Businesses must get a grip of their energy waste as bills are set to skyrocket. New research by the Royal Institute of Chartered Surveyors (RICS) suggests businesses face huge increases in their electricity costs over the next 20 years.

Higher summer temperatures and more extreme weather will cause companies to use more electricity it’s being predicted. The report suggests the retail sector could seecosts increase by as much as £273m while office based businesses may see their bills rise to more than £226 million a year. The report estimates that by 2030 a London commercial property of about 2,500 square meters could be paying an electricity bill of around £5,000 a year.

Martin Russell-Croucher, RICS director of Sustainability and Special Projects said:”It is important that property professionals and businesses understand how they can and should adapt and maintain their buildings now to ensure they are not only cost efficient but also sustainable for generations to come. Failure to do so can result in electricity costs spiralling out of control”.

Energy consumption is expected to rise as well as the price of electricity, which spells bad news for the UK’s inefficient building stock.

Businesses may have to relocate to cope, Mr Russell-Croucher added: “Many of Britain’s current commercial buildings are just not energy efficient and suitably equipped to cope with the future predicted changes in climate. Many existing properties may become too pricy to run and unsuitable to provide employees with the right conditions to work”.