Continuation of energy efficiency fund gives Northern Ireland boost

Firms in Northern Ireland that want to purchase energy efficient equipment to cut costs and reduce the environmental impact of commercial energy consumption can continue to access Invest Northern Ireland’s 0% APR Energy Efficiency Loan Fund for at least two more years.

Following an independent review of the scheme’s success over the past 13 years and a competitive tender, the Carbon Trust has been awarded a new contract by Invest NI to extend the loans scheme.

Loans are provided to support businesses that are looking to replace their out of date and inefficient equipment, or that want to invest in renewables.

“Staying competitive in an increasingly challenging market is going to become a bigger priority for businesses in Northern Ireland. With our help, there are costs businesses can reduce without impacting their productivity”, according to Abigail Hermon, Head of Loans at the Carbon Trust.

Businesses in Northern Ireland can borrow between £3,000 and £400,000 to fund their project, at zero interest. Loans are designed so that in most cases the monthly savings on energy bills should exceed the monthly repayments, with the repayment term being between one and four years.

One business that has benefitted from an energy efficiency loan was Beverage Plastics in Craigavon. The company was able to install a new injection moulding machine, which saved them 55 per cent on their energy bills in just six months and will create an estimated reduction in carbon emissions of 700 tonnes a year.

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