100% First Year Allowances – Energy Saving Plant or Machinery Print
This scheme, along with the scheme for Environmentally Beneficial Plant was terminated with effect from April 2020, and is being replaced by the Industrial Energy Transformation Fund (“IETF”) which will be directed at businesses with high energy use. The aim is to assist energy intensive businesses to cut their energy bills and carbon emissions through investment in energy efficient and low carbon technologies.
The government has provided £315m of funding which is available until 2024.
The Phase 1 Summer 2020 competition approved 39 applications for funding, subject to due diligence checks. Phase 1 Spring 2021 opened to applications on 8 March 2021 and supports the deployment of energy efficiency products as well as energy efficiency and decarbonisation studies.