Small businesses in London are being offered a package worth £20,000 to devise a solution to reduce the city’s electricity demand at peak times.
Boris Johnson, Mayor of London is calling upon people to come up with 21st century solutions to create incentives for households to cut down their energy usage during peak times, which will ease the pressure on the grid.
Householders are expected to save money on their energy bills with more efficient energy use, with the potential to earn money for reducing their usage, as many businesses already do.
The demand for power in the capital is rising by 4% per year, of which Mr Johnson said he doesn’t want London’s “future growth and economic success to be threatened by a lack of electrical capacity”.
Citi is providing the funding, which will be used to roll out a pilot project using the winning technology concept.
The Mayor said: “It’s imperative that we do everything we can to ensure London has a reliable and secure energy supply for the future. Alongside measures to generate more of our own energy in the capital and to encourage businesses to be more responsible, I want to make it easier for Londoners to do their bit, have better control over their energy use and be rewarded for it.
“By pioneering a smarter, more sustainable approach, with bright ideas from London’s most innovative small businesses, we can help keep Londoners’ lights bright.”
The applications deadline is 17th April 2014.