Shadow chancellor Ed Balls has said that if a Labour government enters office after the 2015 election, energy efficiency will be at the top of its goals.

Speaking to NewStatesman, Mr Balls said that he was set to discuss Britain's energy future with business leaders, environmental campaigners and scientists at a Green Alliance debate.

He continued to say that achieving a correct energy policy for the next 20 years is both a challenge and an opportunity for the UK economy.

To achieve this, the shadow chancellor, alongside Labour leader Ed Miliband and shadow energy secretary Caroline Flint, has said that the current coalition government should approve a decarbonisation target, calling a delay until 2016 a "huge missed opportunity".

Not only would this help cut carbon emissions in the UK, it could also help homes and businesses to significantly reduce their energy bills through renewable technology, such as solar panels, insulation and double glazing.

Such a target would also encourage projects involving solar farms, wind power projects, and biomass and nuclear generation facilities.

Responding to calls from the coalition about ambitious carbon emissions policies, despite not setting actual targets, the shadow chancellor said that the government should commit if Europe does so.

According to Business Green, Mr Balls has said: "As Europe debates now whether we should be putting in place European renewables and efficiency targets for 2030, again we will see if the government is committed to this agenda."

"There is a real opportunity in the run-up to 2015, and the next round of international talks in Paris, for the UK to show that we and our European partners can lead," he added.

Homeowners and businesses shouldn't wait for a renewables target to be set before taking their own action when it comes to reducing carbon emissions.

With the cost of solar panels decreasing, now could be the perfect opportunity to access the technology and cut the cost of your energy bills in the long term.