Businesses are expected to save $26 billion (£15.4m) on their utility bills by 2030 by implementing new energy efficiency standards for electric motors and walk-in coolers and freezers.

The US Department of Energy announced the standards which it claims could also cut carbon emissions by up to 158 million metric tonnes by 2030 – equivalent to the annual electricity use of more than 21 million homes.

Electric motors are used in a range of applications such as industrial machines and escalators, with a standard 30 horsepower electric motor using around 62,000KWh of energy every year. The new standard is forecast to save up to nearly $16 billion (£9.5bn).

The final efficiency standard for walk-in coolers and freezers could help cut energy bills by around $10 billion (£5.9bn), the Energy Department estimates.

Energy Secretary Ernest Moniz said: “Energy efficiency is one of the fastest and most cost-effective ways to save money, cut greenhouse gas pollution and help businesses strengthen their bottom lines.”

The Energy Department has so far finalised new efficiency standards for more than 30 household and commercial products, including dishwashers, refrigerators and water heaters.