How to Complete a
Utility Bill Analysis
A utility bill analysis is often confused with an energy audit. Though the two have the same goal of reducing energy spend, they are vastly different. Unlike an energy audit, a utility bill analysis aims to reduce your utility bills without on-site visits, equipment upgrades, or limiting usage, making it a no-brainer solution to reducing energy spending. To complete your own analysis follow the steps below.
Step 1: Gather Historical Billing Data
The first step is to gather at least a year’s worth of monthly utility bills for each utility account. This means 12 months of bills for electricity, water, and natural gas accounts. You should obtain at least one year’s worth to have insight into seasonal fluctuations. To acquire this data, you can request digital or paper copies from your organization’s power providers. When working with a utility bill analysis provider like UMS, we acquire this historical billing data for you.
Step 2: Begin Comparing Pricing Options
The next step is to pull rate options that your accounts qualify for from your utility providers. Sometimes they are publicly posted and other times you may have to ask your provider to issue their rate documents to you. Once you have the multiple pricing plans your accounts might qualify for, you then must compare the different rates for each account to see if an alternative rates are more cost-effective. This meticulous process will help determine what your accounts qualify for and what you can save year-over-year factoring in seasonal fluctuations and changing operations. By working with energy experts like UMS, we utilize our expertise and experience to ensure no possible savings are left behind especially in interpreting complex rate structures.
Step 3: Implement Cost-Saving Changes
The next step is to actualize the changes with your power providers. UMS serves as your representative with your providers, requesting and confirming all changes are made on your behalf. Connecting with the provider and implementing the changes accurately is known to be a cumbersome task. It’s worth noting, that each provider has different processes for making these changes. To find out how to implement the changes you would like to make contact your account representative through each of your utility providers.
Step 4: Monitor Monthly Bills
Once the cost-saving changes have been confirmed, the final step is continuous monitoring. As rates change, new facilities are acquired, and usage fluctuates, constant monitoring of the billing data is a crucial step. Without persistent monitoring it is likely the analysis completed will no longer be as advantageous. By not closely monitoring there could be new missed errors. Monitoring and re-analysing as needed is yet another part of the UMS process to ensure minimum utility spending.
Utility Bill Analysis Firms
If you would like to complete a utility bill analysis, working with an energy partner is advised. Not only will it save you time, but it is likely to save you even more money. On the surface, utility bill analyses can seem simple but in reality, there are various complex components to consider, creating a multitude of complexities.
UMS’ utility bill model has no upfront costs. We simply split any savings that we find, ensuring optimized utility spending for your organization for years to come. No matter what industry you operate in from breweries to data centers, manufacturers to universities, your operations could benefit.
