Increase in fuel prices and climate change due to global warming is causing a change in power consumption in the from Energy management and Green technology.
Utility bills, particularly electricity bills are reoccurring cost which if not monitored can lead to significant losses in businesses. Electrical power is a necessity in our modern society and no business would function efficiently without it, this is why it is important to ensure that this sector of the business is well monitored and controlled. In underdeveloped economies where epileptic power supply is common, self provision of power consumes over 30% of the daily cost of running the business and not only does this strain the business financially, it also contribute significantly to environmental pollution due to the emission of poisonous gases like oxides of nitrogen and sulfur.
Also, in developed economies where there is constant supply of electricity, many business owners end-up with huge electricity bills at the end of the month due to the use of inefficient equipment and leaving unused equipment plugged into the power supply which leads to a large waste of energy, this in turn leads to more power requirement which signifies an increase in the pollution released when producing electricity from conventional sources. These huge electrical bills can be greatly reduced by using energy saving equipment and ensuring that unused equipment are not plunged into the powers source.
In communities where electricity from the national grid is relatively expensive or not readily available like underdeveloped economies, but has plenty of wind and/or sunshine, investing in Green technology would benefit business owners. The start-up cost might be high, but overtime a significant amount of money would be saved from power bills which implies more profit for the business. Also, green technologies like renewable power supply are environment friendly meaning they have no negative effects on the environment.