“We pump everything from chocolate to bitumen!” These were Colin’s (the Manager Director of Albany Pumps) first words to me when I visited their site last week. Albany Pumps are a Lydney-based manufacturing firm that makes – you guessed it – pumps. Of every shape and size. Established in 1947, Colin started at the employee-owned company as an apprentice (he declined to say when!). As a forward-looking company, they’ve invested over £100,000 on renewable energy and energy efficiency measures, installing a huge 100kWh solar PV system on their roof and double glazing and LED lights throughout the premises. They now save £1,000 a month and on sunny summer days, their energy bills come in at a whopping £0!
Severn Wye supported them through the process and offered them a grant of £30,000 towards the investment, through the Target 2030 project. Colin reflected that without the grant they would not have been able to invest the way they did in new technology. Albany Pumps reflect findings from our research that show that 87% of businesses who have installed energy saving measures would not have installed them without grant funding. But those grants, provided by the European Union’s Regional Development Fund, are coming to an end and as yet there is no plan from the UK Government to replace them. There is a real danger that come next year when the funding dries up, businesses will not invest in saving energy and decarbonising measures without this incentive.
This energy crisis is an opportunity for businesses with foresight and commitment to change how they do business, saving energy and money in the process. Ultimately, good business is about efficiency. From small changes in behaviour to ambitious investment in renewable energy, businesses across the UK are investing to save money now and in the future. With energy prices so high, even a 5% saving can add up to significant sums and capital investments in new equipment can pay back in a few short years. The payback period on solar PV for example is currently around three years (down from the previous average of nine to ten years).
Target 2030 has worked with over 500 businesses, helping them to save energy and invest wisely. In early October, we surpassed £4 million in supported measures installed in Gloucestershire alone, from recipients of grant funding and through businesses who have acted on the recommendations we made in their bespoke energy survey.
However, without grants to support and motivate these local businesses, they will be reluctant to act. That is why it’s vital Government steps in to support businesses to save money and tackle their carbon emissions. The window of opportunity is closing but with the right incentives and support, businesses will step up and do their bit.
