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New survey reveals why businesses are reluctant to invest in new energy sources

Businesses of all sizes are often accused of not doing enough to invest in energy efficiency, however, a new survey from British Gas Energy reveals some of the reasons behind this. Among the biggest concerns were political and regulatory uncertainty surrounding Brexit, the recent election and the potential implications for energy technology investment.

The opinions were gathered at the Energy Live Future conference in the first week of June. The large organizations present commented on the need to reduce energy costs, but also stressed the problems of convincing company bosses/team leaders to make the necessary investments.

However, despite these challenges, Gab Barbaro, Managing Director of British Gas Business, has urged business owners to be more proactive when it comes to energy use, saying:

“My challenge to business leaders is to get smart and be more proactive about their energy use. Businesses must think long-term rather than be swayed by current political or economic uncertainty - there are countless opportunities for organisations to save money on their bills today, by getting to grips with how it’s being used and acting where it’s being wasted.”

Other barriers to energy efficiency

Another barrier to the adoption of the latest energy technologies, like smart meters, is that business owners often lack a basic understanding of them, and their advantages.

And another issue is worries over cyberattacks. Two thirds of companies interviewed by PWC are concerned that the data stored by utility companies from smart meters could be compromised, and these reservations are costing businesses money.

The increasing cost of energy

Rising energy bills means companies can spend twice as much on their energy bills, according to the Carbon Trust.

Although the Carbon Trust’s figures were taken from 2014, spiralling energy costs continue to put a strain on businesses’ finances, and analysts are warning that the UK industry could suffer as a result.

Cost savings from energy efficiency

Although there is some resistance to introducing new energy technologies and trends into the workplace, UK-based businesses are being urged to embrace them due to the advantages they offer, such as cost savings.

It’s estimated that companies that introduce energy saving measures could save up to 20 per cent on their energy costs. And specialist manufacturers who use the most energy, such as the petrochemical, food and beverages and industrial gases sectors, potentially have the most to save by adopting efficiency measures.

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