A new report has revealed the industrial sector is overspending on energy by over £2.2 billion per year.
The analysis, carried out by the Energy Efficiency Financing (EEF) scheme, found industries were overpaying on their energy bills because of inefficient technology, equipment and controls.
The scheme, which provides business finance for the acquisition of energy-efficient equipment, highlights the difficulties that businesses have raising finance for energy-efficiency investments in the current economic climate.
Darren Riva, head of green financing of the EEF scheme, said: “Our analysis has shown that there is a huge market potential for energy savings from business investment in energy-efficient equipment, amounting to over £3.7 billion per year across the country, and around £2.2 billion in the industrial sector alone.
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Mr Riva highlighted the creation of his organisation as a result of a joint financing initiative between the Carbon Trust and Siemens, as a solution towards making finance more easily available to SMEs.
He added: “The EEF scheme matches monthly payments to real monthly energy cost savings, which means that firms effectively end up paying no extra for their new equipment investment.
“These investments improve business competitiveness, cut carbon and boost the green growth.”