Priority 1: Energy efficiency

A large supply of low-cost energy is available through investments in energy efficiency. An energy efficiency measure, such as lighting or chiller upgrades, provides immediate savings and quick payback on the up-front investment.

Better still, financial incentives and grants can cover a substantial portion of the cost. When you divide the net cost by the kilowatts saved, it should result in a cost per kilowatt far below what you're paying your local utility for electricity. As electricity costs go up, the value of your efficiency measure also increases.

Energy efficiency provides immediate environmental gains, and will as long as the US is one of the world's largest burners of coal. When you conserve a kilowatt of coal power, you convert it from dirty to clean. Think of it as fossil fuels not burned, skies not polluted, greenhouse gasses not emitted. Your community will thank you, so make sure they know about your choice.

Your business loses money when it loses power. Some companies have calculated the cost of power outage at hundreds of thousands of dollars for every hour. Contingency planning is relatively simple, yet many businesses have yet to take this step.

On-site generators are often the least costly backup capacity for an office or commercial facility. Fuel storage issues can be avoided by using natural gas.

If electricity rates rise out of proportion to fuel costs, you could be in a position to use your generators instead of buying electricity -- you might even sell power to the utility.

Need more reason to install backup power? Think about how much safer your facility will be with fail-safe lights, phones and alarms. If you share a building, talk to your property manager about sharing the cost of backup power and extending it to the common areas.

Renewable energy is the optimum backup method from an environmental standpoint, but rarely from a cost perspective. The exception is where an on-site renewable fuel or heat source is a byproduct of a manufacturing process. Instead of running diesel or gas engines to generate power, some facilities can make electricity by burning their wood chips, or recapturing their kiln heat.

Priority 3: Green energy

Even if your business can't make use of renewable energy sources on site, you still can take advantage of wind and solar energy through your utility. Enroll in the "green energy" pricing program offered by your utility and pay the premium.

A utility makes a market for green energy by buying power from wind farms, solar plants and other renewable sources. The premium price they pay for those kilowatts provides an incentive to the producers, whose generation otherwise would not be cost-competitive with conventional fuels. Gradually, utilities are moving toward owning their green power sources.

If your utility does not offer a green pricing program, your business still can buy "Green Tags" independently. Make sure you let your customers and community know that your facility runs on a certain percentage of green energy.

"For example, a coffee company can promote its product as climate neutral because it buys Green Tags to offset its emissions," says Patrick Mazza, Research Director at Climate Solutions. He even suggests offering a Green Tag product to consumers. "Buying Green Tags will offset global warming pollution by supporting the growth of renewable energy. It can be an education and promotion tool."

Another way to be environmentally responsible is to do business with like-minded enterprises. "Encourage your suppliers and service providers to undertake similar efforts to zero out emissions, and favor those who do," Mazza suggests.

"Business leaders are increasingly realizing the value of an economic model that measures business success by focusing on the greater community and environment, as well as profit," says Dr. Hazel Henderson, creator of the television series Ethical Marketplace. "Americans are demanding business practices that reflect their values."

Priority 4: Peak load management

Efficiency starts with awareness of power consumption and simple measures to reduce energy use. The next step, the active management of energy, usually is driven by special pricing policies from the local utility. In peak hours, businesses respond to higher electric rates by reducing their demand. High-demand operations are reserved for off-peak hours, when rates are lower.

Time-of-use pricing and demand response programs are offered by a small but growing number of utilities. Businesses can, however, implement measures without the financial incentives, and be ready to take full advantage of time-based pricing when it comes around.

Peak hours for electricity are usually late in the day, while demand for natural gas peaks early in the morning. Simply find ways to adjust your operations to reduce consumption during those times. Energy management systems, ranging from simple monitors to sophisticated software-based control centers, are available to support your efforts.

Priority 5: Clean transportation

Convert some portion of your company's transportation or working fleet to alternative fuels. Convert some trucks to biodiesel, trade company cars for hybrid or all-electric cars, or even upgrade your forklifts.

"Currently, industrial vehicles contribute almost 13 percent of the global total of transportation-related greenhouse gas emissions," said Pierre Rivard, president and CEO of Hydrogenics. His company partnered recently with GM to demonstrate a hydrogen fuel cell-powered forklift and portable refueling station.

Rivard shares the common belief that one of the first commercial uses for hydrogen-powered vehicles will be in industrial vehicle fleets. Fuel cell-powered forklifts are ideal for indoor facilities. Unlike propane-powered units, they produce no exhaust emissions. Compared to battery-powered lifts, fuel cells "recharge" in a fraction of the time.

What if your company doesn't have a fleet? Look out at your parking lot and consider how many more employees you could encourage to take public transportation to work. Give bus passes as employee contest prizes. Set aside premium parking spaces for carpools. Have HR organize them -- perhaps even providing the branded hybrid vehicles for the purpose. Make sure your customers know how you share their concern for the environment.

Bonus points

Scientists and entrepreneurs are struggling to bring new to market new technologies that will save energy, reduce spending on the grid, and produce clean electricity. They outnumber investors by a large margin, making it difficult for new ideas to get off the ground.

"We get four to five hundred business plans a year," said Rodrigo Prudencio, partner at energy investment fund Nth Power, at a recent energy forum. "We fund three or four of those companies."

If your company manages a pension fund or makes strategic investments, consider how an energy technology investment would fit into your portfolio.

Even if direct investment is not justifiable for your business, think of your other investments -- energy-efficient equipment, backup power, renewable energy, peak load management, and clean transportation -- as your way of financially supporting our energy future.