Why You Need a Utility Survey

by | May 20, 2022 | Financial Services

Many businesses are spending more money every month than necessary because they aren’t aware of some ways they can reduce their operating costs. With a utility survey, you can gain tax-exempt status on your utility bills, saving your business more money each month. The following are some of the reasons you should consider one of these surveys.

Monthly Money Savings

During a utility survey, a professional engineer will monitor your energy usage for a period with state-of-the-art equipment that can calculate the percentage of energy used for qualifying equipment and processes. They should also calculate the monthly average to maximize savings. Once this process is complete, you will receive documentation to present to your utility company to prove your exemption status.

Refunds for Previous Taxes

In addition to receiving tax-exempt status going forward, completing a utility survey can often qualify you for a refund of taxes you previously paid. Each state has a statute of limitations that allows you to claim taxes paid for the last three to four years. Your professional engineer can explain your state’s specific rules to determine how far back you can make this claim.

Improve Energy Management

A utility survey can do more than help you save money on your state, local, and county taxes. This survey can also help you identify areas where you’re wasting energy to improve your overall energy management. When you improve energy efficiency within your business, you will experience even greater savings.

If you’re interested in getting a utility survey for your business, visit the B. Riley Financial website to learn more.

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