The body's analysis of companies it currently works with suggests that businesses can expect bills to be cut by up to 15% by implementing energy efficiency measures.

The Business of Energy Efficiency paper also found that investments in energy efficiency are paid back within three years and have an average initial rate of return of 48%, well beyond the 11.5% many businesses mandate as a minimum requirement.

However, it found many businesses don't implement all the efficiency projects they have at their disposal and miss out a possible £1.6bn each year in cost savings.

It concludes: "The UK has a substantial cost and energy-saving opportunity that can be realised at attractive rates of return and using reliable techniques and mature technologies.

"Business leaders who reset their expectations of value and treat the efficiency challenge as a whole-company change programme should be able to unlock significant hidden value in their businesses."