The Isle of Man Government’s Department of Economic Development has approved its first 0% Green Business loan. This follows an application from Whilo to assist with improving energy efficiency at its Bray Hill Filling Station with more energy efficient LED lighting solutions.
The Department launched the Green Business loan scheme in November 2011 and has received a number of enquiries. The scheme is open to any Manx based business employing staff to apply for an interest free loan of up to £20,000, repayable over a four year period.
The scheme offers a loan of 100% towards the cost of projects that improve energy efficiency through the purchase of new equipment which will lower energy bills and repayments are offset by the anticipated energy savings.
Laurence Skelly MHK, Member of the Department of Economic Development with political responsibility for Energy commented:
'The Department is keen to encourage energy efficiency in businesses and the scheme is designed to literally be self-financing. I would like to see more companies come forward with applications so we can make the Isle of Man cleaner and more energy efficient, whilst at the same time helping to reduce our carbon footprint.'
Gareth Logan, Director of Whilo, said:
'We will be upgrading and modernising our Bray Hill Petrol Station in the near future and, in the current climate, it makes sense to ensure that all the new equipment is as economical as possible. If it saves on carbon it also saves on energy bills and the 0% loan from the Department of Economic Development is definitely an added incentive.'
Dr Ken Milne, Senior Manager for Energy Policy at the Department of Economic Development, highlighted the savings that the Company will make. He said:
'We are pleased to approve the first green business loan for Whilo who will benefit from the new more energy efficient LED lights. We anticipate the Company will benefit with a reduction of energy bills of over 70% and a payback period of 3½ years, notwithstanding the savings to be made on maintenance and replacement costs.'
If you would like further information on Green Business Loans please contact Richard Cuthbert, Development Executive, the Department of Economic Development, telephone +44 1624 682367. Alternatively email Richard.Cuthbert@gov.im or visit the website http://old.gov.im/ded/Energy/greenbusinessloan.xml.