Hong Kong Electric (HEC) and China Light & Power (CLP) will provide up to 50% of project cost for replacing communal services in buildings with energy efficient plant and equipment.
Yes, that’s right, they are willing to fund Capital investment in Hong Kong buildings, each fund is capped, depending on the exact project details.
These funds can be used to replace or upgrade the existing lifts, escalators, water pumps, air conditioning, and lighting in the common areas of residential and commercial buildings.
It is a no brainer, a part of the capital cost is provided as a rebate to the building owner/management after the work is completed, then tenants enjoy a capital cost savings and lower energy bills going forward.
The scheme documentation is somewhat obtuse (HEC smart power fund) and (CLP Eco building fund) require the building owner/management to hire Registered Energy Assessor (REA) to submit the energy saving calculations for “committee” review, but there is no obvious energy-saving target, would 2% PA energy-saving qualify or do they require 10% energy saving? its unclear. In addition, the HEC website also offers opportunities to obtain a loan too!
Greening Existing Buildings
Improving the energy efficiency of the existing building stock is a priority, excluding government buildings, there are approx. 42,000 buildings in Hong Kong that desperately need energy efficiency improvement.
These funds subsidise part of the capital cost (CapEx) and simultaneously lowering the long term energy bills and lower operating expenses (OPex) for tenant/owner of the building.
These funds do not subsidise the whole capital cost, only a part of it, but that’s better than no subsidy.
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