UK industry ‘is overspending on energy by £2.2bn’
The UK industrial sector is overspending on energy by more than £2.2bn a year, according to a new analysis by the Energy Efficiency Financing (EEF) scheme, which finances the acquisition of energy-efficient equipment. The analysis, based on official sources and EEF data, examined several sectors to determine how much they were overpaying on their energy bills because of inefficient equipment and controls.
“Our analysis has shown that there is a huge market potential for energy savings from business investment in energy-efficient equipment, amounting to over £3.7bn per year across the country, and around £2.2bn in the industrial sector alone,” says Darren Riva (above), head of green financing for the EEF scheme. “That potential energy saving covers motors, compressed air, high/low temperature processes, lighting and space heating – amongst others.
“In the current credit squeeze,” he continues, “a major problem for firms has been access to affordable finance to enable them to make those 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 companies, especially SMEs.”
The EEF scheme matches monthly payments to real monthly energy cost savings, so that firms effectively end up paying no extra for their new equipment.
Any business with at least three years’ trading history can apply for the finance. The Carbon Trust assesses their carbon, energy and cost savings and Siemens Financial Services provides the financial backing.
