If your organisation has a high level of energy consumption and produces a high volume of carbon emissions, the Industrial Energy Transformation Fund is available to support your efforts in reducing costs and emissions.
The IEFT is available until 2027 and is managed by The Department for Energy Security and Net Zero for England, Wales and Northern Ireland.
Two phases have already been completed with £289 million in funding provided to organisations across the UK.
IETF Phase 3 is set to offer a further £185 million to businesses that have yet to receive funding and fit within the following criteria.
The scheme is available to everyone on a non-domestic energy supply contract with a licensed energy supplier including:
- Businesses
- Voluntary sector organisations, such as charities
- Public sector organisations such as schools, hospitals and care homes
Who are:
- On existing fixed price contracts that were agreed on or after 1 December 2021
- Signing new fixed price contracts
- On deemed/out of contract or variable tariffs, or
- On flexible purchase (or similar) contracts
- On variable ‘Day Ahead Index’ (DAI) tariffs (Northern Ireland scheme only)
If your business is eligible, you will see per-unit discounts over a 12-month period from April 2023 – March 2024, so there is only a short period of time remaining for businesses looking to reduce their energy costs and carbon emissions.
If you operate a business that employs 250 or more or has an annual turnover in excess of £44 million and an annual balance sheet total in excess of £38 million, you must comply with ESOS Phase 3, which has a June 5th 2024 deadline. This is another government scheme that is obligatory for businesses over a certain size to adhere to.
If you are eligible for the IEFT, you will have significantly improved resources to comply with ESOS, so it is recommended that you talk to a specialist at the earliest opportunity.
Contact an expert, here.
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