New analysis from the Energy Efficiency Financing scheme has revealed that the public sector is overspending on energy to the tune of more than £357 million per year.
The EEF scheme, which provides both private and public organisations with finance for the acquisition of energy-efficient equipment, regularly highlights the difficulties that organisations have in allocating budget for energy-efficient investments.
Most recently, a number of sectors were examined to calculate the amount they were overpaying on their energy bills due to inefficient technology, equipment and controls.
"Our analysis has shown that there is a huge market potential for cost-effective energy savings enabled by energy-efficient equipment, amounting to over £3.7 billion per year across the country, and more than £357 million in the public sector alone,” explained Darren Riva, head of green financing for the EEF scheme. “That potential energy saving covers heating, lighting, cooling and ventilation, among others.
"Over the past few years, limited access to affordable finance has been hindering organisations from making green investments. That is why EEF was created – a joint financing initiative between the Carbon Trust and Siemens – to make finance more accessible and affordable for private sector companies and public sector institutions.
“The EEF scheme matches monthly payments to real monthly energy cost savings, which means that organisations effectively end up paying no extra for their new equipment investment. These investments improve organisational efficiency, cut carbon and boost green growth."
Myles McCarthy, managing director of Carbon Trust Implementation Services, added: "These figures demonstrate the huge opportunity both private and public institutions have to save energy and cost. Wise organisations, which ensure their operations are using energy efficiently at a time of rising energy, will reap huge benefits.”
He continued: “The Carbon Trust has already helped over 35,000 customers introduce £1.6 billion worth of energy-efficient equipment, resulting in a £4.5 billion reduction in energy costs."
Any public sector organisation is able to apply for new green growth finance from the scheme. More information can be found at:
Any public sector organisation is able to apply for new green growth finance from the scheme. More information can be found at: http://www.energyefficiencyfinancing.co.uk.