Loan fund continues

Following an independent review of the scheme’s success over the past 13 years and a competitive tender, the Carbon Trust has been awarded a new contract to extend the loans scheme.

Loans are provided to support businesses looking to replace out-of-date and inefficient equipment, such as lighting, heating, air conditioning and refrigeration, or by investing in renewables.

Abigail Hermon, head of loans at the Carbon Trust, says: "Staying competitive in an increasingly challenging market is going to become a bigger priority for businesses in Northern Ireland. With our help, there are costs businesses can reduce without impacting their productivity."

Businesses in Northern Ireland can borrow between £3000 and £400,000 to fund their project, at zero interest. Loans are designed so that in most cases the monthly savings on energy bills should exceed the monthly repayments, with the repayment term being between one and four years.

One business that has benefitted from an energy efficiency loan was Beverage Plastics in Craigavon. The company was able to install a new injection moulding machine, which saved 55% on its energy bills in just six months, providing an estimated reduction in carbon emissions of 700t/year.