New Regulations Are Energy SOS for British Business
The Carbon Trust is calling on British businesses to implement energy-efficiency opportunities identified through the new Energy Savings Opportunity Scheme (ESOS), which is expected to help reduce energy bills for large enterprises by more than $500 million in 2016, but Carbon Trust believes the savings could be two to three times higher.
The ESOS regulations will require more than 7,000 large enterprises in the UK to undertake an energy audit at sites that make the majority of the business’ total energy use. Audits will have to be repeated every four years.
By implementing readily available, well-established efficiency measures in areas such as lighting and heating, large businesses can cost-effectively save around 15 percent from energy bills, with an average internal rate of return of 48 percent and payback within three years, Carbon Trust said. However, the Trust added that it is not uncommon to see reductions of as much as 25 percent.
The government estimates that the net benefit of the policy to the UK will be more than $3 billion between 2015 and 2030.
The UK’s Department of Energy & Climate Change (DECC) introduced ESOS in 2013, explaining that an enterprise that invests $22,000 per year in energy efficiency measures could save $85,000 per year in energy costs.
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