Condition Improvement Fund (CIF) 2017/18
Funding for Academies and Sixth Form Colleges
In partnership with the Education Funding Agency (EFA), Salix has been involved with the assessment of energy efficiency projects in the Condition Improvement Fund (CIF) for the past two years. Salix's involvement in this fund is to assess the energy savings associated with projects such as boiler/heating system upgrades, insulation in roofs, walls and pipework, windows/draught proofing and cladding and curtain walling.
Salix's model works by providing the upfront interest-free capital for a project which is repaid using the annual savings to energy bills over a maximum of 8 years. This model makes it a cost neutral approach and the repayments are then able to be recycled to fund further projects in the public sector.
In most cases the project types mentioned above will have an energy saving but may take more than 8 years to pay for themselves and as such could be funded through a combination of 100% interest-free Salix loan alongside either a CIF loan, academy/college contribution or CIF grant funding. By including a Salix loan in your CIF bids, you will receive a higher value for money score in your CIF assessment.
How do I work out how much Salix loan I can apply for?
When you know what your annual savings will be on your energy bills, simply multiply this value by 8 to give you your maximum Salix loan. Any value above this can be funded using a combination of other funding depending on your preference e.g. a CIF loan, academy/college contribution and/or CIF grant funding.
An example of a Salix/CIF eligible project is below:
If a boiler upgrade will cost you £60,000 but you would save £5,000 per year on your gas bill, then you could apply to CIF for a Salix loan of 8 x £5,000 (£40,000) and the remaining £20,000 as a grant from the EFA.
Salix Assessment - Information to provide
To aid our assessment of your project's energy savings, Salix ask you to complete our NEW Energy Savings Support Tool V3.1. To further add to your application, we would encourage you to also provide savings calculations to show us how you have calculated your savings. There is guidance within the tool to help you complete the form but please email email@example.com if you have any questions. Salix don't count any maintenance savings, these are an added benefit for the academy and shouldn't be included in your loan amount requested.
If your project pays for itself through energy savings within 8 years, you may be eligible for the NEW Salix Energy Efficiency Fund (SEEF) which is a fund for energy efficiency focused projects e.g. lighting. SEEF has a slightly different application process to CIF so please visit the SEEF page here for further details.
For an introduction to CIF, SEEF and Salix Finance, click here for content from our webinar explaining the funding schemes available to Acadamies, Sixth Form Colleges and Multi Academy Trusts.
- Salix has a minimum loan value of £8,000 for CIF therefore if your annual energy savings are below £1,000 per year, it is unlikely that you will be eligible for a Salix loan.
- Please download and complete the NEW Energy Savings Support Tool V3.1 to showcase what your annual energy consumption is for the parts of the school affected and what you expect your annual energy savings to be.
- When applying for a CIF bid that includes a Salix element, please refer to the CIF guidance for deadlines and the application process on your portal.
- Academies are allowed two CIF bids as well as one SEEF bid. Please use the flow diagram here to help you decide which fund is best for your project(s).
- Academies in larger MATs are not eligible for CIF as outlined in the CIF guidance, however they are eligible to apply for SEEF - please see the SEEF page for more information.
Submissions for the Condition Improvement Fund have now closed. Successful applications will be notified in March/April 2017.
If you have a query please email: firstname.lastname@example.org.