Ireland is setting up a €35 million fund (£30m) which will lend cash to the public and commercial sectors for energy efficiency projects.
The Irish Government hopes the cash will be matched by the private sector to make a total of €70 million (£60m) available to interested businesses.
Announcing the fund this week, Irish Energy Minister Pat Rabbitte hoped the new green fund could create 5,000 new jobs.
He said: “We estimate that about €250 million in savings can be made in energy bills in the public sector alone. Around 675 jobs, direct and indirect, will be created for every €10 million expenditure.”
Two main types of project can get funding, firstly through an Energy Performance Contract, where an energy services company (ESCO can get loans to improve the energy savings of their clients, while companies can also apply for loans directly.
The Energy Efficiency Fund will be separate from an existing Irish grant scheme for retrofitting private homes.