each year by switching to greener alternatives to their standard operations. For instance, you can save $1000 each year by switching 100 bulbs from incandescent to LED bulbs. These savings come from your energy bill costs as well as repairs. Some LED bulbs can last up to 25 years which means you won’t have to worry about buying new bulbs to keep your space lit for quite some time. The Department Of Energy estimates that switching to LED bulbs for lighting solutions can save more than $27 billion by the year 2027. These savings are substantial and can be even more beneficial as we move into a recession.
With a recession on the horizon, it is more important than ever to work on saving costs any way you can. In addition to the savings from bulbs and bills, there are also many federal incentives for businesses to adopt more energy-efficient practices. With rebates and incentives like the Business Energy Investment Tax Credit, businesses can receive substantial savings. The Business Energy Investment Tax Credit can save businesses money by allowing tax credits of 10% to 30% of the system and installation costs. This means you can save money on renewable energy properties including solar, fuel cells, geothermal heat pumps, and turbines. The time to go green is now.
CJM Lighting is experienced and knowledgeable about finding the best solutions for all your lighting needs. We can help you find the best options to make your operations more energy efficient to save you significant money in the long run. Our expert team performs walk-throughs of spaces and facilities to go over every aspect of the project. We address all questions and concerns about the process. We use top-of-the-line electricians to ensure the transition and installation process is as easy, quick, and painless as possible so you can start enjoying the benefits of energy-efficient lighting solutions. Contact us today to learn more about who we are and what we do to start your journey towards more green energy.