New analysis from the Carbon Trust and Siemens has shown that the estimated market for energy-efficient equipment finance over the next three years in the Manufacturing sector is 4.6bn. However, manufacturers remain cautious about investing in equipment upgrades in a slowly recovering economy. In order to make such investment affordable, the Carbon Trust and Siemens have launched a new scheme to provide UK manufacturers with green equipment finance. This major new scheme will boost green growth and unlock business investment in the low carbon economy key to economic recovery.
Enabling investment in such technologies as low energy lighting, energy-efficient motors, low carbon air conditioning or biomass heating, the new dedicated green finance scheme is a first and will enable manufacturing businesses to invest in equipment which not only saves energy costs, but also often helps improve productivity.
Any business is able to apply for new green growth finance from the scheme, which is designed to match monthly payments with the equivalent savings from lower energy consumption. The Carbon Trust will apply its expertise in carbon saving from energy-efficient technologies to provide a reliable and trusted assessment of the carbon, energy and cost savings of any application for finance. Siemens Financial Services Ltd. in the UK (SFS UK) provides the financial backing and manages the provision of funding.
Myles McCarthy, General Manager of Carbon Trust Implementation Services, commented: "The introductory few weeks of the new scheme have shown that there is a huge desire amongst British business to invest in energy-efficient equipment. Up to now, a missing ingredient has been access to affordable finance to enable business to make those green investments. This new major finance facility which matches monthly payments to real monthly energy cost savings - will improve business competitiveness, cut carbon and boost the green growth."
James Gearey, CEO from Siemens Financial Services Ltd. commented: "We are delighted to be working with the Carbon Trust, their values very much match our own. Our extensive experience of asset financing and lending to UK businesses and the public sector, combined with our ready access to funding means we are well placed to support the scheme and deliver the associated benefits to its future customers."