The main motive for the implementation of energy efficiency projects and the use of renewable energy sources is the financial profitability of the projects. By reducing energy consumption or using cheaper energy sources, financial savings are achieved, which, if the project is profitable, should in an acceptable period exceed the investment in the project, as well as the costs of operation and maintenance of the system, and bring a corresponding profit.
The basic objectives of assessing the profitability and justification of energy efficiency measures/projects are:
- To establish whether the project is financially profitable and economically justified;
- To enable comparing the profitability of different variants;
- To enable investors, financial institutions and donors to assess the project’s eligibility for funding.
In order to assess the profitability of the project, certain economic parameters are used, the interpretation of which facilitates the decision-making process as to whether a certain project is profitable and which measure/variant is more attractive:
- Annual cost savings (S),
- Simple investment return period (SPBP),
- Discount rate (d) – value of money in time,
- Net Present Value (NPV) and Net Present Value Ratio (NPVQ),
- Internal rate of return (IRR).
The EcoEnergy Consulting team conducts energy audits of buildings and provides recommendations for the improvement of more efficient energy use.
The goal of the energy audit is to identify and analyze energy efficiency (EE) measures that will reduce energy consumption, energy costs and greenhouse gas emissions. In addition, the goal is to ensure more efficient operation and maintenance of the building after the implementation of the measures, as well as to maintain the conditions in the building at the appropriate level defined by regulations and examples of good practice.
The calculation of the energy characteristics is carried out using the MEEC software version 0.8.1618, which is based on the standard DIN V 18599. The calculation of the expected energy savings is based on the “baseline” case that corresponds to the internal thermal conditions of comfort, the appropriate level of illumination and other related parameters, which are defined relevant standards.
At EcoEnergy Consulting, we believe that achieving greater energy efficiency not only helps reduce costs, but also contributes to environmental protection and resource conservation for future generations. Here are some key tips to improve energy efficiency in your business or home:
- Energy audit and assessment: The first step to greater efficiency is to understand the current situation. Our team of experts can perform a comprehensive energy audit to identify areas where energy is wasted and where improvements can be implemented.
- Improving insulation: Poor insulation can lead to large energy losses. Investing in better insulation of buildings, windows and doors can significantly reduce energy consumption for heating and cooling.
- Efficient appliances and lighting: Replacing old, inefficient appliances and light bulbs with newer, more energy-efficient models can reduce electricity consumption. LED bulbs are a great example of how a small change can have a big impact.
- Smart automation: Implementing smart energy management systems allows you to effectively manage energy consumption. These systems automatically adjust lighting, heating and cooling according to actual needs.
- Use of renewable energy sources: Integrating solar panels, wind farms or other renewable energy sources can reduce your dependence on fossil fuels and lower your energy costs in the long run.
- Training and awareness: Educating employees or household members about the importance of energy efficiency can contribute to changing habits and reducing unnecessary energy consumption.
- Continuous monitoring and optimization: Energy efficiency is not a static concept. Regular monitoring of consumption and performance of energy systems allows you to recognize changes in time and optimize settings.
Through our expertise and experience, EcoEnergy Consulting can help you develop personalized strategies to increase energy efficiency. Not only will you reduce costs, but you will also contribute to a more sustainable future.
If you would like to learn more about how we can support your organization or home in achieving greater energy efficiency, please feel free to contact us. We look forward to working together to create positive change.