Deciding on where to begin an energy investment strategy can be daunting. This article aims at guiding investors through the priorities in which energy projects should be performed. Here is the order:
Energy assessment
Energy conservation
Energy efficiency
Demand management
Renewable energy.
Energy assessment
Energy assessment is the bedrock of all energy management strategies. It involves investigating the current state of your facility to identify inefficiencies and ensuring that the right problem is being tackled with the right approach at the right time.
Energy conservation
Energy conservation is eliminating wasteful energy use e.g. turning off light, unplugging appliances when not in use, reducing the use of air conditioning and heating systems.
Energy efficiency
Energy efficiency involves using energy more efficiently by replacing old, inefficient appliances with new, energy-efficient models e.g. replacing an old refrigerator with an Energy Star-rated model.
Demand management
Demand management involves managing the demand for energy during peak hours to reduce energy costs e.g. doing laundry or running the dishwasher at night.
Renewable energy
Renewable energy is the last step in the sequence. Renewable energy involves using clean, renewable sources of energy such as solar, wind, and geothermal energy.
How profitable is it to generate more energy on site while it will eventually be used inefficiently???
By following this sequence of order, you can maximally reduce your energy consumption, save money on your energy bills, and reduce your carbon footprint.
Photo credit: University of Maryland Extension
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