Applications are now open for a new Energy Efficiency Grant unveiled by Invest NI.

The COVID-19 Energy Efficiency Capital Grant is a £500,000 scheme and will provide support for the installation of energy efficient equipment.

Kevin Holland, CEO Invest NI said: "We have launched a range of COVID-19 response schemes to support different businesses, different sectors and different activities. These schemes assist businesses to adapt to the current COVID-19 environment by finding new ways of working, and support their growth into the future.

"As well as the long term cost savings for the business, investing in green energy initiatives is also good for our environment.

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"This latest scheme is specifically focused on supporting energy efficiency initiatives that will make businesses more resilient and deliver long term cost savings and carbon savings. It will provide a grant towards the installation of equipment that offers greater efficiency in the use of energy.

"Supporting businesses to make these investments now will ensure they benefit from the long term savings by being more energy efficient, well into the future."

Examples of energy projects that will be eligible under the COVID-19 Energy Efficiency Capital Grant include LED lighting systems, heating and cooling equipment, process insulation and replacement drives and motors.

The latest scheme is specifically focused on supporting energy efficiency initiatives that will make businesses more resilient and deliver long term cost savings and carbon savings.

Projects supported by the COVID-19 Energy Efficiency Capital Grant are required to demonstrate a simple financial payback between 1 and 6 years through energy cost savings as well as a reduction of carbon emissions by at least 10 per cent.