Obtain the maximum sales tax exemptions available. Select ballasts and lamps carefully with high power quality and long-term efficiency in mind. Generate nitrogen or oxygen with a leased membrane system where lower quality than cryogenic will suffice. Modify water pumping to minimize throttling and to operate near best efficiency point. Fix steam leaks and condensate leaks.
Inspect steam traps regularly and repair malfunctioning traps promptly.
Repair underground water leaks. There are many, many other ways to save with minimal capital investment , and there are many advantages. Approval is usually at the plant level, thus avoiding the corporate complications and delays of large capital projects. Priorities, budgets, and schedules are easily changed as needed. The risks are small and well distributed.