Ross Anderson, Director of ICOM said “This initiative will help an estimated 1000 – 2000 SMEs to reduce their energy bills and whilst at the same time support the renewables and energy efficient products market. It is expected that companies will invest £55m in energy savings projects which will deliver lifetime energy savings of almost £130m. This in turn will reduce Green House Gas emissions and help achieve planned savings.”

The £7m fund is available to SMEs on a first come-first served basis, and will offer energy saving training, cost saving assessments, implementation advice, and capital support for the installation of energy efficiency equipment. Eligible companies can apply for a capital contribution to cover up to 15 per cent of an energy efficiency project or equipment replacement cost, up to a maximum of £10,000.

The fund can also be used to purchase a range of equipment, including energy efficient lighting, heating, ventilation and air conditioning (HVAC) and energy efficiency controls – vital equipment across a range of business  sectors, including manufacturing, retail, and hospitality.