Final deadline for business energy support scheme imminent

Businesses that wish to avail of a Government assistance scheme for energy bills are being warned that the deadline for applications is Saturday.

Just €129 million of claims have been approved so far out of the €1.25 billion earmarked for the scheme. The vast majority of businesses that have been approved are in the retail, accommodation and food, and manufacturing sectors.

Rolled out as part of Budget 2023 to help businesses withstand the impact of elevated energy prices, the Temporary Business Energy Support Scheme (TBESS) is open to tax-compliant companies that have experienced an increase of 30 per cent or more in their energy bills.

The scheme’s design has been criticised by businesses due to its perceived complexity and lack of scope.

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It was costed at €1.25 billion when it was announced in Budget 2023, has been extended on a number of occasions and the criteria for applications widened due to poor take-up.

With Budget 2024 on the horizon, the future of the scheme is uncertain. In recent weeks, the Irish Fiscal Advisory Council said renewing it in the budget risked adding to price pressures at a time when energy bill hikes, in general, are beginning to taper off.

In its pre-budget statement, the State’s independent budgetary watchdog said the Coalition should assess whether the scheme is still required from a macroeconomic perspective.

Businesses wishing to avail of the scheme can access the claim portal via the e-repayments system in Revenue’s online service.

To make a claim via the portal, businesses will need all electricity and natural gas bills for the relevant reference periods and the claim periods concerned.

Businesses will also need to provide their bank account details and will be required to make a declaration that the qualifying conditions of the scheme are satisfied.

Revenue said it has been in contact with all businesses with partial claims for TBESS and explained what they need to do to complete the claims process.

“The claim portal will not be available after Saturday and businesses should allow sufficient time to complete these processes, so that claims can be fully submitted before Saturday,” Revenue said.

“It is important for businesses to act now, given the imminent deadline.”