Better designed and more environmentally friendly energy consuming products could save people £900 million a year, according to the Department for Environment Food and Rural Affairs.
More efficient household goods could also help combat climate change, a new report by the organisation suggests.
The consultation looks at ways to implement minimum energy standards and energy labelling on household products.
The European Union Framework Directive for the Eco-design of Energy Using Products has already begun introducing minimum standards for TVs, washing machines and fridges with more appliances set to be added to the list in the future.
Environment minister Dan Norris said: "It is really important that we hear from businesses and manufacturers to get a well rounded view of how we can enforce and check on the energy standards of products.
"These standards can save our economy so much money and can save millions of tonnes of CO2 from going into the atmosphere."
Dan Norris was appointed to the role of environment minister on Monday, following the departure of Jane Kennedy.
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