According to a report from the Department of Energy & Climate change up to £8 billion was invested last year into renewable energy projects.
The report showed that £28 billion has been invested in the UK’s power generation since 2010; with an average spend of £7 billion a year on renewables, which now produces 15% of the country’s electricity.
Details of a £10 million investment in a pilot scheme called the electricity demand auction- that sees businesses and organisations compete for funding for projects that will look to reduce electricity demand- were also unveiled by Energy Secretary Ed Davey.
The electricity demand reduction auction, which has a £20m budget, will provide funding for projects that would not otherwise have happened, and will save businesses money on their bills, cut carbon emissions and reduce demand on the grid.
Around 300 organisations have expressed an interest in the scheme, including hospitals, airports and supermarkets.
Greater efficiency could create savings of up to 9% total demand by 2030 according to statistics from the DECC (Department of Energy & Climate change).