According to the latest report from the Energy Efficiency Verification Specialists, or eeVS, confidence in the UK’s energy efficiency market is growing.
The latest eeVS Insight report attributes the steady growth to an increase in customer satisfaction, order books, and tolerance for government policy. EEVS generated the results by surveying customers and energy efficiency suppliers.
In total, eeVS surveyed ten suppliers, eight of which suggested a positive outlook for the energy efficiency market for 2017. This result is rather surprising. More than half of the suppliers consider the UK’s energy efficiency policy ineffective for market stimulation.
The report also discloses annual popularity rankings for the energy efficiency market. An increase in popularity for smart meter systems was observed, whereas solar PV experienced a marginal decrease. In addition, high energy efficiency lighting remains the most adopted technology by businesses.
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With this quarter reaching a staggering £260,000, the median project valuations for the energy efficiency market will continue to climb. The amount reflects an increase of companies that are willing to procure expensive improvements for substantial long-term value.
Businesses looking to invest in their company’s future are willing to accept longer payback periods. The average duration of time to procure a profit from an energy efficiency upgrade is about four and a half years.
After reviewing the eeVS Insight report, Matthew Farrow, Executive Director of Environmental Industries Commission, stated “The upbeat picture that emerges from the survey comes against a background of increasing political uncertainty, and taken together with the less downbeat view of government policy suggests a sector confident that the broad cross-party consensus on retaining UK climate change targets, and the basic economic case for energy efficiency, provide a good basis for continued sector growth.”
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