New low cost home energy loan scheme opening soon

A new low cost home energy loan scheme will soon be available from participating banks.

The news that the scheme will soon be up and running, which was confirmed by Minister for the Environment Eamon Ryan last week, has been welcomed by Minister Peter Burke.

“This is another part of the jigsaw for the government’s retrofit plans and will apply to homeowners who will take on a cost-effective loan, spread over up to 10 years, to carry out energy upgrades to their homes.

“This follows a landmark agreement which will see homeowners able to take out loans at much lower interest rates. They can borrow between €5,000 and €75,000 with a term of 10 years thanks to cooperation between European Investment Bank Group loan guarantee and a government subsidised interest rate.

“There is a budget of €500m for the scheme which will see homeowners able to make upgrades to their homes to make them warmer and more economical to run. There will also be support for sustainable business initiatives who bring their new retrofitting technologies to every corner of the country.

“This scheme will complement the current SEAI Grant scheme which is already available for those on low incomes. There has been considerable interest in routes available for home owners to make upgrades to their homes and I am glad this low cost loan scheme is soon to be available as an option too,” commented Minister Burke.