Use Government Fundings for Energy Audits and Energy Efficient Technologies
There are several funding and incentive schemes provided by the National Environment Agency (NEA) to help companies reduce their costs in engaging ESCOs or investing in energy saving equipment and technologies.
If companies lack the expertise to manage their energy consumption, they can engage an Energy Services Company (ESCO) to conduct an energy audit for their building or facility, identify energy saving measures and implement projects to reduce energy consumption.
The ESCOs provide a full analysis of the energy flows in and out of a facility, suggest improvements to facility design and operation, and provide financing and implementation of energy saving projects. In Singapore, the ESCOs are accredited under the Energy Services Companies (ESCOs) Accreditation Scheme by the Energy Sustainability Unit (ESU). A list of accredited ESCOs can be found at the ESU website.
Energy Efficiency Improvement Assistance Scheme (EASe)
The NEA has a co-funding scheme called the Energy Efficiency Improvement Assistance Scheme (EASe), to help companies in the manufacturing and building sectors engage accredited ESCOs to conduct energy audits and recommend energy saving measures.
Funding is provided up to 50% of the qualifying costs of engaging an ESCO and capped at $200,000 for a single facility or building over a five-year period. Visit the Energy Efficient Singapore website for details on the Energy Efficiency Improvement Assistance Scheme.
Grant for Energy Efficient Technologies (GREET)
The Grant for Energy Efficient Technologies (GREET) provides funding for the Singapore-registered owner or operator of existing or proposed industrial facilities to invest in energy efficient equipment or technologies.
Funding is provided up to 50% of the qualifying costs and capped at $2 million per project. Only projects with a payback of more than 3 years and up to 7 years are eligible for funding. Visit the Energy Efficient Singapore website for details on the Grant for Energy Efficient Technologies (GREET).
Accelerated Depreciation Tax Allowance
This tax allowance scheme encourages companies to replace old inefficient equipment and invest in energy saving equipment. The capital expenditure on the qualifying energy efficient equipment can be written off in one year instead of three. More info about the tax allowance is available here.
Design for Efficiency Scheme (DfE)
The Design for Efficiency Scheme (DfE) aims to encourage new facilities that are large consumers of energy to integrate energy and resource efficiency improvements into their development plans early in the design stage.
Funding is provided up to 80% of the qualifying costs or $600,000, whichever is lower.
With these funding schemes, your organisation would be able to reduce your costs in conducting energy audits and investing in energy saving equipment and technologies. Save money and energy at the same time!