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With the UK in the grip of a cold snap that is likely to send energy bills rocketing, NatWest has today launched a new digital tool designed to help small businesses curb their energy costs and carbon emissions.
The bank this morning debuted a new online Energy Help and Support hub, which provides a series of free recommendations on how small and medium-sized enterprises (SMEs) could significantly reduce their energy bills.
The digital platform provides tailored advice and information on how energy efficiency measures, solar panels, and heat pumps can all be deployed to help smaller businesses slash their energy costs.
The tool uses a business’ postcode to provide information on estimated costs, return on investment, and help to source suppliers.
The launch comes on the same day as NatWest published the results of a new survey which suggests 45 per cent of small businesses expect rising energy prices to present a “significant challenge” in 2024.
The government has this winter scaled back the financial support packages that were introduced in the wake of the 2022 energy price spike that was triggered by Russia’s invasion of Ukraine. The energy bill relief packages were allowed to lapse after energy prices fell back from the record highs seen in 2022, but industry groups have repeatedly warned energy costs for many businesses remain well above the historic average, threatening the viability of thousands of firms.
However, energy experts have highlighted how higher energy costs have made investments in energy-saving measures and on-site generation technologies considerably more attractive.
NatWest said its research showed that with the right support, up to 70 per cent of business cases to reduce emissions will make financial sense for SMEs to deliver by 2030.
“From our own research we know that many businesses stand to benefit financially from reducing their carbon footprint,” said James Holian, head of business banking at NatWest Group. “Yet most lack the support needed to make the necessary changes. This new tool takes away the guesswork by offering businesses tailored recommendations to improve their energy efficiency. Whether it’s installing solar panels or fitting a low-carbon heat pump, the support will help firms understand the estimated costs and return on investment of the changes. Together, this can enable business leaders to make well informed decisions for their business, both financially and for the planet.”
The new tool follows the recent launch by NatWest of a free retrofit learning platform for the UK’s construction industry in partnership with the Supply Chain Sustainability School. The retrofitting training programme aims to help expand the skills base for the fast-expanding retrofit market.
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