Internal Energy Efficiency Fund
Topic of the practice
Financing Good Practice
Good Practice Information
This is considered an innovative practice for funding small scale energy efficiency measures which would not be large enough to be considered for funding through ESCO contracts or other funding mechanisms. The fund is based on an ESCO model, but instead of looking for finance from a third party the finance comes from internal resources and would be paid back over an agreed period of time, along with a 10% interest which would ensure a revolving fund, which is continually increasing. The initial amount of money committed to the fund is €50,000, which funded 2 projects and dependent on their success it is hoped the fund will be increased to €150,000 and this will then be self financing for the years to come as successful projects are rolled out.
Evidence of success
To date 2 projects have successfully applied for funding through this scheme and are in development, these are: Heating upgrade in Crosshaven Firestation and Heat re-distribution project in County Hall, with expected payback periods of less than 24 months.
The key success factors for the project will be implementing the projects, realising the identified savings and re-paying the fund + 10%.
Contact details to obtain further information on the practice
Cork County Council