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Considering the integration of renewable energy into your business may appear daunting from a financial perspective. However, energy specialists Geo Green Power have highlighted the latest funding support that could transform your eco-friendly aspirations into reality in 2024.
Across the UK, business owners now have access to a new net zero funding initiative designed to facilitate the adoption of energy-efficient measures and transition towards cleaner energy sources. This groundbreaking £185 million government grant has been unveiled by renewable energy experts Geo Green Power.
As part of their comprehensive ‘business guide to funding renewables’, the foremost renewable energy installers have evaluated the existing funding schemes available for eco-upgrades across various UK local authorities. The findings uncover the grants accessible to businesses to finance energy-saving measures, including highly efficient insulation, heat pumps, and solar panels.
Administered by The Department for Energy Security and Net Zero (DESNZ), this latest funding initiative is just one of the many schemes available. Initially supporting 12 projects with grants of up to £6 million each, the program aimed to develop strategies for a low carbon future.
Now, businesses across sectors such as manufacturing, recycling, controlled environment horticulture, industrial laundries, and textile renting facilities can apply for a share of £185 million from the Industrial Energy Transformation Fund.
This fund aims to reward businesses with projects and initiatives conducive to running operations on clean energy. Such initiatives include transitioning to renewables, replacing inefficient equipment, and adopting electric solutions and hydrogen, among other green energy measures.
In the UK, commercial real estate continues to exert a significant environmental impact, with buildings responsible for 23% of all carbon emissions. Of these emissions, 30% stem from non-domestic buildings, with a split of 70:30 between commercial and public buildings.
However, only one in five (20%) of the nation’s SMEs have invested in green energy solutions, including solar panels, battery storage, heat pumps, and electric vehicle charging points.
Renewable energy installations, such as solar PV, have been shown to reduce energy bills and running costs, often yielding a full return within five years. Nonetheless, the initial cost can pose a significant barrier for UK businesses seeking to transition to net zero. Nearly half (43%) of 1,000 UK-based SMEs surveyed cited implementation costs as the primary obstacle to becoming more environmentally friendly.
To address this challenge, Geo Green Power has highlighted the grants currently available from local authorities across the UK. These grants aim to assist businesses in minimizing their environmental footprint, reducing energy bills, and advancing towards achieving net zero goals.
Available schemes and grants for 2024 encompass various regional and national initiatives, including the Net Zero Grant Programme (NZGP), Peak Innovation SME Innovation Grant, Rushcliffe Accelerator, Net Zero Business Grants Programme, Chamber Low Carbon Grant (North West), West Kent Green Business Grant Scheme, Net Zero Accelerator project, Smart Export Guarantee, and the Farming Equipment and Technology Fund (FETF) 2024.
James Cunningham, Managing Director of Geo Green Power, emphasized that the funding landscape presents an opportune moment for businesses to transition to renewables: “Although installation costs are currently at their lowest and the benefits of cost-saving are significant, the upfront expense of adopting renewable energy systems like solar or heat pumps can deter UK businesses. Today, with the invaluable support of government and local authority funding, business owners have a unique opportunity to not only make their buildings more energy efficient and greener but also do so at a fraction of the cost.
“If the UK is to meet ambitious net zero targets and achieve the desired tripling of renewable energy by 2035, it needs the funding to support it. These grants represent a major milestone on our road to green energy and a significant opportunity for businesses to reap the rewards.”
