The Carbon Trust has launched a £7 million fund to help smaller businesses replace old, inefficient equipment and provide energy saving training, cost saving assessments and implementation advice.
The Green Business Fund is available to small and medium sized enterprises (SMEs) on a first come first served basis and can be used to purchase a range of equipment, including lighting, heating, ventilation and air conditioning (HVAC) and energy efficient controls.
Eligible companies can apply for up to 15 per cent of the capital costs of equipment, up to a maximum value of £10,000.
The fund is expected to support up to 2,000 SMEs across England, Scotland and Wales and leverage £55 million of investment in energy saving technologies. Around £130 million in lifetime energy savings are expected to be delivered.
Energy saving training, cost saving assessments, implementation advice and capital support will also be available to participating businesses.
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 per cent 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.”
According to a survey of senior decision makers in SMEs conducted by the Carbon Trust, nearly half are concerned about the amount they currently spend on energy. Lack of money to invest in new equipment and lack of affordable options ranked as the largest perceived barriers to making improvements.
Applicants must have less than 250 employees to be eligible and funding is currently limited to projects that pay back on initial investment in less than five years. To find out more, click here.