The pilot scheme, run by the Department for Energy and Climate Change, is currently inviting companies to register their interest in taking part.
Support will be available for projects that deliver lasting reductions in electricity demand, for example through the installation of a more efficient lighting system, heating, ventilation and air conditioning system or electric pump.
Applicants will be able to bid eligible projects into an auction for a contribution towards the cost of installing more efficient electrical equipment that then delivers savings – on the basis of pounds per kilowatt saved.
The final pilot rules and guidance will be published in June 2014, but companies and organisations are being invited to register their interest.
Applications will need to be submitted in October 2014, following which an auction will be held. Contracts will be issued to successful bidders in January 2015.
For more information, visit the .gov.uk page dedicated to the scheme.