The £50m has been made available for EMSc (UK) to administer to companies implementing efficient, effective and reliable technologies that can deliver a return on investment within a five year period. Funds will be provided interest free for up to five years, making it an attractive investment package for companies keen on reducing their impact on the environment, as well as cutting energy consumption and costs.
The funds are only available for the top three technologies that have been proven to provide the highest energy savings and payback, as identified in reports prepared by the NHS Sustainable Development Unit and St George’s University. Key analysis from both reports is outlined in a document prepared by McKinsey & Company – version 2.1 of the ‘global greenhouse gas abatement cost curve’.
The document pinpoints the top three technologies best capable of reducing carbon emissions across a range of different sized sites, as being voltage optimisation, LED lighting and variable speed drives (VSDs). Applications for the funding can only be made through EMSc (UK) until the 31st of December 2013 and will be subject to status and approval.
Saving on energy costs is paramount to many organisations in the current economic climate. Dr. Alex Mardapittas, managing director of EMSc (UK) commented. ‘The funding will allow public and private sector companies across the UK to become more energy efficient and save money at the same time. The £50m available will ensure that projects with a payback period of less than five years become cash positive from day one. We are looking forward to working with them to help them maximise their energy savings.’
Dr. Mardapittas added, ‘We are also very proud that our award winning Powerstar range of products has been recognised, by these very influential reports, as one of the top three energy saving technologies available. EMSc (UK) is committed to helping UK companies achieve sustainability targets and this funding will give many organisations the opportunity and the means to do so.’