Enigin Update - Manx Businesses can get Zero Percent Energy Efficiency Loan
THE ISLE of Man’s Department of Economic Development (DED) today the launched a zero percent green business loan scheme.
Businesses on the Isle of Man, a self-governing British Crown Dependency located between Great Britain and Ireland, welcome the scheme, which forms part of the Islands commitment to reduce its carbon footprint and will help business lower energy costs as well as increase overall operational efficiency.
The scheme - which offers a 100 percent loan of up to £20,000 towards the cost of projects that improve energy efficiency, is open to all business sectors where projects will involve energy efficiency improvements in Isle of Man business premises.
Each project will be assessed on its potential to deliver energy savings and preference will be given to those that provide the greatest reduction in CO2 emission.
Dr Ken Milne, senior manager for energy policy, added: "Due to the capital costs of installing energy efficiency measures we sometimes find that businesses tend to only implement recommendations from a Department of Economic Development energy survey that have no cost or low cost.
“Furthermore, a recent report commissioned by the UK Carbon Trust (The Business of Energy Efficiency report) indicates that 80 percent of businesses are likely to only fund projects where the payback period is less than 3 years. With this in mind, the 0 percent green business loan scheme has been designed to try and assist companies in overcoming any investment hurdles.
“Added to this there is an overall economic benefit for the Island; by reducing energy usage, products manufactured on the Isle of Man will be more competitive for export."
Department Member with responsibility for Cleantech, Alex Downie added: "The launch of this initiative is a positive step towards both assisting Isle of Man businesses with reducing their energy usage, and helping the Government achieve its targets in CO2 reduction."
Enigin Distributors can supply the ideal solutions for many businesses to improve their energy efficiency, often with a ROI of three years or less - with Enigin plc's EnergyMaps system providing management and monitoring of energy use and spend, and with a loan scheme such as this it makes turning to the local Enigin Distributor a no-brainer.
Picture of Isle of Man Government Building The Wedding Cake © Copyright Andy Stephenson and licensed for reuse under this Creative Commons Licence.
