Business and Commercial Funding For Renewable Energy Northern Ireland
The government continues to encourage business in Northern Ireland to switch to renewable energy, and consequently has a number of various financial benefit schemes, interest free loans and payments to help your company install a renewable energy system and save on your heating and or electricity bill.
Northern Ireland Renewable Heat Incentive (RHI)
The Northern Ireland Renewable Heat Incentive (RHI) is a scheme run by the Department of Enterprise, Trade and Investment (DETI) that provides financial support to non-domestic renewable heat generators and producers of biomethane who are based in Northern Ireland.In the context of the scheme, a non-domestic installation is a renewable heat unit that supplies large-scale industrial heating right down to small community heating projects. This includes small businesses, hospitals, schools and so on, as well as district heating schemes.The RHI provides financial support for renewable heat technologies for the lifetime of the installation (to a maximum of 20 years). Payments will be made on a quarterly basis and determined by the actual heat output of the system therefore heat meters will be required for each installation.
Renewable Obligation Certificate (ROC)
If your company installs a solar photovoltaic (PV) system to generate electricity, you can sell excess electricity back to the grid. This means that your company will be eligible for the Renewable Obligation Certificate (ROC) which offers incentives to electricity suppliers for generating electricity from renewable sources. So your company benefits from significantly reduce electricity bills, plus payback for these systems is around 5-7 years, so when combined with the 20 year roc payments you will actually made a return on the investment.
Enhanced Capital Allowance Scheme
Enhanced Capital Allowances (ECAs) enable a business to claim 100% first-year capital allowances on their spending on qualifying plant and machinery. Businesses can write off the whole of the capital cost of their investment in these technologies against their taxable profits of the period during which they make the investment. This can deliver a helpful cash flow boost and a shortened payback period.
Carbon Trust Loans
Business can access a financing scheme run by the Carbon Trust in association with Siemens Financial Services to fund renewable energy systems such as biomass boilers. It offers financing in the forms of leases, loans and hire purchase, designed to be offset by energy cost savings.