Solar panel supplier Solarlec has been appointed as an approved supplier for the £550m (640m) Energy Efficiency Financing Scheme, provided by the Carbon Trust and Siemens Financial Services (SFS).
SFS provides the finance for the scheme, which works on a lease purchase basis to help businesses finance renewable energy systems, including solar and biomass equipment.
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The funding pays for installation and lease-repayments are paid through government subsidies such as the Feed-in-Tariff and Renewable Heat Incentive, leaving the business as eventual owners of the system. Financing is available to all types of organisation who have been trading for more than 36 months, according to the SFS website.
SFS said the scheme can save businesses up to 75% on energy bills and reduce carbon emissions, with very little capital outlay, and the government subsidies are inflation-proofed for a 20 year period.
Nick Keighley, director of Solarlec, said: "It’s a financial no-brainer and we expect huge take-up from a diverse range of businesses – particularly schools and colleges.
"Not only does it make great business sense but it helps businesses reduce their carbon emissions too. The fund is limited to £550m and it will be allocated on a first come, first served basis so we urge businesses to make the most of this limited opportunity before it’s too late."
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