A new tax credit scheme for businesses to invest in energy efficient projects has been launched. Minister for Economy, Investment and Small Businesses Chris Cardona launched this scheme together with Energy and Water Management Minister, Joe Mizzi.
The financial benefits awarded through this aid will be in the form of tax credits for the beneficiary.
This scheme complements the energy audits scheme for SMEs launched earlier this month by the Energy and Water Agency, for which details can be found here. In this way, local businesses are encouraged to conduct an energy audit where they can benefit up to €5,000 which in some cases refunds the whole audit cost. This audit will result in a list of recommendations to increase energy efficiency in the business, some of which may be done at zero cost, while others would require minimal or larger investments. This is where this scheme comes into play.
This scheme covers investment that would lead to a minimum of 20% energy saving, such as investment in equipment to reduce consumption in the manufacturing process, upgrading of existing heating and cooling systems and improvement of energy efficiency of existing illumination systems.
Minister Mizzi thanked the Energy and Water Agency who proposed the scheme. EWA will also be responsible for the technical analysis of the projects submitted by Malta Enterprise.
“Apart from the direct financial gains, the schemes would also contribute to economic growth, employment and a cleaner and more secure supply of energy,” insisted Minister Mizzi.
Minister for the Economy Chris Cardona remarked that progressive companies use their environmental strategy, not only to save, but to innovate, create value and build a competitive advantage.
Some examples of eligible enterprises are: manufacturing, repair, overhaul or maintenance of aircraft, industrial electromechanical equipment, information hosting and/or processing, waste industrial packaging, telecommunication, and laundry and dry cleaning.
The Minister added that this scheme, which goes hand in hand with other schemes is intended to be accessible to a variety of industries which includes hotels, restaurants, service providers and factories.
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