The introductory phase commences in 2010 and requires companies to monitor energy use, report emissions and purchase carbon allowances to offset their consumption.
James Ramsay, commercial director of carbon management organisation Carbon Clear, explained that any firms or institutions spending more than half a million to a million pounds on electricity will be caught by the scheme.
He commented: "Our experience is that as soon as organisations start managing their carbon they start reducing it, and if you cut carbon, you cut costs.
"Those organisations that picked [the scheme] up early are very well positioned to implement it."
Earlier this week, the Irish Times urged consumers to compare energy prices and potentially switch energy supply provider in a bid to reduce their bills.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.