The £7million fund is 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 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 equipment, including energy efficient lighting, Heating, Ventilation and Air Conditioning (HVAC) and energy efficiency controls across a range of business sectors, including manufacturing, retail, and hospitality.
The scheme is expected to support 1000 to 2000 smaller businesses and is predicted to enable participating businesses to invest £55m in energy saving projects which is claimed to deliver them lifetime energy savings of almost £130m.
Hugh Jones, managing director 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.”
To date, the Carbon Trust say it has saved British business £5.5billion and 55Mt CO2 through advice and financial support.
The Carbon Trust is holding a workshop to enable small and medium sized businesses to learn more about the Green Business Fund, and how to identify opportunities to reduce energy costs.