Blog: £185m Funding Unveiled for Green Business Upgrades
- Engineering
- Grant Funding
- 5 Min Read
Considering the integration of renewable energy into your business may seem daunting from a financial perspective. Nonetheless, energy specialists Geo Green Power have highlighted the latest funding support that could convert your eco-friendly aspirations into reality in 2024.
Across the UK, business owners now have access to a new net zero funding initiative aimed at facilitating the adoption of energy-efficient measures and transitioning 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 leading 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.
James Cunningham, Managing Director of Geo Green Power, emphasised 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.
