The Revolving Green Fund is a government-funded scheme to help Universities reduce carbon emissions.
The UK government is now adding a further £34 million to the fund. The extra money marks the fourth round of the Revolving Green Fund, which has already provided £62 million to Universities for LED light projects. In the previous (third) round, the fund provided £21 million to 43 Universities.
On the Higher Education Funding Website (HEFCE) the fund’s administrator said: “LED lighting was the most popular type of project followed by pipework insulation.” More than half of the aforementioned 43 schools used the money to upgrade to LEDs. Round 1 and 2 also involved a lot of LED work.
LEDs use only a fraction of the electricity of traditional lighting, and thus reduce carbon emissions. They also last much longer, reducing replacement and maintenance costs.
The fund works as a ‘recoverable grant’ which means that, if the project makes savings, the money gets paid back. HEFCE has partnered with Salix Finance Ltd, a company that specialises in interest free loans for energy projects in the public sector.