Electronics manufacturer Siemens has managed to produce cheap energy rates by designing traffic lights that operate with greater efficiency.
Siemens replaced the conventional tungsten-halogen lights with efficient LED bulbs and reduced the voltage at which the equipment operates from 240v to 48v, reports the Guardian.
The result is half a million UK traffic lights that use less than 25 per cent of the electricity that was consumed through the use of tungsten-halogen bulbs, while the reduced maintenance needs ensure vans have to be sent out far less frequently.
Matthew Vincent, deputy director of sales and marketing at Siemens Mobility Traffic Solutions, told the paper: "Tungsten-halogen lights only have a lifespan of six months or so, which means you have lots of maintenance issues with people visiting sites to replace them."
As a result of the innovation, Siemens has claimed first prize in the iAwards, set up this year by the Department of Business, Innovation and Skills.
LED lights are already used by many businesses to reduce carbon emissions and energy bills.
If you want to find out more about business energy and how you could save up to 50 per cent on your business energy bills, click here.