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New low-cost Home Energy Upgrade Loan Scheme launched

Introducing the €500 Million Home Energy Upgrade Loan Scheme

Today marks a pivotal moment for homeowners across Ireland as Ministers Eamon Ryan, Michael McGrath, and Neale Richmond unveil a ground breaking initiative: the Home Energy Upgrade Loan Scheme. Developed in collaboration with the Strategic Banking Corporation of Ireland (SBCI), this €500 million government-backed scheme is set to revolutionise the way homeowners invest in energy efficiency.

Under this scheme, homeowners can access loans ranging from €5,000 to €75,000 at significantly reduced interest rates, making it easier than ever to make homes warmer, healthier, and more cost-effective to run. With support from institutions like the Sustainable Energy Authority of Ireland (SEAI) and the European Investment Bank (EIB) Group, this initiative is the first of its kind in both Ireland and Europe, signalling a new era of energy-conscious living.

The process is designed to be simple and accessible, with loans available through a range of financial institutions including PTSB, AIB, Bank of Ireland, Avant Money, and select credit unions. Thanks to increased competition in the market, rates are expected to be highly competitive, offering homeowners more choice and better value than ever before.

sbci infographic - low cost loans for energy upgrades, step by step guide

What sets this scheme apart is its focus on inclusivity and affordability. Unlike traditional loans, there’s no need for collateral against the property being upgraded, streamlining the process for homeowners. Furthermore, the scheme is specifically tailored to support projects that achieve a minimum 20% improvement in energy performance, ensuring that investments have a tangible impact on reducing energy bills and carbon emissions.

But the benefits don’t stop there. By participating in the scheme, households may also become eligible for lower-cost green mortgages in the future, incentivising long-term sustainability and further reducing the financial burden of energy upgrades.

Speaking at the launch, Minister Eamon Ryan highlighted the collaborative effort behind the scheme, emphasising its role in driving climate action that benefits both people and the planet. Minister Michael McGrath echoed this sentiment, underscoring the dual benefits of reduced energy bills and CO2 emissions.

For Minister Neale Richmond, the scheme represents a significant step towards empowering communities to embrace energy efficiency, with credit unions set to join the initiative in the near future, further expanding accessibility.

With endorsements from key figures like Kevin McKeon of the EIB Group and William Walsh of SEAI, the Home Energy Upgrade Loan Scheme has garnered widespread acclaim for its innovative approach to tackling climate change at the grassroots level.

In addition to providing financial support, the scheme is part of a broader National Retrofit Plan aimed at addressing barriers to retrofitting and accelerating progress towards Ireland’s climate targets. Already, the impact is tangible, with over 48,000 home energy upgrades supported by the government in the past year alone.

As we look ahead as a One Stop Shop Provider, the launch of this scheme represents a significant milestone in Ireland’s journey towards a more sustainable future. By empowering homeowners to invest in energy efficiency, we’re not just improving living conditions — we’re building a greener, more resilient society for generations to come.