SINGAPORE - A new $17 million scheme has been set up to help small and medium-sized enterprises (SMEs) improve their use of energy.
The initiative aims to achieve power savings of at least 10 per cent over the next three years for up to 300 SMEs, said Mr S. Iswaran, Second Minister for Trade and Industry, yesterday.
Speaking at the Standards eXchange on Resource Efficiency event at Resorts World Sentosa, he said: "Energy costs can constitute a significant part of our SMEs' operating costs."
He noted that energy accounts for 13 per cent of operating expenses across manufacturing SMEs, more than the 11 per cent average for all manufacturing companies.
Mr Iswaran, also Minister in the Prime Minister's Office, added: "To remain competitive and grow, our SMEs need to be smart users of energy."
The new SME Energy Efficiency Initiative, which was developed by Spring Singapore, will cover four areas: energy audit, energy monitoring systems, energy efficiency projection implementation, and energy efficiency thought leadership.
SMEs will be able to engage any of 11 pre-qualified energy services companies to audit their operations and identify ways to improve efficiency.
Funding will be available for SMEs to install systems for long-term self-monitoring of energy use, as well as to embark on larger energy efficiency projects.