Warm welcome for low cost loans for upgrading homes under the Home Energy Upgrade Loan Scheme
Press Release, June 28th 2024
Waterford T.D. Marc Ó Cathasaigh has welcomed the announcement this week that two more banks – A.I.B. and Bank of Ireland – will be offering low-cost loans for people who are participating in the Government-backed, €500 million, Home Energy Upgrade Loan Scheme.
Speaking on the announcement, Ó Cathasaigh said
“With interest rates as low as 3%, homeowners can borrow from €5,000 to €75,000 to make their homes warmer and more energy efficient. It is great to see two more banks enter this market and it will help deliver the ambitious retrofitting programme that has been set out by this government. These home upgrades which help reduce our reliance on fossil fuels have an impact not only on the environment, but on people’s cost of living and on their health.”
AIB and Bank of Ireland are the latest financial institutions to offer loans under the scheme, with rates starting from as low as 3% (pricing varies depending on the finance provider). The participation of these two pillar banks, along with PTSB, who currently offer loans under the scheme, significantly increases competition in the market, providing homeowners with more choice and giving them the opportunity to avail of rates that are significantly lower than what is currently available on the market.
In addition to the three pillar banks, it is expected that a number of credit unions from the Irish League of Credit Unions will join the scheme in the coming weeks, which will allow more people to access these affordable loans in their own communities.
The scheme works hand in hand with SEAI grant programmes, and loans can be used for a broad range of home energy upgrades. Homeowners can apply for the loans directly through the participating finance providers.
Minister Ryan said:
“I am delighted that AIB and Bank of Ireland are now participating in the scheme. This means that all three pillar banks are now offering low-cost loans to homeowners who want to upgrade the energy efficiency of their homes. The increased competition in the market means that homeowners will now have more choice and greater value. Low-cost just got lower, which is good news for householders.
“I very much welcome the extremely competitive rates starting from 3%, which are the best green loan rates available on the market. I hope that more homeowners are encouraged to take advantage of this opportunity to upgrade their home to one that is warmer and healthier, with lower energy bills and emissions, supporting Ireland in our transition to a greener future.”
