Analysis shows businesses across the UK could save more than £3.7 billion ($5.6 billion) annually by investing in energy-efficient equipment, Edie reports.
The research, released by the Energy Efficiency Financing scheme, shows the UK industrial sector alone is overspending by more than £2.2 billion ($3.3 billion) a year on energy.
The EEF, a partnership between the Carbon Trust and Siemens Financial Services, provides financing to UK businesses seeking to reduce their energy consumption.
According to Edie, which stands for Environmental Data Interactive Exchange, the analysis examined several sectors to calculate how much industries overspent on energy bills because of inefficient technology, equipment and controls.
EEF head of green financing Darren Riva says the potential energy savings come from more efficient motors, compressed air, high/low temperature processes, lighting and space heating.
The EEF scheme matches monthly payments to real monthly energy cost savings. Riva tells Edie this means companies essentially pay nothing extra upfront for more energy-efficient equipment.
Research from Frost & Sullivan published in October 2012 forecast energy-efficient equipment will emerge as a key area to sustain growth in the European pneumatic equipment market.
Most pneumatic-equipment customers want to optimize energy usage because of the dwindling natural energy resources in Europe, the report said. Energy efficiency can cause a reduction in costs, ranging from 5 percent to 50.06 percent, which in turn, is set to boost demand, revenues and profitability for market participants.
In the US, the New York State Energy Research and Development Authority (NYSERDA) is wrapping up its Buy Green, Save Green rebates program, which ends tomorrow, March 12. The program made $1.1 million available to encourage small municipal governments to replace inefficient appliances and equipment with energy-efficient models.