Internal Energy Efficiency Fund

Project information

Index: 1069R4
Acronym:SERPENTE
Priority:2: Environment and risk prevention
Sub Theme:Energy and sustainable transport
Location IRELAND IRELAND Southern and Eastern Start/End date of the practice
Start: Beginning 2013
End: N/A

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

Alex Grassick

Cork County Council

Alex.grassick@corkcoco.ie

www.corkcoco.ie

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