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The government of Singapore lures local businesses whether SMEs or MNCs to pursue sustainable production and efficient use of energy resources. Programs that promote sustainable ways in energy production are in place allowing eligible businesses to receive financial incentives in return. An example of this is the use of solar panels .
The Energy Market Authority (EMA), Building and Construction Authority (BCA) and Economic Development Board (EDB) are the three funding agencies that provide the financial support and assistance to businesses seeking to go green. In a nutshell, the programs are divided into three–financial incentives for solar, followed by schemes for energy efficiency, and lastly for “green” buildings.
EMA, BCA, and EDB–the formidable trio schemes
Metering credit schemes
Solar energy generated by businesses that have adopted solar panels technology allows them to sell the excess electricity generated to the authorized grid authority. To qualify for this, they must first register with SP Services or the Energy Market Company to enjoy this privilege.
Three metering credit schemes exist such as Simplified Credit Treatment Scheme (SCT), Enhanced Central Intermediary Scheme (ECIS), and the Market Participant scheme. But only ECIS and the Market Participant scheme are applicable to businesses.
Detailed information about these metering credit schemes are available on this website.
Let’s talk about energy efficiency
The Building and Construction Authority (BCA) and Economic Development Board (EDB) oversee this program by inspiring building owners and investors to adopt energy efficient technologies meaning they switch to green technologies. Since Singapore is aiming to become a Smart Nation, energy consumption in the city-state is expected to spike up, hence, adopting energy efficient technologies is highly encouraged among business entities.
To beef up the program, BCA offers two incentives schemes such as–for existing buildings (thru $63 million Green Mark Incentive Scheme) and new buildings (Enhanced $20 million Green Mark Incentive Scheme). To know more, visit their websites GMIS-EB 2.0 and GMIS-NB.
Energy Efficient Fund (E2F) by NEA is also available for investors keen to establish new industrial facilities or undertake expansions. This scheme encourages builders to incorporate energy efficient or improving technologies before construction takes place.
Detailed information about this scheme is available on this website.
Energy Development Board (EDB)
The granting agency for the Resource Efficiency Grant for Energy (REG(E)) program promotes energy efficiency especially for manufacturing facilities and data centers. Interested companies are required to submit their project proposal including Pre-Project M&V plan and a post-project M&V report. The grant quantum will be evaluated against the complete carbon abatement upon project completion.
To apply to this grant, visit their website.
Meanwhile, BCA alongside selected financial institutions collaboratively offer the Building Retrofit Energy Efficiency Financing (BREEF) program which helps qualified businesses shoulder the upfront costs of energy retrofits of existing buildings through an arrangement.
To know more about this program, check it out here.