Many businesses believe government energy efficiency incentives aren’t good enough to encourage uptake, meaning companies are missing out on £720m in potential cost savings. Overcoming barriers and market failure within the Green Technology and Services (GTS) sector is part of Green Economy’s purpose, but governments need to do more to support vulnerable organisations.
What’s the problem?
According to a recent report by CEBR and Grundfos, 14 per cent of surveyed businesses have either never had a boiler service or haven’t had one in the last five years. A further 50 per cent claimed that energy efficiency is a key focus for tackling the energy crisis, yet only 37 per cent claim to check eligibility for energy efficiency grants. Overall, the report cites £3.1bn is savings as a result of energy efficiency improvement across businesses and households.
The key problem to overcome is catalysing a behavioural change among businesses and households who don’t seem to be prioritising energy efficiency investment. While the UK government has outlined some support schemes and incentives to upgrade property with green tech and retrofitting, the incentives aren’t high enough to spark an immediate change in attitudes.
What’s the risk for businesses?
At present, businesses risk wasting cash and resources on unnecessarily high energy bills which could be reduced through simple service checks and retrofit investment. CEBR’s report revealed that 20 per cent of surveyed businesses hadn’t had an energy efficiency check for more than five years, or not at all. In spite of this, over half of those surveyed expressed concern about rising energy prices.
The report highlights a gap in knowledge and understanding of energy efficiency solutions such as heat pumps, insulation, solar, and the benefits of regular service checks on boilers and heating units. During a time when energy costs are rocketing and businesses face a volatile economic climate, bridging the gap between benefits and barriers and informing companies of the solutions at their fingertips is essential for both improving energy efficiency across the UK, and equipping businesses to face a turbulent winter.
If you would like advice about the energy efficiency measures available to your business and the funding and support available, get in touch with one of our expert advisors. Submit an enquiry online.
