Business Energy Saving Scheme
The Department for Enterprise is pleased to announce that our “Green Loan scheme” has been improved and re-named the “Business Energy Saving Scheme”.
Under the “new” scheme the eligibility criteria has been relaxed and the application process made easier. This means that more local businesses will be able take advantage of our interest-free loans.
Investing in energy efficiency makes sound business and environmental sense, especially with the easy, affordable and flexible interest-free loans offered by the Department for Enterprise.
The Business Energy Saving Scheme offers unsecured interest free loans to all types of businesses looking to become more energy efficient and lower their energy costs. The 100% interest free loans can be used towards the cost of projects that improve energy efficiency and can be arranged from £1,000 up to a maximum of £20,000 per project with repayment terms up to 5 years. There is also a “fast-track” application option for loans under £5,000.
Business energy saving scheme statistics
Between Feb 2012 and December 2018 the former “Green Loans Scheme” received 95 enquiries. From these, 44 submitted applications with 25 subsequently approved for loans. The total value of loans approved by the end of 2018 exceeded £250,000.
Type of projects covered
Many types of energy saving projects are eligible for support. Examples of suitable projects for the scheme include (but are not limited to) the following:
- Lighting & lighting controls
- Heating & heating controls
- Insulation upgrades
- Heat recovery systems
- Pipe insulation
- Solar heating systems
- Wind turbines
- Electric Vehicle (EV) charging points
Before submitting an application you can – if you wish - also apply for an energy survey of your premises under the Department's Business Improvement Scheme. Under this scheme the Department could cover 50% of the cost of an energy survey up to a maximum £5,000. As this is deemed a separate project it would not affect the eligibility for a Business Energy Saving Scheme loan.
How assistance is assessed
The Department for Enterprise may provide assistance to an eligible business where, in its opinion, the business undertakes an economic activity in the Island. Eligibility for the scheme will be determined by potential energy efficiency improvements in Isle of Man business premises and the ability of the business to service the loan repayments. Loans cannot be applied for retrospectively (ie after commencement of the project). The Department will only consider an application for the Business Energy Saving Scheme providing no additional Government assistance has been received for the same project. Where practicable, works should be carried out by Manx Accredited Construction Contractors (MACC).
Loans under the Business Energy Saving Scheme are at the discretion of the Department for Enterprise and each project will be assessed on its potential to deliver real energy savings.
How to apply
Applications should be submitted on application form BS1 (complete sections 1,4 and 7) and accompanied by appropriate documentation.
For applications under £5,000:
- An overview of the project;3 project quotes (from MACCS registered companies if applicable);
- An executive summary for new businesses to the Department; and
- The latest annual accounts or, for new businesses, a cash flow forecast.
- For applications over £5,000:
- An overview of the project
- 3 project quotes ( from MACCS registered companies if applicable)
- A full business plan for new businesses to the Department.
Financial information including:
- Copies of audited accounts for the previous 3 years (if applicable); and
- Projected profit and loss forecasts for the next 3 years together with an explanatory narrative.
To apply for the Business Energy Saving Scheme please complete the application form here and return to:
Department for Enterprise
St George's Court
Upper Church Street
Isle of Man