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The Impact of the Covid-19 Recession on Energy Consumers

The Impact of the Covid-19 Recession on Energy Consumers

It’s no doubt that COVID-19 has been one of our country’s greatest socioeconomic devastations for many consumers since the Great Recession happened in 2008. Who would’ve thought that less than two decades later, the whole world would be turned upside down... Again. 

Many businesses across the country were forced to close or mandated to reduce their hours of operation. The trend of America quickly became working from home, while businesses tried diligently to save the country from an economic disaster. 

Unfortunately, due to the COVID-19 recession: Almost 10 million consumers lost their jobs, causing the country's unemployment rate to skyrocket from 3.8% to over 14%. In fact, in just three months, Covid pushed our unemployment rates to surge higher than what they were for the two years of The 2008 Great Recession. 

Our country’s independent school districts closed resulting in our children spending more time at home. 

Where are we now? 

The Covid Era has really put America to the test; 

As we transition into the Post-Covid era, businesses are reopening, others have opted to have their employees continue working remotely, and parents have decided to have their children remain in virtual learning. 

Mortgage rates have been at an all-time low, causing the real estate market to make a major comeback and support our economic growth. The housing market is at a record-breaking growth of sales since 2005. 

Realtors are simplifying the purchasing process for homebuyers by allowing virtual viewings of homes and minimizing face-to-face interaction to help reduce the spread of COVID. 

As a result of COVID-19 and America’s new virtual trend, the obvious has happened. With an exception of hospitals that have been consuming more than 600% of their normal energy consumption, there's been a major reduction in commercial energy consumption, resulting in a higher demand for residential energy.


Residential Consumers 

Sunwave knows that consumers are struggling through this transition out of the Covid era; however, despite the struggles, including millions of Americans still furloughed, our country has given meaning to the word resilience. 

Many consumers have made the conscious decision to move out of apartments in our overcrowded cities and purchase their own homes. Indeed, nearly 40% of all homebuyers in the past year were first time home buyers. 

Everyone is looking for ways to budget and cut costs. That is why homeowners are making the switch to Sunwave, we have competitive rates and plans on renewable and non-renewable energy supply to suit your specific needs. 

If you are a homeowner or prospective homebuyer, the switch to Sunwave Gas + Power for your new home is simple. You can contact customer care or shop online at your convenience and we’ll take care of the transition for you. Sunwave proudly serves Connecticut, Pennsylvania, Massachusetts, Ohio, Rhode Island, New Hampshire, New York, New Jersey, and Maryland. 

If you are already a consumer of Sunwave and you are in the process of moving into a new home, give us a call and let us know when you plan to move and we’ll have your Sunwave account transferred to your new address. 

Here are a few tips for residential consumers to help transition into the post-COVID era. 

●  Turn off the lights and electronics when they aren’t being used and open your windows to allow airflow into your home. During the day you can open the blinds and choose natural lighting instead of using electricity. 

●  Opening your windows instead of using the central A/C and heat system will bring in natural airflow throughout your home and create a more comfortable space.

●  Take your children and/or pets for a walk or to the park. With social distancing and isolation, children can become extremely overwhelmed as they build up natural energy that they are unable to release. Limit the time on electronics and get them outdoors. Spending time outside will reduce your energy consumption and it’s good for your health. The best part is, the kids will get to burn off that extra energy they have inside them. It’s a win-win for all! 

●  Talk to your employer about any possible incentives being offered for working remotely. You may be offered some extra time for your lunch break so that you can step outside and get some fresh air. 

●  Review your current electric plan and call Sunwave Gas + Power to discuss other plan and rate options. Try switching to a renewable energy supply plan. This will help balance out the use of renewable and non-renewable energy supplies.

Commercial Consumers 

We want to help your business succeed by finding an appropriate plan that will meet the energy consumption needs of your business. That is why Sunwave's energy supply is offered to our businesses as a competitive fixed price or variable with terms from 4 - 60 months; and because we believe in the power of choice, Sunwave Gas + Power can supply businesses with renewable or non-renewable energy. 

Additionally, here are a few tips for your business to help transition into the post-COVID era. 

●  If you aren’t using an office area, flip the switch, turn off the lights! If your office has windows, try using natural light instead. Not only will this reduce energy consumption but natural light also improves mental health. 

●  When office electronics and computers are not in use, turn them off! You can preserve the life of your electronics and computers by allowing them time to “cool down” when they aren’t being used. 

●  If you have employees, remind them to practice energy-saving things like flipping the switch and turning off all electronics. You can offer small incentives like taking an extra 10 minutes on their lunch break or a Starbucks gift card. 

●  Offer your employees the choice to continue working remotely. This will reduce your business’s energy consumption and lower the risk of spreading Covid. 

Sunwave Gas + Power wants you to know that we value our consumers and we are here to support you during this transition to post-crisis to help you get things back to some sense of “normal.” Visit our website for more energy-saving tips and resources.
 

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