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How Can Universities Save Money?

How Can Universities Save Money?

Rising energy and operation costs lead many businesses to consider their consumption and look for ways to cut down. Universities are no different, but as proponents of education and change, they have the added pressure of finding new and innovative ways of lowering their environmental impact and leading others by example. As a rule, we know that conservation is an essential part of the successful transition process towards using clean, renewable energy sources. Understanding consumption and making calculated efforts to reduce it shows dedication to a larger goal to reduce strain on the planet and create a more stable world for everyone. This process enables colleges and universities to save money, reduce their environmental impact, and demonstrate their environmental leadership to other schools and industries across the globe. It all starts with one question, however: how can universities save money?

To ultimately reduce costs, colleges and universities must first look at adapting their operations to utilize less energy. This is a very powerful method of reducing the overall demand for increased energy production and can help schools save up to 20% with the right tools in place. Smart technology can make this process easier by tracking and monitoring energy consumption and creating action plans for bringing usage down substantially while creating initiatives within a college or university can help students and faculty consider their impact and make changes on a personal level to further a common goal. Just these small shifts can make a big difference when implemented campus-wide and provide universities with funds to develop clean energy programs that can save money and resources on an even larger scale.

Two Methods That Universities Can Use to Reduce Impact and Save Money

Develop Initiatives and Incentives to Rally Support From Staff and Students

Getting staff and students involved creates a stronger community with a shared goal of reducing the overall impact on the environment. One effective way to do this is by incentivizing students with friendly competition. Individual programs and residence buildings can compete by tracking energy savings and reducing by turning lights off, switching to LED bulbs, unplugging devices when not in use, and other measures to curb overconsumption. Cash prizes and other incentives such as access to special events and publicity can be used to get everyone on board and actively make a difference in the amount of electricity being used.

Harvard University has initiated a competition like this to lower the impact of their research labs and achieved a 50.9% reduction in their lighting costs alone in their second year. Leveraging encouragement and team spirit, the University of Albany has also cut costs by hosting a similar competition that saved them $78,000 in 2010 alone. These types of competitions can help to bring students and staff together to look for ways of reducing their collective impact on the environment, find new improvement opportunities, and save the school money that can be put to better use.

Harness Smart Technology to Crack Down on Overconsumption

Innovation is crucial to advancements in environmental savings, and the introduction of smart technology provides a way for colleges and universities to be successful in curtailing energy consumption on a grand scale. Smart sensors installed on water heaters, electrical panels, and gas lines can build inventories of assets, appliances, and equipment that include details on how much energy is being used, where energy is being wasted, and suggestions for improvement. These sensors can provide insight into consumption that has never been available before meaning that schools can fully take stock of their activities, operations, and overall impact on the environment.

PowerX Enterprise offers advanced emissions tracking and reporting that can help schools stay compliant with new energy laws and manage their utilities down to the unit level. Our sensors have the ability to discover where inefficiencies are and recommend mitigation measures to help reduce costs and energy usage. With non-invasive installation, artificial intelligence technology, and built-in machine learning, they provide a simple, low-cost method of tackling overconsumption and can help universities achieve significant savings.

Maintain Enrollment and Reduce Operating Costs

More than ever, college and university applicants are placing a higher level of importance on how schools respond to environmental issues and what steps they are taking to reduce their carbon footprint. As more is discovered about climate change and the impact that we have on the planet, prospective students may base their acceptance and attendance decisions on whether or not they feel that the school in question is doing enough to tackle the problem of energy overconsumption. By implementing initiatives, efficiency, and smart technology across campus buildings, schools can effectively ensure that enrollment stays up while operating costs go down. They can maintain a position of leadership when it comes to environmental progress and reduce their carbon footprints by considerable amounts. Ultimately, they can achieve more by using less.

Use Technology to Your Advantage

How can universities save money? PowerX has developed the answer, and by helping your school track, monitor, and increase efficiency across your campus you can save in more ways than one. Our sensors are designed to help you reduce consumption by understanding how your buildings use energy. They can identify leaks, create programs and schedules to run equipment more efficiently, and offering deep insights into the inner workings of your equipment. PowerX can help your school save money, but you'll be achieving a lot more than that in the long run. Contact us today to schedule a free demo to see how PowerX can help you reduce your energy consumption and become more efficient in your pursuit of environmental sustainability.

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