Thinking about bringing renewable energy into your business might seem like a big financial commitment, but energy experts Geo Green Power reveal the latest funding support that could make eco-friendly improvements a real possibility for the UK’s wholesale sector in 2024.
Business owners across the UK wholesale sector can now access new net zero funding aimed at helping them to adopt energy-efficient measures and make the switch to cleaner energy, thanks to a groundbreaking £185 million government grant, renewable energy experts Geo Green Power have revealed.
As part of its ‘business guide to funding renewables’, the leading renewable energy installers have assessed the current funding schemes available for eco-upgrades across a number of UK local authorities.
The results reveal the grants wholesalers can now access to fund energy saving measures including super-efficient insulation, heat pumps and solar panels.
This latest funding, administered by The Department for Energy Security and Net Zero (DESNZ), is just one of the many available schemes. Initially it supported 12 projects that each benefited from up to £6 million in funding to develop plans for a low carbon future.
As we enter a new era of wholesaling, businesses in the sector can apply for a share of £185m from the Industrial Energy Transformation Fund, supporting their transition to a low-carbon future.
The fund is designed to reward businesses with projects and initiatives that can help their operations run on clean energy by switching to renewables, replacing inefficient equipment and utilising electric solutions and hydrogen, amongst other green energy measures.
With the Federation of Wholesale Distributors (FWD), in partnership with the Scottish Wholesale Association (SWA), revealing plans for the UK wholesale sector to hit net zero by 2040, these grants present a unique opportunity for wholesalers and retailers aiming to reduce their environmental footprint.
The UK wholesale sector’s total carbon footprint, including impacts from across its value chain, totalled 18 million tonnes in 2021.
Yet, the sector faces one of the hardest journeys to decarbonisation, according to a new report conducted by the University of the West of England.
Renewable energy installations, such as solar PV, will reduce energy bills and running costs, and often deliver a full return within 5 years. Nevertheless, one of the key barriers to decarbonisation is the upfront expense, proving to be a considerable hurdle for UK enterprises seeking to shift towards achieving net zero emissions.
Nearly half (43%) of 1,000 UK-based SMEs surveyed stated implementation costs as the biggest barrier preventing them from becoming more environmentally friendly.
To address this challenge, Geo Green Power has highlighted the grants currently available from local authorities across the UK.
These grants are aimed at helping businesses to minimise their environmental footprint, reduce energy bills and progress towards achieving net zero goals. Available schemes and grants for 2024 include:
Regional Grants and Funding
? The Net Zero Grant Programme (NZGP) – Available for small to medium-sized businesses in the West Midlands, specifically within or relocating to Coventry City Council, Birmingham City Council, or Solihull Metropolitan Borough Council areas. The programme provides grants of up to £100K for energy and resource efficiency enhancements, including solar panels, to business premises.
? The Peak Innovation SME Innovation Grant – Targeted at small and medium-sized businesses in Derbyshire, this grant supports new- to-firm innovation, the adoption of productivity-enhancing, energy- efficient, and low-carbon technologies, as well as facilitating export initiation or growth. Grants range from £1,000 to £10,000.
? The Rushcliffe Accelerator – An initiative for businesses across Rushcliffe, Nottingham, this scheme runs until March 31, 2025. The scheme provides support to businesses district-wide, including grant funding to facilitate growth, increase efficiencies and build a sustainable business for the future.
? Net Zero Business Grants Programme – this scheme offers capital grants of up to £30,000 to install renewables and energy efficiency measures. Grants are available to Community Interest Companies and eligible small and medium sized businesses (SMEs) with a registered trading address within North Somerset.
? Chamber Low Carbon Grant (North West) – Eligible businesses in Lancashire (excluding Blackpool) can access fully funded support through various UK government- backed programmes. These initiatives cover environmental and energy-saving practices, the development of net zero targets, Carbon Reduction Plans, and guidance on adopting low-carbon technologies.
? The West Kent Green Business Grant Scheme – Local businesses in the Sevenoaks District aiming to enhance their environmental initiatives or initiate capital projects can benefit from this scheme. The programme offers financial assistance of up to 40% of the total project cost, providing grants ranging from £5,000 to £8,000 based on the nature of the business and project.
? Net Zero Accelerator project – Being piloted in the Greater Manchester Combined Authority and the West Midlands Combined Authority, York and North Yorkshire Combined Authority, the £19m programme will help drive investment in multiple green projects across key sectors such as energy, housing and transport – essential to delivering on the UK’s climate targets.
National Grants and Funding
? Smart Export Guarantee – A government scheme that pays businesses for any excess electricity they generate through renewable technologies like solar panels and export to the grid. The amount earned per kWh exported varies based on the tariff, but typically earns businesses around 5p.
? Productivity items and specifications – Farming Equipment and Technology Fund (FETF) 2024 – A wide reaching fund for businesses in the agricultural sector to access grants of up to £50,000. Applications are measured on their productivity benefit, environmental benefit and level of adoption by the industry. The funding window is due to open imminently.
Launching the guide, Geo Green Power Managing Director, James Cunningham, said the funding landscape makes now the ideal time for businesses to transition to renewables:
“Although installation costs are the lowest they have been and cost saving benefits really stack up, the upfront cost of adopting renewable energy systems like solar or heat pumps can prevent UK businesses being able to access them. Today, with the invaluable support of government and local authority funding, the wholesale and cash and carry sector has a unique opportunity to not only make their buildings more energy efficient and greener, but also do so at a fraction of the cost.
“If the UK is to meet ambitious net zero targets and achieve the desired tripling of renewable energy by 2035, it needs the funding to support it. These grants represent a major milestone on our road to green energy and a significant opportunity for businesses to reap the rewards.”
For more information, or to find a complete list of available funding options for eco-upgrades, just visit Geo Green Power’s business guide here: www.geogreenpower.com
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