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If you are keen to crack on with your renewable energy/energy efficiency project but funding is still a problem, then you may be able to apply for a loan from socially-responsible lenders who know the industry. Loans will normally be available to businesses and not-for-profit organisations, rather than householders, and may even be interest-free in some cases. Here are a few to consider:
Carbon Trust Renewable Energy Loans
The Carbon Trust is offering an interest-free loan for renewable energy projects to small and medium-sized businesses (SMEs). You can borrow from between £5,000 to £200,000, with repayments proportional to the fuel savings. Businesses based in Northern Ireland may be able to borrow up to £400,000.
Carbon Trust Energy Efficiency Loans
Energy efficiency loans are also available to all businesses across the UK that do not come under the CRC. Loans are available for amounts as little as £3,000 all the way up to £400,000 and the loans are unsecured and interest free. The size of the loan offered and its repayment period will be based on your projected CO2 savings, which will be assessed by the Carbon Trust. To qualify businesses must have been trading for at least 12 months.
Charity Bank
Charity Bank provides affordable loans to charities and social enterprises, particularly if they have been refused elsewhere by other banks. Loans are available from a few hundred pounds up to £1 million.
Triodos Bank
Triodos Bank only provides finance to organisations and businesses who are making a positive environmental and social impact. The bank specifically runs a programme called Triodos Renewables, which invests in clean renewable energy projects.
Unity Trust Bank
Unity Trust Bank is a specialist bank offering finance to charities and not-for-profit companies. The bank has a number of flexible funding initiatives.
The Co-operative Bank
The Co-operative Bank is a well established, socially responsible organisation who integrate their Ethical Policy into their day-to-day banking. They have a range of banking options that can be tailored to what you need. The Ecology Building Society The Ecology Building Society is a Building Society with a difference, it funds mortgages that lead to a more sustainable future. If you have plans to build or renovate using energy or resource efficient technologies then this is a good place to investigate potential solutions. The Teachers Building Society The Teachers Building Society can help if at least half of the loan is for an energy saving improvement. Qualifying improvements include double glazing, cavity wall insulation, loft insulation, solar panels and energy efficient heating systems. The Yorkshire Building Society The Yorkshire Building Society offers Home Energy Efficiency loans with which you can purchase energy saving measures for your home at a discounted rate with flexibility built-in. Visit the Energy Saving Trust website for more information on the help and support available if you are looking to reduce your carbon footprint and save money.
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