£10 million for Community Green Schemes; £20 million for public sector’s energy efficiency; £2 billion extra for Green Investment Bank; £1.4 million for Green Deal skills; 50% tax relief Enterprise Investment Scheme for start-up of green businesses; £200 million of cash backs for first wave of Green Deal customers; £1 billion Business Finance Partnership; National Loan Guarantee Scheme for £40 millions of loan to businesses; £250 million support package for energy-intensive firms.
£10 million for Community Green Schemes
A fund to help local communities develop energy projects such as green energy generation and energy efficiency.
£20 million in loans for Public Sector’s energy efficiency
This fund is designed to encourage energy efficiency in schools, universities, hospitals, local authorities and other public sector buildings.
£1.4 million boost for Green Deal skills
Targeting the retrofit and construction sector, the Green Deal Skills Alliance fund will address the skills and qualifications shortage which will be needed to deliver the Green Deal in time for the launch of the multi-billion pound scheme next autumn. Over 2 years, an expected 65,000 jobs will be created by the Green Deal by 2015.
Enterprise Investment Scheme Tax Relief of up to 50%
The Enterprise Investment Scheme is to be extended to become the Seed Enterprise Investment Scheme. Under this scheme, anyone who invests up to £100,000 in a qualifying new start-up business will be eligible for Income Tax relief of 50%, regardless of their respective tax rate.
National Loan Guarantee Scheme for £40 billion
The Government is to launch a credit-easing programme, the National Loan Guarantee Scheme, which will underwrite up to £40 billion in low-interest loans to SMEs. New loans and overdrafts to businesses with a turnover of less than £50 million will be eligible for the scheme, which will be up and running within the next few months.
£1 billion Business Finance Partnership
The Business Finance Partnership will be set up to help secure funding for mid-sized firms. This will involve the Government investing in funds that lend directly to these firms, in partnership with other investors such as pension funds and insurance companies, and is designed to provide mid-sized firms with a new source of funding.
£250 million support package for energy-intensive firms
A first element of the package is to compensate high energy users for the carbon price floor, a tax on fossil fuels which the UK will introduce in 2013, and which business lobby groups have said will lead to large increases in bills for energy-intensive firms. The Government will compensate firms to the tune of 40 million pounds in 2013/14, rising to 60 million in 2014/15.
Extra £2 billion for Green Investment Bank
The Government this week committed an additional £2 billion pounds to its Green Investment Bank in budget measures and introduced a 16 pound price floor for carbon emissions permits from 2013.
£200 million in cash backs for Green Deal customers
This funding announcement will actively encourage and incentivise take-up so of the Green Deal scheme so that it will appeal to households and businesses. The Government has committed to make the Green Deal hit the ground running, and to make it as attractive as possible so that people take it up from day one creating massive opportunities for firms.