The cost of electricity is now a whopping 75% higher than the rates paid in January 2021. genemarks lists some things small business owners can do to save on utilities 👇
Inflation has been a major headache for business owners the last two years, and one of the biggest components has been the cost of utilities. Thanks to production constraints, government regulations, supply chain issues, and the war in Ukraine, utilities cost — specifically electricity — has been volatile.
Also, significant tax incentives for green energy projects were introduced or expanded as part of the 2022 Inflation Reduction Act. There is also a $4,000 credit for purchasing used electric vehicles, a $7,500 tax credit for purchasing new electric vehicles, and an increase in the depreciation deduction for energy-efficient commercial buildings, all which can help businesses purchase and install more energy-efficient equipment that can reduce costs over time.
“In Pennsylvania, New Jersey, and Delaware, the energy markets are deregulated,” said Kristin DeBias, cofounder and president of, a Philadelphia-based energy consulting and brokerage firm. “That means any business can shop with many choices to choose.”
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