Cheap electricity needs to drive energy efficiency changes?

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The need to benefit from cheap electricity could be one of the reasons why a growing number of firms are looking to renovate their buildings and make them more energy efficient.

A new report from SBI Energy, entitled Global Green Building Materials and Construction, shows making buildings more cost-effective will account for 13 per cent of the total renovation industry by 2015.

The figure currently stands at seven per cent and author of the report Bernie Galing stated: "We anticipate the building industry will see a significant increase in green building renovation to make structures more energy efficient."

He explained retrofitting new technology in a building often pays for itself within a few years.

Some firms may be considering replacing outdated heating systems in order to bring down their energy consumption and benefit from cheap gas and cheap electricity.

Mr Galing added the high demand for green buildings means they command a greater resale value than structures that have not been fitted with eco-friendly technology.

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