Consumers invest in energy-efficient technology

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UK consumers are investing more money in energy efficiency technology, according to a new report by the Co operative Bank.

The survey found that in 2008 'ethical spending' on energy efficiency products reached nearly £400 million, which breaks down to £155 per household.

Figures from the energy watchdog Ofgem, state that people could save over £100 a year by switching gas and electricity supplier, which would almost cover the cost of household spending on energy efficient products.

Among the items included in the list of energy-efficient products were boilers, light bulbs and batteries. Switching to energy-efficient products can lead to cheaper gas and electricity bills, as well as reducing carbon emissions.

Tim Franklin, chief operating officer at the Co-operative Bank, said: "In order for the UK to reduce its carbon emissions by 30 per cent by 2020 there will need to be a step-change in take-up of low-carbon technologies, and this will need a new contract between business, government and the consumer."

Mr Franklin said that the results provided evidence that the UK was working towards a greener lifestyle.

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