News hot off the presses, which I am very much in support of, is that Naas homeowners will be able to borrow between €5,000 and €75,000 at significantly lower interest rates to make their homes warmer and cheaper to run. This is part of a €500 million scheme to support homeowners to invest in energy efficiency.
The state-backed Home Energy Upgrade Loan scheme will lessen the financial barrier to improving energy efficiency and make it a realistic option for more people. While there is an existing grant scheme from the SEAI (Sustainable Energy Authority of Ireland), the homeowner is expected to come up with the balance of the cost of the works. With these new home energy upgrade loans, the homeowner can borrow that money, and at a much lower interest rate – about half the rates currently available for regular personal loans.
A number of lenders will be participating in the scheme. The first out of the traps is ptsb, offering an interest rate of 3.55pc (compared to 6 to 7 pc for a personal loan). That would mean a saving of around €10,000 on a €50,000 loan paid back over 10 years. AIB, Bank of Ireland and some credit unions are expected to follow suit. Lenders can charge less because the State is guaranteeing the loans to the value of €500m.
The loans must be applied for before December 31, 2026. The repayment period is up to ten years. The planned works must be carried out by an SEAI-approved provider; they can take the form of a deep retrofit or just one energy upgrade project, such as switching from a fossil-fuel heating system to a heat pump. Qualifying works include insulation (cavity, internal walls, external walls and attics), heating controls, heat pumps and solar thermal panels.
This is a fantastic scheme and just what is needed to help us make meaningful improvements to our homes’ energy efficiency ratings. To learn more or get started, go here.
The Green Party is dedicated to practical climate action that works for people and the planet. We are making it as easy as possible for homeowners to improve the energy efficiency of their homes and to reap the benefits. Last year, over 48,000 home energy upgrades were supported by SEAI schemes and we’re going to bring this to even more homes this year.
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