A specialist in financing energy solutions has welcomed the Government’s announcement that additional support will be made available for intensive energy users but has urged businesses to look at energy-efficient investments for long term stability.
Following the publication of the Government’s Energy Strategy, it was subsequently announced by the Department for Business, Energy & Industrial Strategy (BEIS) that the Energy Intensive Industries Compensation Scheme, an initiative that supports major energy consumers with relief for their electricity bills, would be extended until March 2025. The level of support being offered is also expected to increase.
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With soaring energy costs continuing to impact high energy use businesses, particularly UK manufacturers, Capitas Finance believes that whilst this scheme will provide much-needed support for British industry, organisations need to look beyond the next three years and investigate all the ways they can protect themselves from rising costs, including investment in low carbon technology.
The company, which has funded energy resilience projects for brands including Rygor (the largest Mercedez Benz commercial dealership in the UK), the Wave and Mole Valley, believes that investing in energy efficiency measures – from replacing outdated lighting to the implementation of large-scale renewable solutions, EV infrastructures and distributed energy schemes – will play a vital role in improving energy resilience and reducing operational costs.
This view is shared by the Confederation of British Industry, which said inflation pressures highlighted the need to double down on investment in green energy by making buildings more energy-efficient.
Energy security
With 49% of companies saying it could take over a year for energy prices to settle1, Capitas says now is the time to benefit from the savings energy resilience measures can deliver. Such investments will also help those businesses who have committed to the decarbonisation of their operations and aligned themselves with domestic climate reduction targets.
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By GlobalDataDarren Riva, CEO of Capitas Finance, said: “Now is the ideal time for energy-intensive business to take action and protect themselves from rising energy costs. This can be achieved by investing in low carbon technologies that reduce energy bills, reduce reliance on the grid and accelerate the pathway to decarbonisation.
“We understand that finance could be one of the biggest barriers to positive change, and many businesses will be put off taking the necessary steps that will improve their energy resilience due to a lack of access to investment funds. But it is vital to remember that not every change has to be complex or costly.
“As a specialist energy solutions finance company, we can help remove the barriers to energy finance. We’re here to help these businesses become more resilient, and by working closely with customers we can offer solutions that make it possible them to maintain their operations, reduce their commercial risks, and remain competitive, without the need for up-front capital outlay. In increasingly uncertain times, such investments really could make a world of difference.
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