A pilot scheme that provides businesses with financial support to install more efficient electrical technologies that help reduce their peak demand has been launched.

The Government is inviting formal applications from organisations for the Electricity Demand Reduction (EDR) pilot initiative, which will support projects that deliver “lasting reductions” in electricity demand.

Projects that could be incentivised include the installation of a more efficient lighting system or electric motors and pumps.

Those businesses that qualify can then bid in a £10 million auction, which will be held in January 2015.

“The winning bids will be those that represent best value for money (ie, the lowest price for each kW offered) up to the total budget available in the auction. Successful bidders will receive payments once savings are delivered and evidence received”, DECC said.

Businesses have until 31st October to submit their applications.

Energylivenews.com