Improvements made to Department’s Business Energy Saving Scheme
The Department for Enterprise has re-launched the Green Business Loan Scheme, bringing in a number of improvements. The scheme renamed the Business Energy Saving Scheme (BESS), is designed to provide flexible financing options to all types of businesses seeking to make operations more energy efficient and lower energy costs.
Key features and changes to the BESS include:
- 100% interest-free unsecured loan towards the cost of energy efficiency projects
- Financial assistance ranging from £1,000 up to a maximum of £20,000 per project
- An increased payback period, extended from four to five years
- A newly introduced fast-track application process for loans under £5,000
- Extended eligibility criteria to include a wider range of energy efficiency projects, including solar panelling
- Simplified payback process and reporting.
Laurence Skelly MHK, Minister for Enterprise, commented:
‘The Business Energy Saving Scheme, in its previous guise, has been in operation since 2011 and has supported a wide range of energy efficiency projects on Island. The Department has funded over 25 energy saving projects, worth over £230,000 to local businesses. As a Department we continue to adapt and evolve, the Island’s future energy needs must be addressed and we believe these changes not only improve accessibility to the scheme, but provide greater incentives to local businesses to reduce their carbon footprint whilst increasing business for the local energy sector.’
The scheme which is eligible to all business sectors, forms part of a wider cross-Government ‘Climate Challenge Mitigation Strategy’ to reduce the Island’s carbon emissions, while creating greener, more cost-effective energy sources.
The changes which came into effect on 1st December include a far more streamlined and simplified application process to encourage more businesses to apply. An extended payback period up to 5 years has also been introduced, along with a fast track process for loans under £5,000. Applicants can also access the Department’s Business Improvement Scheme to complete an Energy Survey, in order to determine the requirements and levels of savings possible from a business energy saving project.
For more information, please visit http://www.iomdfenterprise.im/bess