Posted on: 19/04/2016
The Carbon Trust has launched a new fund providing financial support for smaller businesses to replace inefficient equipment.
The £7m fund, supported by advice to boost the efficiency and productivity of businesses, will offer energy saving training, cost saving assessments, implementation advice, and capital support for the installation of energy efficiency equipment.
Eligible companies can apply for a capital contribution to cover up to 15% of an energy efficiency project or equipment replacement cost, up to a maximum of £10,000.
The fund can also be used to purchase a range of equipment, including energy efficient lighting, Heating, Ventilation and Air Conditioning (HVAC) and energy efficiency controls – vital equipment across a range of business sectors, including manufacturing, retail, and hospitality.
The scheme is expected to support 1,000 to 2,000 smaller businesses across England, Scotland and Wales. It is expected to enable participating businesses to invest £55m in energy saving projects which would deliver them lifetime energy savings of almost £130m.
Savings of 20-30% can be achieved
Hugh Jones Managing Director, Advisory, at the Carbon Trust, said:
“Our experience of working with thousands of companies across the UK indicates that year-on-year savings of 20% to 30% can be delivered through action on energy efficiency. We’d encourage smaller companies to apply to make the most of the fund on offer in order to realise significant savings on their bottom line.”
The Carbon Trust said new research of senior decision makers within SMEs found that almost half (46%) are concerned about the amount they currently spend on energy. Some 37% of businesses nationwide would like to take more action to their improve energy efficiency.
Lack of money to invest in new energy saving equipment and lack of affordable options to improve energy efficiency rank as the largest barriers for businesses to improve their energy efficiency (23% for each).
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