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Connecticut’s manufacturing industry isn’t quite what it used to be, but the state is making some efforts to create a better environment for the industry, with a particular focus on training more workers in advanced manufacturing.
Four energy-related bills have been approved by committees within Connecticut’s General Assembly, and if passed by the State Senate and House and ultimately become law, they will bring further collaboration between CT energy companies and legislators to create a more competitive energy strategy for the state.
With so many companies developing and marketing new energy efficient technologies each year, it can be difficult to digest and determine the best fit for your business. As a rule of thumb, before buying any type of new equipment, deploy an energy analytics software solution to understand where your inefficiencies and energy cost drivers lie. Once you can ascribe energy costs to specific processes and pieces of equipment, you will be in a better position to evaluate and prioritize the various energy efficiency measures for your specific building(s).
The growth of business data presents significant opportunities to make more informed decisions, yet many organizations are still not taking advantage of this opportunity.
Rather than constantly looking for new customers to help improve their energy management, energy services companies can improve their bottom line by becoming more deeply embedded with existing customers so that that they have more recurring revenue.
In addition to providing quality customer service and providing services as expected by clients, businesses can gain customer loyalty by solving their problems. Whether the issue is directly caused by the company or is a result of something more in the customer’s control, companies that can both diagnose and remedy issues end up helping themselves, such as by gaining repeat business or referrals.
When companies cut costs, they often end up doing so in ways that ultimately hurt the company. By trimming budgets in departments such as sales, marketing and product development, or in categories like employee benefits and travel expenses, they reduce a variable cost only to put their long-term revenue at risk.
High Connecticut electric rates put financial pressure on local businesses, and it can be frustrating to see that most other states have lower energy costs. However, businesses do not have to take a back seat to what happens to Connecticut electric rates. By getting involved with legislators, advancing sustainable energy and practicing strong energy management, organizations can help make the state’s energy picture more attractive.
Connecticut’s public and private sectors are working together to encourage innovation within the state in order to benefit the local economy. One way that Connecticut’s government is encouraging innovation and therefore trying to spur the local economy is by providing new avenues for funding CT companies.
At 15.32 cents per kilowatt hour as of the end of 2016, Connecticut commercial electricity rates are 52% higher than the national average and the highest amongst the contiguous United States. So, it’s no surprise that businesses want to save more from Connecticut energy suppliers.