Energy efficiency could save U.K. $2.9 billion, says DECC

The U.K. Department of Energy and Climate Change (DECC) is proposing new energy efficiency assessments for larger firms. These assessments, required by the new Energy Savings Opportunity Scheme will enable companies to identify ways to save money on energy bills by improving energy efficiency and could save about $2.9 billion.

In this plan, large companies could be required to undertake ESOS assessments to identify cost-effective ways to invest in energy efficiency, helping reduce energy bills and increase competitiveness.

Organizations that take up energy efficiency recommendations will face lower energy bills — on average, an enterprise taking up recommendations from energy savings assessment will invest $22,668 per year in energy efficiency measures and benefit from bill savings of $85,231 per year.

Net social benefits of $2.9 billion could be achieved even if 6 percent of the potential energy savings identified through assessments in buildings and industrial processes are implemented by participating organizations, according to the DECC.

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