Entrepreneurs who are keen on improving their energy efficiency and making their businesses green and sustainable are reminded that they may apply to the Energy Smart Fund.
This reminder has come from Project Officer for the Sustainable Energy Investment Programme (Smart Fund II) in the Ministry of Energy and Business, Rosalind Griffith, who said loans, grants, and rebates are provided under the Fund.
Mrs. Griffith disclosed that 36 grants, pre-investment studies, and technical assistance projects had already been approved under this second phase of the Energy Smart Fund, at a cost of BDS$486,608.
She explained that it offers subsidised loans to finance the implementation of energy efficiency and renewable energy projects. “These can be energy efficiency and conservation projects, for example, efficient lights and appliances; or they can be distributed scale renewable energy projects, such as installing solar water heaters, solar PV systems, or small wind systems.
“Additionally, persons with electric mobility projects, including electric vehicles, electric bikes and golf carts, and the required charging units, may also access the Smart Fund,” she said.
Businesses, Mrs. Griffith stated, could also apply for technical assistance grants to finance pre-feasibility studies, including energy audits and renewable energy designs that support preparations for sustainable energy projects.
She added that grants were also available for small and micro businesses to implement energy efficiency and renewable energy pilot projects. “They can include energy efficiency lighting retrofit projects to replace incandescent or other less efficient bulbs with LEDs, among other areas,” she indicated.
The Energy Smart Fund is being implemented in partnership with the Enterprise Growth Fund Limited (EGFL) and FundAccess. FundAccess is facilitating loans up to BDS$150,000 to small and microbusinesses, while EGFL finances projects up to BDS$ 2 million.
Businesses from all sectors of the economy may access the Fund, including tourism, agro-processing, transportation, retail, commercial, manufacturing, minimarts, and car rentals.
The benefits of the Energy Smart Fund include reducing energy costs to the population; increasing energy security by reducing dependency on imported fossil fuels; lowering energy costs; and improving the competitiveness of small and medium enterprises.
To learn more about the Fund and its benefits, persons should call the Ministry of Energy and Business at 535-2595, Enterprise Growth Fund Limited at 537-5904, or FundAccess at 228-1366. They may also access the website https://smartenergybarbados.com/energy-division/energy-smart-fund/.