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Banks 'failing to support energy efficiency ambitions'

Organisations looking to invest in energy efficiency measures aren't getting the support they need from their banks, according to new research.

The study, conducted by Siemens Industry and the Energy Institute, surveyed 300 energy specialists to gauge what the experiences of small and medium-sized enterprises (SMEs) had been when approaching financial institutions for help to cover the cost of implementing power-saving technology.

However, nearly nine out of ten (88 per cent) said their requests had been met with a negative response, while almost two-fifths (38 per cent) noted the bank showed no interest in what they had to suggest.

With the government's Green Deal offering households up to £7,600 each to subsidise the installation of home improvements like solid wall insulation, some companies are also trying to take a similar stance to reduce their bills.

Head of energy efficiency and environmental care at Siemens Industry Stephen Barker said: "Our findings show that businesses do want to reduce their energy consumption, and have ideas on how they could effectively achieve this. 

"But, we are seeing barriers being put up from banks, which perhaps do not understand the payback that energy efficient technologies can deliver."

Posted by Helen Hughes