The Industrial & Commercial Energy Association (ICOM) has welcomes a new £7 million fund for small businesses across England, Scotland and Wales to replace energy inefficient equipment.

Launched by the Carbon Trust on 26 April, the fund aims to help an estimated 1000 to 2000 SME’s to reduce their energy bills and support the renewables and energy efficient products market.

“It is expected that companies will invest £55 million in energy savings projects, which will deliver lifetime energy savings of almost £130 million,” explained Ross Anderson, director of ICOM. “This in turn will reduce Green House Gas emissions and help achieve planned savings.”

The fund is available to SMEs on a first come-first served basis and will offer energy saving training, cost saving assessments, implementation advice, and capital support for the installation of energy efficiency equipment. Eligible companies can apply for a capital contribution to cover up to 15% of an energy efficiency project or equipment replacement cost, up to a maximum of £10,000.

The fund can also be used to purchase a range of equipment, including energy efficient lighting, heating, ventilation and air conditioning (HVAC) and energy efficiency controls – vital equipment across a range of business sectors, including manufacturing, retail, and hospitality.