NatWest unveils innovative energy-saving tool for UK small businesses

NatWest, a prominent UK banking and financial services company, has introduced an innovative digital tool specifically designed to assist the nation’s 5.5 million small businesses. This tool is geared towards helping these businesses save on their energy bills and reduce their carbon emissions, a crucial step especially during the winter months.

The primary reason behind the introduction of this new product is the pressing need for small businesses to combat rising energy costs while maintaining their commitment to reducing emissions. The tool comes at a critical time when 45% of small businesses report that soaring energy prices are a significant challenge.

The newly launched Energy Help and Support tool enables business owners and managers to thoroughly assess the energy efficiency of their premises. It provides customised recommendations, ranging from the installation of solar panels to the adoption of low-carbon heat pumps. These recommendations include detailed breakdowns of the potential costs, return on investment, and assistance in sourcing suppliers.

A particularly important aspect of this tool is its focus on small to medium-sized enterprises (SMEs), which account for approximately 30% of the UK’s emissions. The tool uses a business’s postcode to generate specific, actionable advice, helping these businesses to make significant strides in reducing their carbon footprint.

Furthermore, NatWest has partnered with the Supply Chain Sustainability School to launch a free retrofit learning platform for the UK’s construction industry. This initiative aims to enhance skills within the supply chain and boost the retrofit market’s growth, showcasing NatWest’s broader commitment to sustainable practices.

James Holian, Head of Business Banking at NatWest Group, emphasized the financial benefits of reducing carbon footprints for businesses. He stated, “From our own research we know that many businesses stand to benefit financially from reducing their carbon footprint. Yet most lack the support needed to make the necessary changes.

“This new tool takes away the guesswork by offering businesses tailored recommendations to improve their energy efficiency. Whether it’s installing solar panels or fitting a low-carbon heat pump, the support will help firms understand the estimated costs and return on investment of the changes. Together, this can enable business leaders to make well informed decisions for their business, both financially and for the planet.”