According to the Close Brothers Business Barometer research, which seeks the opinion of over 900 Small and Medium Enterprises (SMEs) across the UK and Ireland, over 95% surveyed in Ireland said they felt motivated to do business more sustainably. Their primary motivations include the potential long-term savings, as well as it being ‘the right thing to do’*.
Irish firms are also facing additional European legislation from 2025, with the introduction of the Corporate Sustainability Reporting Directive. This will require them to report on their environmental and social impact to secure future contracts leading them to pursue investment in green energy technology to remain compliant, gain international clients, manage rising energy costs and lower their impact on the natural world.
However, a significant barrier to investment in energy projects is the initial high costs, with solar panels or wind turbines needing to be tailored to a business’s premises and operations. Unfortunately, traditional financing often lacks the flexibility needed for funding these eco-focused plans.
Using asset finance to invest in green technology
Close Brothers Commercial Finance is supporting Irish businesses to invest in a future powered by renewable energy through strategic financial tools such as asset finance and access to government-backed loan schemes. Firms can access new technology and equipment immediately without the high upfront expenditure and with the flexibility to spread the cost of an asset over a fixed period that suits them.
Growth and Sustainability Loan Scheme
Many firms across Ireland have already benefited from the government-backed Growth and Sustainability Loan Scheme (GSLS), offered by the Strategic Banking Corporation of Ireland (SBCI) and supported by the Department of Enterprise, Trade and Employment (DETE) and the Department of Agriculture, Food and the Marine (DAFM). Close Brothers Commercial Finance has partnered with the SBCI to offer this low-cost funding scheme as way to further support Irish SMEs to invest in climate action and environmental sustainability.
Elite Energies is an example of an established provider of solar panels and alternative energy products who provide support for companies looking to improve their environmental footprint, while lowering operating costs. Increasingly, they see businesses eager to switch to solar panel systems, which can be supported by tailored asset finance solutions from Close Brothers.
Frank McGettigan, from McGettigan Bakery, had solar panels installed with Elite Energy in 2022 and used Close Brothers Commercial Finance to fund this investment.
“l installed solar panels 2 years ago, and it has been one of the top investments l have made in the company - l have made savings of 40 to 45% on my energy bills.
“Companies to me seem very slow to invest in the product and it’s a no brainer. Finance is available through Close Brothers and is easy to organise.”
By working with suppliers like Elite Energies, Close Brothers can offer a unique funding approach that supports Irish businesses to lower operating costs whilst investing in climate resilience. Having partners and suppliers that understand both economic and environmental sustainability is key for firm across Ireland to confidently invest in a renewable energy future.
*All figures, unless otherwise stated, are from a survey conducted December 2024. The Business Barometer survey canvassed the opinion of 900 SME owners and business managers from several industries across the UK and Ireland on a range of issues affecting their businesses.
