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Energy Financial Supports for Businesses in Budget 2023

2023 Budget planning

The long-awaited Budget was announced yesterday with business owners nationwide eager to learn their fate in relation to Government financial support in the coming months. 

Crippling energy costs have made planning beyond the winter incredibly difficult and the news of an energy support scheme has been welcomed by many businesses.

The Temporary Business Energy Support Scheme (TBESS) will pay qualifying businesses up to €10,000 a month. The criteria to be eligible for this scheme states that the business must have seen an increase in their average unit price of 50% or more from 2021. Backdated to September and running through to February, the financial package offers substantial relief – 40% of the amount of the increase in the energy bills of the business.

There will be a monthly cap imposed of €10,000 and businesses will be expected to receive their first payment in the month of November.

Although in some quarters many businesses had hoped for greater relief as energy bills continue to soar, today’s announcement at least goes some way in protecting companies ahead of a bleak winter.

Announcing the news in the Dáil earlier Donoghue said:

This is a significant intervention by the government in the Irish economy to protect employment. This scheme forms a large part of our wounds of measures. We must weaken the ability of a shock to income becoming a loss of jobs. And this new policy would help employers with their rise in bills and help to save their businesses.

Solgrid is at the forefront of creating sustainable, strategic and energy-efficient plans working with Irish businesses to provide advice, support, and solutions to make the transition to a low carbon future. We are keenly aware of the financial burden of running a business today. 

To learn more, reach out to one of our team today.