It was also announced that each school would be receiving a smart meter so they could monitor their energy usage and carbon footprint. The government estimate that this simple step could save millions of pounds each year.
Mr Balls said: "Now more than ever we need to ensure we are getting real value for money from our investment. We will only achieve efficiency savings while at the same time continuing to improve school standards and raising levels of achievement by working together."
There are also plans to teach children about carbon reduction and climate change. The hope is that this will also teach them about managing their money and ensure they know how to deal with gas and electricity bills in the future.
In the US, the Energy Star Kids Programme is already teaching children the importance of energy efficiency measures.
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