The deadline fast approaches for colleges to apply for an interest-free loan for energy saving projects.
Colleges must get their application in to the £5 million College Energy Fund by midday on 30 January 2015.
Run by Salix, it is open to any further education (FE) college in England, Scotland and Wales which gets a majority of its income directly from the public sector.
The loan will be paid back to Salix directly by direct debit on a six-monthly basis over four years.
Salix was set up in 2004 by the Department of Environment, Food and Rural Affairs and since then has funded £31 million of energy efficiency projects in 201 FE colleges. It now falls under the remit of Department of Energy and Climate Change.
There are certain criteria which projects must meet:
– A maximum 5 year payback period
– Less than £100 per tonne of CO2 over the lifetime of the project
– Projects over £100,000 require a Salix Business Case
However if colleges can put forward some part of the up-front cash, the payback period can be flexible, according to Salix.
Loans should be awarded by the end of February 2015.