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.
Get Involved with the Political Process
Some businesses may avoid politics as they do not want to alienate customers or employees that have opposing views. However, companies do not necessarily need to get involved along party lines or in support of certain candidates, but rather they can participate in the political process by sharing their concerns and experience so that Connecticut’s government has a better understanding of how various laws affect local businesses.
For example, the Connecticut Business & Industry Association (CBIA) and Connecticut Association of Chamber of Commerce Executives recently hosted Connecticut Business Day, where local businesses and organizations shared their views with the Governor and state legislators.
And companies do not necessarily need to get directly involved with their local politicians, but through participation with organizations like the CBIA and Chambers of Commerce, they can let their messages be heard.
The good news is that state legislators are starting to take more action regarding Connecticut electric rates, such as with a bill passed by the Energy and Technology Committee that requires other bills that would financially affect electric ratepayers to explain the impact. Bills like this benefit from the voice of local businesses, as they can help explain to legislators what the impact will be, and by being involved, organizations can help set the course for other policies that will ultimately reduce Connecticut electric rates.
Turn to Sustainable Energy Sources
Unfortunately, Connecticut lacks traditional natural resources that would keep energy costs low. At CBIA’s business energy conference last fall, Connecticut Department of Energy & Environmental Protection (DEEP) Deputy Commissioner of Energy Katie Scharf Dykes noted that the lack of fossil fuel has traditionally plagued Connecticut’s energy prices.
As the saying goes, necessity is the mother of invention, so Connecticut could benefit by finding new ways to use sustainable energy sources and ultimately bring down costs, rather than being subject to fossil fuel prices coming from other areas.
For example, as the New York Times reports, following a natural gas leak, Southern California is advancing the use of batteries, which can store low-cost energy like solar power during the day and feed it back to the grid at night, which can reduce the need to turn on additional, expensive power plants during high-demand periods. Of course, batteries carry their own risks like catching on fire, but the point is that businesses and utilities are trying to innovate and come up with the best solutions considering all factors.
In Connecticut, since utilities are required to generate or obtain 22.5% of their energy sold this year from renewable sources, the sustainable energy market is building up already. Businesses can advance these efforts by working together with their utilities and legislators, such as by providing feedback on what technologies work well and helping legislators understand what incentives are needed to encourage more businesses to use renewables.
Even if it takes time for the technology to advance enough to lower energy prices, businesses can effectively lower Connecticut electric rates through rebates and tax credits from the state. The state has its own goals of greenhouse gas emissions reductions, so it too is incentivized to find ways to get businesses to use renewable energy.
Improve Energy Management with Analytics
In addition to the bigger picture efforts to reduce Connecticut electric rates, businesses can take more immediate steps to alleviate high costs by using energy analytics software (EAS) to make data-driven decisions on increasing energy efficiency. Doing so can result in less energy usage, thereby lowering total bills, as well as using energy at more optimal times, thereby avoiding rate spikes that add to the already high Connecticut electric rates.
By taking these steps, businesses can relieve the financial pressure of energy costs, and rather than being envious of other states with lower rates, organizations can help Connecticut lead the way in more efficient energy management, thereby attracting more customers and employees to work with Connecticut businesses.
Request a complimentary energy efficiency assessment to find out how Artis Energy’s RTIS® energy analytics platform can provide you with the visibility and insight to transform energy from a fixed cost into a distinct competitive advantage.