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EEF reveal £173m energy overspend

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New analysis from the Energy Efficiency Financing (EEF) scheme has revealed that the education sector is overspending on energy to the tune of over £173 million per year.

The analysis, based on official sources and proprietary EEF data, examined a number of sectors to calculate the amount that they were overpaying on their energy bills because of inefficient technology, equipment and controls.

Darren Riva, head of green financing of the EEF scheme, said: “Our analysis has shown that there is a huge market potential for cost effective energy savings enabled by green technology in the education sector, amounting to more than £173 million. That potential energy saving covers heating, lighting, cooling and ventilation, amongst others.

“Over the past few years, limited access to affordable finance has been hindering 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. The EEF scheme matches monthly payments to real monthly energy cost savings, which means that organisations effectively end up paying no extra for their new equipment investment. These investments improve organisational efficiency, cut carbon and boost the green growth.”

Myles McCarthy, managing director of Carbon Trust Implementation Services, said: “The EEF research figure demonstrates the huge opportunity the education sector has to save energy and cost. Schools who are using energy efficiently can therefore expect to reap huge benefits. We are already seeing increasing demand amongst schools for us to help them get to grips with energy efficiency and capture the associated cost savings.”