Grants of up to £100,000 have been made available to companies across the region looking to install green energy systems.
Business owners in the West Midlands now have access to new net zero funding designed to support their transition to cleaner energy.
The pioneering Net Zero Grant Programme (NZGP), revealed by renewable energy experts Geo Green Power, offers grants of up to £100k for energy efficiency enhancements such as solar panels, wind turbines and renewable technologies.
The NZGP is 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.
Grants seek to support businesses to reduce their environmental impact and the rising energy costs these companies are experiencing.
It’s just one of the current funding schemes available for eco-upgrades revealed in Geo Green Power’s ‘business guide to funding renewables’.
West Midlands businesses can also gain access to the £19 million Net Zero Accelerator project, a programme which will help drive investment in multiple green projects across key sectors such as energy, housing and transport.
While companies in the region have the opportunity to access a portion of £185 million through the Industrial Energy Transformation Fund.
This initiative, administered by The Department for Energy Security and Net Zero (DESNZ), aims to bolster renewable energy projects across various sectors including manufacturing and recycling, controlled environment horticulture, industrial laundries and textile renting facilities.
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.
In the UK, commercial real estate continues to have a major impact on the environment, with buildings producing 23% of all carbon emissions; and 30% of these emissions are from non-domestic buildings, split 70:30 between commercial and public buildings.
Yet only one in five (20%) of the nation’s small and medium sized businesses (SMEs) have invested in green energy solutions including solar panels, battery storage, heat pumps and electric vehicle charging points.
Renewable energy installations, such as solar PV, will reduce energy bills and running costs, and often deliver a full return within 5 years. However, the initial cost can be a significant barrier for UK businesses seeking to transition to net zero. Nearly half (43%) of 1,000 UK-based SMEs surveyed stated implementation costs as the biggest barrier preventing them from becoming more environmentally friendly.
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, business owners have 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.”
