Banking giant NatWest is offering a digital tool to help the UK’s 5.5 million small businesses save on their energy bills and cut carbon emissions.
The new Energy Help and Support tool will provide business owners and managers with tailored recommendations on everything from installing solar panels to getting a low-carbon heat pump.
Recommendations include estimated costs of low carbon improvements, return on investment and help to source suppliers.
Research from the bank has found that 45% of small businesses say rising energy prices will be a significant challenge in 2024.
NatWest’s new digital tool enables firms to review their premises’ energy efficiency and access tailored recommendations which could help reduce their energy costs and carbon footprint.
The solution uses a business’ postcode to offer detailed information on everything from solar panels to low-carbon heat pumps, including estimated costs and help to source suppliers.
SMEs account for around 30% of the UK’s emissions. The bank says its research has found that with the right support, up to 70% of business cases to reduce emissions will make financial sense for SMEs to deliver by 2030.
NatWest’s head of business banking James Holian said: “We know that many businesses stand to benefit financially from reducing their carbon footprint. Yet most lack the support needed to make the necessary changes. This new tool takes away the guesswork by offering businesses tailored recommendations to improve their energy efficiency.
“Together, this can enable business leaders to make well informed decisions for their business, both financially and for the planet.”
The new tool follows NatWest’s recent launch of a free retrofit learning platform for the UK’s construction industry in partnership with the Supply Chain Sustainability School. The retrofitting training programme will input skills into the supply chain and accelerate the growth of the retrofit market
NatWest Group says it aims to provide £100 billion of sustainable funding by the end of 2025.
More details here.