€500m scheme will make retrofitting "significantly more affordable" - Troy

Fianna Fáil TD for Longford-Westmeath Robert Troy has warmly welcomed what he described as the “innovative” new Government-backed, low-interest rate home energy upgrade loan scheme.

The €500m Home Energy Upgrade Loan Scheme will make retrofitting "significantly more affordable for homeowners" according to Deputy Troy.

The scheme is aimed at encouraging homeowners to invest in energy efficiency by making retrofitting more affordable and more accessible, and is supported by the European Investment Fund and the European Investment Bank Group.

Loans can be used for comprehensive energy efficiency and renewable energy upgrades where those works are also being grant-aided by the Sustainable Energy Authority of Ireland (SEAI).

The amounts that homeowners will be able to borrow range from €5,000 to €75,000 on an unsecured basis for a term of up to 10 years at low interest rates. The scheme is due to get underway in January 2024.

Welcoming the scheme Deputy Troy said: "I very much welcome this agreement between the Government and EIB Group that paves the way for low-interest, home energy upgrade loans of between €5,000 and €75,000.

"The innovative scheme will make it significantly more affordable for people to improve the energy efficiency of their homes.

"People can use the finance to undertake a deep-retrofit of their homes or to undertake individual measures, such as external wall insulation or the installation of a heat pump. The result will be warmer homes that are cheaper to run and importantly, it will also lead to reduced emissions."