Using energy at the right time could save 40 million tonnes of CO2 emissions annually in the UK & EU, according to new research.
According to the study, rolling out high-tech energy supply technology could achieve annual societal cost savings of €10.5 billion (£8.76billion) by 2030.
The analysis, commissioned by Danfoss, a Danish engineering company, found that tech which helps manage demand for electricity could lead to seven per cent savings on electricity bills for households by the end of the decade.
Examples given by researchers include using AI to combine building, weather and user data to predict heating and ventilation demand, meaning less waste heating empty rooms.
They found that tests using this technology in Finland on 100,000 flats found maximum power usage was reduced by up to 30 per cent.
‘Supercooling’ techniques could also be used to cool supermarket freezers to a lower temperature outside peak demand hours, which would then mean they could be switched off during peak hours, saving money for the supermarket.
Dr Jan Rosenow, of the Regulatory Assistance Project (RAP), which advises on clean energy solutions, said London had “huge potential” to become a “global leader” in green energy if these kinds of technologies were widely rolled out.
“Millions of homes will have heat pumps and will be connected to district heating networks run by renewable energy and using waste heat from the Tube and the sewers,” said Dr Rosenow.
“More efficient and more flexible buildings can help to integrate wind and solar into the energy system, avoid energy waste and save consumers money.”
Danfoss CEO Kim Fausing said countries needed to embrace energy efficiency to meet green targets.
“The grid is not ready to use all the renewable energy we are making rapid progress to produce,” said Mr Fausing.
“We must take steps to utilise energy efficiency solutions - such as demand-side flexibility technologies - that not only help us to use less energy, but to use the right energy at the right time. We have the solutions, but we need action."