How Energy Technology Companies Can Reduce Overhead Costs in 2017
Our world is desperate for new energy technologies. Climate change data confirms again and again that we need to implement new ways of powering our planet without destroying it. Consumers are eager to get on board with green energy innovation, but developing those technologies comes at a price. In fact, research can be an extraordinarily expensive undertaking. It should be so much easier to make strides in an industry that’s helping the entire planet, but between research costs and the other overhead expenses, it can be tough to make progress. Smaller energy technology companies try to reduce costs in any way possible, and this year are providing you with a couple of new options for doing just that.
New Initiative Reduces Costs for Energy Tech Companies
For the past three years, the Technology-To-Market program run by the Department of Energy (DOE) has been helping small businesses like yours partner with labs around the nation, breaking down important barriers to technological advancement through a variety of initiatives. Now, the program’s newest venture, Small Business Vouchers, announced on Earth Day 2017, is opening up the door for even more innovation.
The Small Business Vouchers program lets companies like yours do your invaluable work at a far lower research and development cost than you would incur independently. Through this initiative, labs across the United States have been awarded $22 million to collaborate with American small businesses’ researching advances in eleven different fields of energy technology. So far, the program has partnered with 114 small businesses to further advances in modeling, manufacturing, and other segments of production. The DOE is clearly pushing for energy entrepreneurs and renewable startups to make their mark on the industry and is providing the funds and research opportunities to help make that happen.
Want to know if your small business is eligible for a voucher? Check out the SBV’s website. While you’re there, you should also check to see if your company can receive a separate Small Business Innovation Research grant. If you’re looking to make a serious dent in your yearly business expenses and expand your research capabilities, receiving an award through one of their initiatives is one way to do it.
Bringing in the Technology of the Future
When you’re able to save money on overhead costs in your small business, you free up valuable resources to advance your own innovation and the energy tech industry as a whole. Just imagine what a year of research and development overhead could cost you– and what you could do with that money instead. Here are some of the ways that the awarded small businesses are using their savings:
- Nano Elements Source, LLC is creating more efficient ways to manufacture nanoparticles.
- Nishati, Inc is developing solar panels with minimal glare that are safe for air traffic.
- Whooshh Innovations, LLC is modeling hydroelectric turbines that better aid fish migration.
- OutSmart Power Systems is envisioning a cheaper and less invasive BTU meter for use in buildings
These tasks are bringing the technology of the future into the present. They’re inspiring examples of the work that small businesses can perform in energy tech if barriers to entry are removed. But you already know the potential that your company can achieve– what you’re probably interested in most are the big bucks that make these innovations possible.
One Change Your Business Can Make Right Now
When it comes to research, every penny helps. And whether you’ve already applied for an award through the Department of Energy or you’re just now getting started with the eligibility process, you still have a bit of a wait before you start to see help trickling in to your business account. If you’re looking for a way to start saving on your overhead costs today, you may already be experimenting with changes in your operating hours or your office appliances. If you’re in a state that offers retail choice electricity, you’ll also want to consider changing your electric supplier.
Especially if you’re operating out of your own office, electric costs can be an arm and a leg above what you thought you’d be paying. Even if you encourage your employees to turn off the lights and switch your entire office to skylights and LEDs, you’ll still be looking for ways to reduce your electric bill. That’s where third-party suppliers come in.
When you switch electric providers, you take control into your own hands. By choosing a third-party energy supplier that offers fixed-rate plans, you can lock in your electricity rate and protect your company from unpredictable monthly costs. No longer will you have to worry about seasonal price hikes or unexpected market changes pushing prices upward. This stability can simplify your budgeting and allow you to focus on your work, not fluctuating energy rates. Third-party suppliers like Liberty Power also offer your company Renewable Energy Credits (RECs), giving you the opportunity to promote green energy today while you work on the renewable energy technologies of tomorrow.
At Liberty Power, we wholeheartedly support the efforts of energy technology companies to build a more sustainable future. As a third party electric supplier, we also understand how much saving money on utilities can impact a small business. We’re dedicated to giving yours that chance. Contact us to learn more about switching to savings.