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5 Tips to Go Green and Save Money
Barbara Weltman
BarbaraWeltman.com
The recent celebration of Earth Day reminds us of the value of conservation efforts to the environment. Adopting “green” strategies, however, can reduce carbon emissions as well as costs to save your business money. Here are five ways you can do this:
1. Conserve energy usage. Cut your electric bills by using less energy. Do this by turning off unused equipment (especially after hours, over weekends and on holidays). Watch thermostat settings to save on heating and cooling costs. As a rule of thumb, each 1° adjustment can save about one percent on your fuel bill for each eight-hour period. This means raising the thermostat to 78° instead of 75° in the summertime can result in about 12% savings for the day.
2. Drive energy-efficient vehicles. You’ll save on fuel consumption (the higher the price of gasoline, the greater the savings). Even if you don’t own a newer, fuel efficient model, you can get the most mileage from your vehicle by keeping it in good repair, making sure tires are properly inflated, and by avoiding idling The Department of Energy suggests turning off the engine when parked or stopped, other than in traffic, for more than one minute.
*Bonus: If you buy certain types of vehicles, you may qualify for a federal tax credit. There are credits for buying hybrids and plug-in electric vehicles. For details go to www.irs.gov and search “hybrids” and “plug-in vehicles.”
**Even better: Fuel efficiency is great but you can save more money by changing the way in which you do business to cut back on the need to drive. Work from home, at least some of the time, to eliminate commuting and allow staff to do this, too. Consider conferencing with customers and other business associates online or on the phone to save on travel costs.
3. Use energy-efficient office equipment and machinery. Again, this will reduce your electric bills. There are also tax breaks for buying new equipment in 2009 to lower the after-tax cost of making purchases, including a first-year expense deduction up to $250,000 and bonus depreciation of 50% of the cost of equipment in the year of purchase.
*Bonus: If you participate in cash-back programs, such as by shopping online through Bank of America’s Add It Up shopping portal, small business owners can earn up to 20 percent cash back from more than 270 retailers when they shop online with their Bank of America check card. Participating retailers include top names such as Staples.com, HomeDepot.com, Walmart.com, and Costco.com.
4. Invest in renewable energy. You can obtain tax incentives for adding solar energy, wind power, and other renewable energy sources for your business. For example, there is a 30% federal tax credit for the cost of solar panels, fuel cells, and small wind property. The credit applies even if the project is subsidized by energy financing. Find links for new federal energy breaks from the IRS by clicking here.
5. Adopt a green purchasing policy. Buy recyclables and implement policies for a greener office. There are many websites that provide tips and guidance to help you create a greener office.
**Even better: Instead of merely using recycled paper, reduce paper usage. Print on both sides of paper (“duplex printing”) to cut usage in half. Send and receive faxes via computer rather than by paper. Sign contracts and agreements online with e-signatures, which are just as binding as those in ink as long as federal rules are followed.
About Barbara
Barbara Weltman is a top selling author, attorney, tax and small business expert. Barbara serves as an expert on Bank of America’s Small Business Online Community. Barbara has also authored several books include “J.K. Lasser’s Small Business Taxes” and “The Complete Idiot’s Guide to Starting a Home-Based Business.”
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