Funding is provided as an Interest-Paid Operating Lease which is compliant with the Academies Financial Handbook. The new initiative will enable qualifying schools to access 0% funding alongside a 7-year maintenance-free solution.
The fund will run in parallel to the government’s new Salix (SEEF) funding window – essentially enabling schools to be guaranteed a zero capital, interest paid switch to LED lighting.
This is an interest free loan that is repaid from the anticipated energy cost savings. 100% of the savings are withheld for the schools General Annual Grant (GAG) each year until the loan is repaid.
Savings must repay the loan within 8 years, if not the school would need to subsidise the bid.
The maximum loan value that can be requested from the DfE for an application is £200,000. SEEF applications can be part-funded if they exceed this value.
The success rate is less than 10%, while the bid process is takes from 6 – 9 months.
Schools across the UK and Ireland are using eLight’s Light as a Service model as a cost-efficient, environmentally friendly solution to lighting. Hear more from them…
You probably have a lot of questions. Don’t worry, our team is on hand to give you all the information you need and can even visit your school to conduct a no obligation survey to find out if you are suitable for our LED solution.