When managing a building, it’s prudent to look for ways to be cost efficient, and an electrical upgrade will do just that because it will yield numerous money-saving benefits. Consider some ways that upgrading the electrical system in your building will help you enjoy tremendous savings and maximize returns.
Reduced Energy Bills
Modern electrical systems consume less energy, which translates to more savings on energy bills. According to the most recent research, modernizing electrical systems can save as much as 30% on utility costs.
Reduced Maintenance and Repair Costs
Older electrical systems are prone to problems, and these include short circuits, faults, and breakdowns. Problems like these result in expensive repair costs. If any of these issues lead to something catastrophic, such as an electrical fire, the cost of repairing the damage will be substantial. The money savings derived from a decreased need for frequent repairs and maintenance can be significant over the lifespan of your new system.
Less Downtime and Fewer Operational Disruptions
The problems caused by older electrical systems can result in downtime and operational disruptions. These result in a significant loss of revenue. For example, an IT company can lose $5,600 each minute, depending on the company’s size. In the auto industry, the costs are even greater, as companies can lose as much as $50,000 each minute. Other industries may be similar. Minimizing downtime is critical for companies, as it directly affects productivity and revenue generation.
Increases Property Value
Modern electrical infrastructure will increase the value of your property. Tenants are more likely to rent office space in buildings that have modern electrical systems, especially as there is more of an emphasis on energy savings. Not to mention, you can command higher rental rates, which will provide a return on the investment you made into upgrading your building’s electrical system.
More Adaptable to Technology Advancements
For businesses to remain competitive and efficient, it’s crucial that they have the infrastructure necessary to keep pace with technical advancements. An electrical upgrade will ensure that your building can adapt to support modern technology far into the future. This is necessary because there is less of a need for frequent overhauls that can be costly.
Upgrading the electrical system in your building is not just an effort toward modernization. Such efforts are a strategic investment that has the potential for considerable financial returns. If you are ready to enjoy tremendous savings and revolutionize your building operation in Conway, AR with a commercial electrical upgrade, contact Money Electric today.