Three in five companies have admitted they haven’t set a budget to comply with the government’s mandatory energy saving scheme.
That’s according to new research, which also revealed nearly half (46%) of businesses aren’t confident the Energy Saving Opportunity Scheme (ESOS) will bring a return on investment.
Under ESOS, large firms are required to have energy audits by the end of this year.
The survey claims those that haven’t budgeted for the scheme plan to fund the cost of audits from other areas, including forecasted profits, with many worried about a low return on investment.
A lack of initial understanding and struggling to get hold of all the information required were two of the challenges cited by firms.
More than half of them feel they could have been supported through the process more effectively and 37% of companies would have wanted more time “to get their heads around the scheme”.
Sam Davidson, Head of Consultancy Services from Utilitywise said: “As the year sprints on, we are concerned some businesses will get caught out in the autumn with an unexpected cost, little time to complete ESOS in a detailed manner and worse still, be fined for non-compliance. We welcome the legislation as a route to more businesses understanding their energy usage better but are clear on the fact that a return on investment will only be achieved when the recommended measures are understood and implemented.”
The research also found businesses that have started the ESOS process are “significantly more clued up on costs”.