Extended government grant gives businesses 40% off cost of renewable energy investments.
The European Regional Development Fund’s nationwide project designed to help businesses generate their own energy has been extended until September 2022.
Through the scheme, businesses can get a carbon reduction grant which pays for 40% of their investment in renewable energy.
These investments can range from solar panel installation to ground source heat pumps.
For example, if a business wanted solar panels at their factory and it cost £24,000, the grant would pay for £9,600 – meaning the company would only have to pay for £14,400.
Under typical rates, a business would pay 15p per unit from the grid for electricity. With solar panels, that would drop to 3.2p and would pay for itself in approximately three years.
Does my business qualify?
Each district that has signed up to the scheme has called the project something different.
But, as long as you have less than 250 employees and an annual turnover of less than the equivalent of €50m or a balance sheet of less than €43m, your business will be eligible.
If your business needs help with a CBILS application, funding or the purchase of assets, we can help.