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Posted 2 years ago | 2 minute read
Businesses to get help with energy costs over winter
Ireland’s Minister for Finance Paschal Donohoe has announced measures to support business through what he called “these exceptionally challenging times”.
Among other measures, Budget 2023, which was unveiled on 27 September, will see the introduction of a Temporary Business Energy Support Scheme (TBESS), which will provide up to €10,000 per business per month until spring 2023 – to help meet rising energy costs. The scheme will support eligible companies, covering 40% of the increase in their energy bills.
The €1.25B scheme will be open to businesses that are tax compliant and have experienced a significant increase in their natural gas and electricity costs. It will be administered by the Revenue Commissioners and will operate on a self-assessment basis. Businesses will be required to register for the scheme and to make claims within the required time limits, he added.
In addition, Budget 2023 has given more funding for climate crisis projects, sustainable transport and EV grants. Donohoe said the climate emergency is one of the “key challenges of our times”, with its impacts becoming “more frequent and more destructive […] “Protecting our environment is the responsibility of us all and government is acting to reduce emissions and support newer cleaner technologies, particularly in energy and transport”.
The Budget also includes electricity credits for all households worth €600, which will be paid in three instalments of €200.
More than €1B has been allocated to the Department of the Environment, Climate and Communications. Minister for Public Expenditure and Reform Michael McGrath said €337M of this will go toward grants for energy efficiency.
Minister for the Environment, Climate and Communications and Minister for Transport Eamon Ryan noted that this Budget is about “helping people right now [but] the real lasting solution to this fossil fuel crisis, which is causing so much hardship for people, is to scale up and speed up our transition to renewable energy systems”.
Other funding measures announced included:
- €143M has been provided to support initiatives to lead Ireland’s climate crisis response, such as funding for vital research
- €110M to support the transition to a circular economy and will protect Ireland’s environment and biodiversity
- €1.9B to sustainable mobility. This includes active travel and greenways, public transport and carbon reduction programmes
- €110M for EV grants and charging infrastructure
Hedging your bets this winter
If you are not hedging your electricity, you may have seen your electricity bills rise by 30-35% over the last few months and wondering what the outlook could be for the winter ahead and crucially how to manage your cost of operations.
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