Schools are fighting with continual constrictions to their budgets which is causing widespread concerns within the education sector. Ever increasing use of school buildings and significant under investment in infrastructure means that much of the schools property can be in need of upgrade or replacement in order to meet the demands of the curriculum. INECO Energy is able to provide support in accessing a number of funding streams to address these needs as outlined below.
Salix Finance enables public sector organisations across England, Scotland, Wales and Northern Ireland to take a lead in tackling climate change by increasing their energy efficiency. Salix provides 100% interest-free capital for the public sector to reduce their energy costs by enabling the installation of modern, energy efficient technologies and replacing dated, inefficient technologies.
Energy efficient technology cuts carbon emissions and reduces energy bills. However, upfront capital is a common barrier for public sector organisations seeking solutions that cut their energy consumption. Salix, a not-for-profit organisation funded by Business, Energy and Industrial Strategy, the Department for Education, the Welsh Government, the Scottish Government and Higher Education Funding Council for England, removes this barrier by making this capital accessible to the public sector.
To date, Salix has funded over:
Salix funding includes all public sector organisations and across their whole estates, including schools, higher and further educational institutions, emergency services, hospitals, leisure centres, local authorities, the NHS. There has been a focus to commit more resources to increasing energy efficiency and driving down energy costs, which Salix aim to address and assist the public sector in doing.
Salix Energy Efficient Loans Scheme ‘SEELS’ - as an example: a school borrows £42,000 to put in new lighting and a new boiler which will save the school £6,000 per annum from reduced gas and electricity usage. For the first 7 years, these savings are used to pay back the interest-free loan. Once the loan is repaid, the continued savings enable the school to use the capital for other budgets, such as the purchase of equipment.
Some schools have capital available to spend on suitable projects. Energy efficiency and renewable generation projects enable the school to invest in the future of the school and the environment while delivering a sustainable return on investment. Energy is one of the costs a school faces with the smallest amount of influence. Global markets determine the supply and price of energy and therefore taking steps to, invest in saving, creating and procuring energy better is sound business practice.