Identifying funding solutions to support your decarbonisation efforts can be challenging and time-consuming, and that’s even before you get to the application stage.
There are many funding schemes for all types of businesses with the aim of helping you to cut your energy usage and reduce your carbon emissions. Here are some of the most common ones available right now.
Industrial Energy Transformation Fund (IETF)
The Industrial Energy Transformation Fund (IETF) helps businesses in energy intensive industries to cut their bills and reduce carbon emissions through investing and implementing low-carbon technologies.
The £315 million funding is available until 2027 and is managed by the department for Business, Energy, and Industrial Strategy (BEIS). Although Phase 2 of the scheme has already closed, in March of this year, the government announced there would be an IETF Phase 3, providing £185 million in funding. This is planned to launch in early 2024.
Transform your business’ energy technology and learn more about the IETF here.
MCS Charitable Foundation Grant
Public organisations, not-for-profits and charities can apply for a MCS Charitable Foundation Grant, with available funds ranging from £5,000 to up to £50,000 (exceptional cases can be considered for a higher amount of up to £100,000).
Eligible projects are those that boost the adoption of renewable energy and low carbon technologies with a UK wide impact, either via national reach or an approach that could be adapted or scaled up. This grant does not fund installations and refurbishments or transport (e.g. EV charging points).
Any applications with matched funding will be looked upon favourably.
Learn more about the funding criteria here.
Social Housing Decarbonisation Fund
The Social Housing Decarbonisation Fund aims to help eligible social housing landlords upgrade buildings that are currently below the EPC Band C through energy efficiency measures like insulation and heat pumps. This aid has the overall goal of lowering carbon emissions, supporting green jobs and making houses safe and energy efficient for tenants.
Wave 2.2 will allocate £80 million from April 2024, and those who receive this financial support will need to spend it within one year. The application portal opened on the 20th of November 2023, and eligible organisations will have until the 19th of January 2024 to apply for this scheme. This financial support is open to local authorities, combined authorities, registered providers of social housing and registered charities that own social housing.
Find out more about the Social Housing Decarbonisation Fund: Wave 2.2 here.
Find the right funding for your business
A lack of capital shouldn’t stop you from investing in your business. There are plenty of funding options available, and the above represent just some of the current funding solutions accessible right now.
Our investment-grade feasibility studies give you the confidence you are making a sound investment and we can ensure you maintain optimal operational performance. Inspired PLC’s end-to-end service provides a risk-managed solution from initial feasibility, project design, installation, commissioning and asset management.
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