A PwC survey released on 5 April has uncovered a growing interest in smart technology within the business community.

The survey of over 500 UK businesses found that more than a third of industrial firms and one in five commercial organisations plan to each invest over £1mn on smart and distributed energy technology by 2022. These include on-site renewable generation, heat networks, biomass boilers and demand side management.

However, the research also found that barriers to smart technology still persist, with more than half of UK businesses reporting that they are concerned about costs and many are not confident that smart technology investments will pay back their initial costs in an acceptable timeframe.

Steve Jennings, PwC’s Power and Utilities Leader commented: “Costs are a prime concern for UK firms as is their lack of confidence in the speed at which returns will materialise. Unless addressed, these issues will continue to influence both the level and pace of smart energy adoption across the UK business community.”

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