By upgrading HVAC systems with intelligent building automation technology, brick and mortar retail businesses can maintain comfortable temperatures and monitor air quality, regardless of shifting customer and employee patterns. Providing a safe and comfortable store environment helps build brand loyalty, keeps customers in stores for longer and inspires return trips - boosting profits from in-person sales.
2. The increases in extreme weather events is making energy prices volatile. We are feeling the impact of climate change across industries. Extreme weather events - hurricanes and tornadoes, freezes and snowstorms, floods and droughts - can spell financial disaster for businesses. During climate crises, energy sources can become more scarce, leading to volatility in utility prices, slowing the ongoing economic rebound from COVID-19.
For example, last February during the “Texas Freeze,” electricity prices surged to a whopping $9,000 per megawatt-hour. Businesses that rely on electricity to operate and stay afloat were left with insurmountable utility bills. The power grid in Texas remains vulnerable, putting homeowners and businesses at risk of rising utility bills or even no power at all. More universally, surging oil and gas prices are driving higher energy prices for everyone.
Given the growing uncertainty, businesses everywhere should rethink the way they use energy. Upgrading a building’s HVAC system can reduce energy consumption and risk, protecting businesses against some of the negative impacts of extreme weather.
3. Improving energy efficiency helps the planet while protecting businesses and boosting bottom lines. Energy consumption drives significant costs to bottom lines and to our environment. Commonly used HVAC systems account for approximately 40% of the energy used in commercial buildings. These systems put businesses at risk of financial hardships due to extreme weather and energy supply chain vulnerability. They also make it even more challenging for businesses to comply with environmental regulations and guidelines.
But businesses can upgrade their HVAC systems by retrofitting them with efficient, intelligent motor system technology, which can result in significant energy savings, with some systems providing up to 60% savings.
The Business of Sustainability Index has reported that 78% of people are more likely to purchase a product that is clearly labeled as environmentally friendly and 7% of Americans are concerned about the environmental impact of products they buy. With consumers demanding that companies implement more sustainable practices, retrofitting your HVAC system with a more energy-efficient model can make your products or services more attractive to consumers.
By upgrading to intelligent building automation systems, businesses can keep customers safe and comfortable, protect themselves against the risks associated with extreme weather events, and decrease their carbon footprint to meet compliance regulations, all of which boost and protect bottom lines. By checking their HVAC systems, retailers will come out of this winter stronger than ever.