Supports to assist business with Climate Action Measures

To support Ireland’s target of a 51% reduction in carbon emissions by 2030, businesses are encouraged to invest in a greener future through sustainable products, services and business models. Regardless of the size of your business it is important to be proactive in reducing emissions and promoting sustainability in your workplace and there are several supports available to assist you.

From a tax perspective there is an Accelerated Capital Allowance (ACA) tax scheme to assist taxpayers. Whether you are a sole trader, farmer or company and pay Income or Corporation Tax on trading income you can deduct the full cost of energy-efficient equipment from your profits in the year of purchase. There are several conditions such as using the equipment for your trade and you cannot lease, let or hire the equipment. The equipment must also be listed on SEAI’s list of energy efficient equipment.

There are also various supports across a wide variety of sectors including the following:

  •  EXCEED Grant Scheme – For organisations who are planning an energy investment project
  • Renewable Heat Scheme – This support provides financial support to help businesses move to renewable heating
  • Energy Audits – Find out if your business is eligible for a €2,000 voucher towards the cost of a professional energy audit
  • Energy Contracting Support Scheme – Receive financial assistance to delivery energy efficiency and decarbonisation projects
  • Energy Contracting – Share performance risk while saving energy, money and reducing your carbon emissions

For the farming sector grant aid has been approved in the form of the Targeted Agriculture Modernisation Scheme (TAMS 3) which provides grant aid to farmers to build or improve a specified range of farm buildings and equipment. Details of the scheme can be viewed here.  Teagasc have recently issued a bulletin which explains the grant rates, opening dates, new investments in more detail.

For those who wish to educate themselves on the terminology associated with climate change the Government have released a useful Jargon Buster document chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://climatejargonbuster.ie/wp-content/uploads/2021/02/ClimateJargonBuster_A-Z_a.pdfwhich is an A-Z plain English guide to climate action terms. For further and more in depth education there are a number of e-learning initiatives supporting energy efficiency and which is designed by some of Irelands leading energy experts. This can be found by visiting the SEAI Energy Academy.

Please call Gareth Keogh, partner, who can advise on what is allowed and how to claim the Allowance or email Gareth at gkeogh@lsmq.ie for more information.