Financial Help for Businesses
There are a number of finance options available for your business to fund renewable energy technologies:
- Buy your renewable system outright
- Financing – ask us how we can help you to finance your projects
- ESCO (Energy Supply Contracts)
What about financial incentives?
The Scottish and UK Governments realise that financial incentives are an important tool to drive the uptake of microgeneration technologies by businesses. The following table shows the different incentives available:
1. Feed-In Tariff (FIT)
If you install an electricity-generating technology from a renewable or low-carbon source the government’s Feed-In Tariff scheme (FIT) could mean you get money from your energy supplier.
Renewable electricity generating technologies include solar PV, wind turbine, micro-CHP and small scale hydro.
You can be paid for the electricity you generate, even if you use it yourself, and for any surplus electricity you export to the grid, and of course you’ll also save money on your electricity bill, because you’ll be using your own electricity. There are various payments rates depending upon the size of your system.
If you are eligible to receive FITs you will benefit in the following ways:
- Generation tariff – your energy supplier will pay you a set rate for each unit (or kWh) of electricity you generate. Once your system has been registered, the tariff levels are guaranteed for the period of the tariff.
- Energy bill savings – you will cut your electricity bills, because generating electricity to power your appliances means you don’t have to buy as much electricity from your energy supplier. The amount you save will vary depending how much of the electricity you use in your property.
For you to qualify for FITs, the installer and the products you use must both be certified under the Microgeneration Certification Scheme (MCS). The tariffs you receive depend on both the eligibility date and, for solar PV, your property’s Energy Performance Certificate (EPC) rating.
2. Renewable Heat Incentive (RHI)
For renewable heat, the UK Government’s Renewable Heat Incentive (RHI) is available and this incentive will cover include solar thermal, biomass and heat pumps.
3. Community And Renewable Energy Scheme (CARES) Urban Grant
If you own a rural business or live in a rural community you could benefit from a loan fund from CARES, which could reduce your risks and allow you to participate in Scotland’s renewable energy future.
4. Small Business Loans
The Scottish Government’s small business loans scheme offers interest free loans of up to £100,000 to help save energy or install renewable energy technologies.
Get in touch with us to discuss these options and let us help you make the right choice.Last updated: June 10th, 2016