The Energy Advice Line has called for the government to provide more grants to cover the installation costs of energy efficiency measures.
Mr Morgan's calls are in line with a survey by the British Chamber of Commerce (BCC), which found that 36% of small and medium sized firms believe the "most important thing" the government can do is incentivize energy efficiency installations through grants.
"Most SMEs know what energy saving measures they could and should put in place, but the upfront costs are a massive disincentive," Mr Morgan said. "In face, 15% of those businesses surveyed felt the energy savings would not prove beneficial to the installation costs.
"The government provides financial incentives to big energy suppliers to implement low-carbon policies; SMEs deserve similar financial support so they can put in place the equipment they need to reduce their energy consumption.
"This equipment would obviously benefit from their bottom line, as well as the planet, but the up-front costs are prohibitive for many small firms, who already struggle with their cash flow and profitability.
"It would make sound financial and environmental sense for the government to help firms with the initial costs of doing something that would benefit all stakeholders."
The BCC survey, carried out in partnership woth Big Six supplier British Gas, involved more than 2,100 British businesses - 91% of them SMEs. The survey revealed that businesses are already aware of what energy measures could be put in place, with only 8% requesting more information. In total, 15% of those surveyed felt that the energy savings would not be worth the investment.
More than a quarter of businesses that currently rent their facilities and premises revealed they have no influence on energy efficiency improvements. In light of the finding, the BCC called on landlords to do more for leaseholders that were 'looking to save money and make their energy work for them'.
Mr Morgan added that SMEs keen on cutting their energy costs should regularly chase the best deals and switch suppliers. "There's no expensive upfront investment required, and it's quick and simple - there aren't many ways to save significant amounts of money that are this easy," Mr Morgan said.
The Energy Advice Line is one of the UK's leading price comparison and switching services for business and domestic energy customers. It is also an advocate for energy market reform and has campaigned for a better deal for energy users, including calling for a ban on cold calling and changes to regulations to make it easier for all consumers to switch suppliers.
The service is completely independent and free. Consumers can quickly and simply search the market for the best available energy deals from an extensive panel of small and large energy suppliers. The service also offers a free advice line for business energy customers.
For further information visit energyadviceline.org.uk