With the efforts of world leaders towards an environmentally friendly economy, business owners are aiming for environmental grants and loans to reduce their carbon footprint. If you make your business environmentally friendly, the government helps you with several grants and loans.
The importance of energy-efficient solutions will increase. The effects of global lockdowns on the environment are visible. You may be feeling confined at your home, but lockdowns have brought air pollution down to a minimum. Governments are now eyeing replacing their existing models with greener and more efficient ones.
You can get offers and secure funding for the equipment. If you’ve already signed up for renewable energy, you might want to take up all the grants and loans that come your way.
How Industries are Contributing to Climate Change?
Industrial waste and its management are expensive and difficult. The government has placed several filters in the form of laws and policies. This solution is effective but not permanent. Machinery and old industrial infrastructure are the biggest cause of chemical waste.
Large industrial units have resources to invest in research and development. They may replace their units with more energy-efficient and renewable solutions. You may learn from the fact that large corporations are shifting towards energy-efficient mediums. But it’s the small and medium industries that make the real difference because of their bigger number and fewer resources.
That’s why the UK government is providing tax reliefs and grants to the industries to walk towards a permanent solution.
How to Secure Grants for Your Business?
The support will be dependent on the location and the nature of your business. The environmental impact of your project and its sustainability, in the long run, will determine your course.
Securing the funding might not be an easy task, but it is worth the try. Applying a systematic approach to your application process will increase your chances of securing funding.
How can You Find a Grant?
The Internet is your friend. Use it for your benefit because there are multiple sites that can gather the related data for you. Some websites like GRANTFinder and Grants Online offer customized searching focusing on different schemes. Gov.UK is a general platform where you can find different options to finance your business.
How to Secure Capital Investment on Equipment?
If you are planning to replace your current plant with a more environmentally friendly one and you can prove it with your results, then you can get an award for the project.
Let’s take a look at some grants that you can avail for your green projects:
How to Achieve Sustainable Development Initiatives?
If you think that your project is eligible for the grants and loans, you can look into the local schemes by the authorities with small grants that are relatively easy to get. Large schemes are available at the national level.
If you are going for a new product and launching a new service and conducting a study and research, you can get Research and Development (R&D) tax relief.
The Renewable Heat Incentive (RHI)
Domestic users have a major impact on defining environmental policies. UK government introduced an RHI scheme for domestic and non-domestic users.
People who meet the standards and rules of the scheme can receive quarterly payments for the next seven years. Sounds cool? The payment will be paid against the amount of clean and renewable heat produced by their systems. But you have to meet their requirements and renewable goals first. The imitative is to help reduce the carbon footprint on the domestic level.
The scheme targets the heat source mainly. Those who are converting their heating systems to renewable systems can benefit from the scheme. You may want to convert your existing solution to a renewable system because the government will pay you for it.
What is more important than your health? You can enjoy the chilly winter nights without worrying that you are inhaling carbon dioxide produced by your heating systems.
Enhanced Capital Allowances
In order to secure the finance part of the cost, you will have to prove the benefits. Sometimes you may only get the funding for only specific parts of the equipment.
You should consider Enhanced Capital Allowances for the equipment funding. The scheme gives enhanced relief in tax on equipment purchases for industries and businesses. The Enhanced Capital Alliance (ECA) helps manage climate change with tax reliefs for businesses.
Bio-energy Capital Grants Scheme
DECC supports the UK industry working with biomass-fueled heat and other combined heat projects.
If your industry is planning to convert to biomass fuel energy, you can get the funding as part of the UK Environmental Transformation Fund. It encourages low-carbon technologies.
Energy Technologies Institute (ETI)
It is a major platform with public and private sector interests. ETI is a consortium with several multinational corporations. They also work closely with government departments. The institute extends funding for low-carbon technologies with multiple industrial applications.
DEFRA Research Funding
If you are an SME owner then you might have to look into this department and its funding options. The Department for Environment, Food and Rural Affairs offers some generous grants. They primarily focus on green solutions and research.
What is the Process of the Grant Application?
Now that you have found your intended grant. You must consult your accountant to make the application. The application process is complex most of the time.
We can help you with this process. Most applications need your detailed financial information. It is important that you don’t make any mistakes. It takes a lot of time to make an application. You have to be patient in the process.