Loans to help firms cut emissions rise five-fold

The rebranded scheme provides loan to allow firms to become more energy efficient

Loans available to help Manx businesses reduce their carbon emissions have been increased five-fold to £100,000.

The rise in available funding is part of the Isle of Man government's rebranded Business Emissions Saving Scheme to make operations more energy efficient.

The increased support, which will come into effect from 1 October, follows feedback through a business survey and the Climate Change Transformation Team.

Enterprise Minister Tim Johnston said that while the scheme had been operating for several years, it was important that the support offered continued "to adapt and evolve".

Formerly the Business Energy Saving Scheme, the previous maximum interest free loan available stood at £20,000.

Under the revised scheme, support ranges from that figure to £100,000 depending on how many employees a business has.

It includes a requirement for businesses to undertake an energy audit to identify areas to make efficiencies before applying, although grant support of up to 75% of the cost of that exercise would also be made available.

Tim Johnston said the scheme would help firm increase their financial sustainability in future

The changes also mean that the scope of energy efficiency projects eligible for support have been broadened to now include initiatives such as incentivising commuting by active travel or the installation of charging points.

Other examples of schemes that would attract the funding include energy efficient lighting and heating systems, insulation upgrades, or the installation of solar panels and wind turbines.

Mr Johnston said the scheme would encourage businesses to become "more financially sustainable" through increasing their energy efficiency and reducing energy costs, which supported the government's commitment to reduce carbon emissions by 2050.