Millions of dollars could be saved by industries if they invest in energy-saving methods, Energy Minister Kevin Ramnarine has said.

Speaking at the launch of the Energy Service Company (ESCO) committee at the Hyatt Regency (Trinidad) hotel, in Port of Spain yesterday, Ramnarine said an audit of the various operations at the Point Lisas Industrial Estate in Couva showed that a one-time US$13 million investment could save companies US$2.8 million a year.

"If implemented it could yield significant annual savings equivalent to a payback of less than five years on average," Ramnarine said.

He said the ministry was leading by example and was already looking at ways to improve energy consumption within the various ministries of Government including the conversion of public buses.

"ESCOs can be considered the vehicles to conduct these audits and promote the installation of energy saving systems," he said.

"Therefore with the support of the energy management practices there is a significant potential for reduced energy consumption at the Point Lisas Estate if industrial processes and equipment are upgraded. The same audit also revealed carbon savings to the order of 47,000 tonnes per annum," he said.

Ramnarine said the committee, headed by the ministry's deputy permanent secretary Richard Oliver, was an integral part of achieving the tenets of Government's energy policy.

"Adopting energy efficient technologies save money and frees energy resources for other economic ventures. Increasing energy efficiency will strengthen our energy security, reduce greenhouse gas emissions, complement renewable energy strategies and generally promote sustainable development," he said.

Companies undertaking ESCO's suggestions would be entitled to an allowance of 150 per cent of the expenditure incurred.

"You will note that in order to qualify for these fiscal incentives the ESCO must be certified by the minister with responsibility for energy," he said.