The National Environment Agency (NEA) today announced a new incentive scheme to help companies lessen the cost of purchasing energy efficient technologies and equipment. Grant for Energy Efficient Technologies (GREET), a $22 million fund will help companies achieve energy savings in the next five years.

It will co-fund up to 50% of the qualifying costs of energy efficient equipment or technologies, or up to $2 million per project, whichever is lower.

To help local companies achieve cost savings and better energy productivity amid the current economic conditions, the NEA will set aside a portion of the fund for the Small and Medium Enterprises (SMEs).

"Businesses often perceive the adoption of energy efficient technologies to be expensive and even risky... Our objective is to improve the take-up rate for energy-efficient equipment or technologies in the industry sector (43% of the nation's electricity consumption)," said Mr Lee Yuen Hee, Chief Executive Officer of NEA and Chairman of Energy Efficiency Programme Office.

Companies that wish to apply for GREET funding can go to www.e2singapore.gov.sg for details on the scheme and the application form.