A new rule forcing large firms to get an energy audit every four years could save far more than the £300 million in 2016 predicted by government.

The Energy Saving Opportunity Scheme brings into force Article 8 of the EU Energy Efficiency Directive.

It’s likely to apply to around 7,300 enterprises in up to 200,000 buildings, including around 10,000 industrial plants.

The government estimates there could £1.9 billion benefit to the UK economy between 2015 and 2030. That’s based on a prediction only 6% of potential energy saving opportunities found for buildings and industrial processes will be carried out.

The Carbon Trust believes savings could be two to three times higher – taking around 15% from energy bills – if businesses bring in “cost effective” measures.

Myles McCarthy, Director of Implementation at the Carbon Trust said: “The scheme is a much needed wake up call for businesses that haven’t already benefitted from the significant cost savings that can be achieved through energy efficiency. But identifying the opportunity is only half the battle.

“If recommendations go unimplemented then businesses will needlessly be paying over the odds on their energy bills.”