Retail Sector In The Dark About Energy Use And EPC Rating

The pandemic has hit UK businesses hard, with owners making difficult decisions to find areas within their business plan to save money and reduce costs.  

A recent survey of 500 business owners conducted by Yü Energy has revealed introducing new energy efficiency measures (38%), cutting back on marketing (38%) and reducing staff (30%) are the most common money-saving factors that retail businesses have put in place since the beginning of the pandemic.  

This comes despite energy being the second-highest cost to businesses after tax. Yü Energy’s survey findings reveal that retail business owners are not quite energy-savvy, with one in 10 (12%) admitting they don’t know what type of energy tariff they are currently on or when their current plan is up for renewal (14%).  

Yü Energy’s figures show that retail businesses could be overspending on their electricity bill by an average of 44% and gas bill by 65% if they are on a deemed tariff.  

A business within the retail sector with the average floor area of 1,000sqm could be overspending a huge £14,031 if their energy tariff is out of contract.    

Yet two thirds (37%) of business owners admit the last time they changed energy provider was three years ago, with end of contract fees (44%) and current energy accounts being in debt (23%) and worries of poor customer service being the main blockers for retail businesses to save energy and reduce the cost of their energy bills.   

During the height of the pandemic, nearly two fifths (38%) of retail businesses introduced energy efficiency measures to help reduce their business costs as eight in 10 (83%) retailers think they pay too much for their energy tariff.  

Despite the new measures, the survey findings reveal that many businesses within retail aren’t paying attention to their energy usage.  More than a quarter (26%) admit they don’t know their businesses daily energy usage and nearly half (45%) admit to not knowing their businesses energy profile.  

To help business owners become more energy-efficient, Yü Energy has released a new energy health check tool, which helps businesses to visualise their energy use against the average for a business of the same size and sector - in aid of helping reduce energy waste and cut costs.  

The energy health check tool analyses thousands of energy records to calculate whether their energy usage is normal or excessive for its size and type. The tool is simple to use and provides results within a few clicks.  

Furthermore, more than a third (37%) of retail businesses surveyed agreed being more energy efficient is something they are actively working on. Yü Energy’s new tool gives business owners a head start to see how efficient their current usage is and how much money they could be saving.  

Many retail businesses do admit to having energy monitoring methods in place. Almost half state they use energy-efficient appliances (47%), energy-efficient lighting (46%) and switch unused devices off (46%).  

One third (32%) of business owners admit to not knowing their businesses EPC rating and almost a fifth (17%) admit they don’t monitor their daily usage which is leading to excess waste in energy and higher energy bills.  

Businesses with a better EPC rating of (A to C) will typically save 25% more on their electricity bills and 46% on their gas compared to the average business in their sector. Highlighting the monetary benefits that energy-efficient measures can bring. 

Simon Smith, Director Sales and Marketing  at Yü Energy said: 
“The high street really has been impacted this year. Retailers are looking for ways to save money to survive the pandemic. Being more energy-efficient can save hundreds on energy bills and that’s why now is the perfect time for businesses to take control of their energy use.   

“Our latest energy health check tool is a quick and easy way for business to see how their energy use compares against their industry and to see how much money they could be saving. We have analysed thousands of energy records to help businesses visualize their energy usage against the average for their sector and provide insights on how improving their businesses EPC rating can result in huge savings on energy bills.    

“As businesses head into one of the toughest winters they have been faced with, implementing energy cost-saving factors such as switching unused devices off, installing smart meters and switching energy providers could be the simplest solutions to reducing hefty winter energy bills.”  

The Yü Energy health check tool is suitable for all business types and sizes and is available to view here.  

Source : Yü Energy

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