Everyone has a role to play when tackling the current global climate crisis, and small and medium-sized businesses (SMEs) are no expectation. Global warming is here and clear to see. Record temperatures were recorded here in the UK last year, and now places in Europe, such as Greece and Italy, are experiencing unbearable heatwaves, with wildfires destroying land and property.
The climate crisis has reached the point where businesses no longer have a choice about going green and ultimately achieving net zero status. It’s now quite simply a case of when rather than if.
The good news is that becoming a sustainable organisation is easier and cheaper than you think. Various financial support options are available to help SMEs become more sustainable. Here are a few possibilities you might want to consider:
UK government
Almost £5 billion of government funding is available to help UK businesses as part of its commitment to reach net zero emissions by 2050. The funding will be awarded to businesses that invest in green technologies to increase energy efficiency or reduce carbon emissions.
The list is continuously being updated as new funding becomes available, so please keep an eye on the government’s green funding webpage for current openings. The website can be found here.
Also, check out the Department for Environmental, Food and Rural Affairs (DEFRA). They run initiatives to help businesses become more sustainable, and you can sign up to receive their email alerts here.
Green loans from financial institutions
Many banks and financial institutions offer loans and products tailored to support green businesses and initiatives. These loans can be used for various purposes, such as renewable energy installations, energy efficiency improvements, or other sustainable projects.
UK banks, including Lloyds (Clean Growth Financing Initiative), NatWest (Green Loans) and HSBC (Green SME Fund), are currently offering schemes that are worth checking out.
Local authority funding
Some local authorities may offer grants or funding programs to support renewable energy projects within their control. These schemes can vary depending on your specific region, so it’s good practice to check with your local council for any available or planned funding opportunities. If you’re unsure what local authority your business falls under, just visit gov.uk/find-local-council and enter your business’s postcode.
It’s essential to thoroughly research each grant or loan scheme to understand its eligibility criteria, the application process, and any specific requirements. These schemes will have a shelf life or a certain amount of funding available, so it’s difficult to say how long they will last.
If you would like to know more about our commercial solar Pv solutions and the positive difference a renewable energy system can make to your business and the planet, please contact Retain Energy’s Alex Isted at 0800 027 2244 or alex@retainlimited.com.
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