The Carbon Trust has launched a new fund providing vital capital for smaller businesses to replace old, power-guzzling equipment, together with expert advice to boost the efficiency and productivity of businesses across England, Scotland and Wales.
- 48% of SMEs in Yorkshire want to do more to improve the energy efficiency of their business.
- Lack of money to invest in new energy saving equipment (30%) is key barrier for SMEs in Yorkshire in improving the energy efficiency of their businesses compared to UK average of 23%.
- Energy efficient equipment grant and advice programme offers lifeline to SMEs struggling with energy costs.
The £7m fund has been made available to SMEs on a first come-first served basis, and 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 of between £1,500 and £10,000 to cover up to 15% of an energy efficiency project or equipment replacement cost.
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 anticipated to support up to 2,000 smaller businesses. It is expected to enable participating businesses to invest £55 million in energy saving projects which would deliver them lifetime energy savings of almost £130 million.
The programme focuses on high quality implementation to ensure the best energy efficiency opportunities are fully realised.
Hugh Jones, Managing Director, Advisory, at the Carbon Trust says:
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 in Yorkshire to apply to make the most of the fund on offer in order to realise significant savings on their bottom line.
To accompany the announcement, new research of senior decision makers within SMEs found that almost half (46%) are concerned about the amount they currently spend on energy. In Yorkshire this rises to 57%, the second highest level of concern in the country.
To date, the Carbon Trust has saved British business £5.5 billion and 60 million tonnes CO2 through advice and financial support.
The Carbon Trust is holding a Green Business Fund workshop to enable small and medium sized businesses in Yorkshire to learn more about how to benefit, and how to identify opportunities to reduce energy costs.
The workshop will be held on the 2nd June from 9:30 – 11:30 at Robert Dyson House, Califlex Business Park, Rotherham. Further details and information on how to register can be found here. Further information on how to apply for the Green Business Fund can be found here.