Connecting Small Businesses to Savings
The COVID-19 pandemic has impacted all members of Cape Cod and Martha’s Vineyard communities, including the many small businesses that play a vital role in our local economy. Between temporary shutdowns, cautious re-opening protocols to ensure our safety, and reduced tourism, businesses across many sectors are facing financial impacts.
The Cape Cod Commission and the Cape Cod Chamber of Commerce conducted a survey of more than 350 small businesses across 15 towns in Barnstable County and documented the local impacts. 66% of respondents said their revenue in April 2020 was less than half of what it was in April 2019; in addition, 44% said they anticipate their revenue would decline by more than 50% in the coming six months. Similar small business impacts have also been witnessed at a national level. McKinsey & Company found that 30 million jobs at small businesses are vulnerable as a result of the COVID-19 pandemic.
The Compact recognizes the significant impacts the pandemic has had, and will continue to have, on small businesses both nationally and locally, and knows that energy efficiency solutions can play a role in reducing financial strains. As a result, we are temporarily increasing several of our small business incentives. For example, small businesses that sign up for a no-cost energy assessment before November 30, 2020 are eligible for up to 100% off qualifying upgrades, including select lighting, refrigeration, insulation, and more. You can schedule your assessment by calling 1-800-797-6699 or by signing up online. In addition, also through November, we’re increasing the value of instant rebates on commercial lighting and kitchen equipment. You can find more details on both offers below.
No-Cost Energy Assessment and Up to 100% Off Measure Costs
Energy costs – whether they be for heating and cooling, lighting, or equipment – are a key component of a small business’s operating expenses. The U.S. Energy Information Administration (EIA)’s Commercial Buildings Energy Consumption Survey found that the top five energy end-uses in commercial buildings are space heating (25% of overall energy use), lighting (10%), refrigeration (10%), ventilation (10%), and cooling (9%). EPA’s ENERGY STAR® estimates that small businesses spend over $60 billion on energy annually.
The Compact offers no-cost energy assessments for eligible small businesses to help reduce energy use and operating expenses. After a short pause this spring, we have resumed these services by requiring additional safety measures and contractor trainings. During the assessment, an energy specialist visits your business, provides recommendations for energy-saving upgrades, and connects you with relevant incentives. Small business that call to sign up before November 30, 2020 can receive up to 100% off qualifying upgrades.
Incentives on High-Efficiency Equipment
If you already know what you’re looking to install, the Compact also offers incentives on a variety of high-efficiency equipment:
- Commercial Kitchen Equipment – Using high-efficiency versus standard-efficiency kitchen equipment can lower associated energy expenses by up to 75%. To help with the upfront costs of purchasing this efficient equipment, the Compact offers instant incentives on qualifying products, including a selection of ovens, dishwashers, refrigerators, freezers, and more. By making a qualifying purchase through a participating dealer you will receive the incentive immediately at the point-of-sale. Through November 30, 2020, the Compact has increased the value of incentives on select measures, as much as doubling the standard incentive value in some instances.
- Commercial Lighting – The Compact also offers instant rebates on select LED lamps, fixtures, and lighting controls. LED products can offer high-quality, long-lasting, energy-efficient lighting for both the indoor and outdoor spaces at your business. Similar to the above, the Compact has also temporarily increased the value of select lighting incentives through November 30, 2020.
- Commercial HVAC – Whether you’re looking to install a heat pump – be it a mini-split, central, or VRF heat pump system – or exploring central air conditioning, ECM pumps, or dual enthalpy economizers, the Compact has a range of incentives on commercial HVAC equipment. Each HVAC technology is designed to help optimize your business’s heating and cooling system.
One of the most useful resources for businesses during the pandemic is economic relief to help with operating expenses and provide support to employees. In addition to the services and incentives discussed above, the Compact compiled a collection of resources made available through the state and federal government, such as loans, tax credits, and unemployment assistance.
Still unsure about which services or offers are best for your business? Call us today at 1-800-797-6699, and we’d be happy to help connect you with the best resources for your small business. You can also learn more about our business services at CapeLightCompact.org/Business.