The Energy Efficiency Financing (EEF) scheme, a joint initiative between the Carbon Trust and Siemens Financial, looked at the energy expenditure of selected key industries to estimate their annual energy overspend. It concluded potential energy savings of over £414 million could be achieved per year by the UK’s service sector SMEs (of which over £82 million is represented by small and medium-sized commercial office businesses), were they to invest in more energy-efficient equipment. The findings are based on proprietary data and official sources and looked at each sector’s use of lighting, heating and hot water, cooling and ventilation, and other areas of energy consumption.

The EEF scheme launched in 2011 to unlock business investment by providing finance for green technologies, such as low energy lighting, solar PV, energy-efficient motors, low carbon air conditioning or biomass heating. The scheme aims to make finance for the acquisition of energy efficient and renewable energy equipment more accessible and affordable for companies, in particular SMEs.

Myles McCarthy, managing director of Carbon Trust Implementation Services, said: “By investing in energy-efficient equipment as well as renewable energy technology, businesses can reap significant energy savings and cut down on their energy bills. Any sort of green investment is a step towards saving money, improving business competitiveness, and being a responsible citizen. Organisations that recognise the long-term benefits brought by energy efficiency will no doubt be better positioned than their competitors to grow their businesses more sustainably and profitably.”