Local Fianna Fáil Deputy Robert Troy has said an “innovative” new Government-backed, low-interest rate home energy upgrade loan will make retrofitting significantly more affordable for constituency homeowners.
The Home Energy Upgrade Loan Scheme is aimed at encouraging homeowners to invest in energy efficiency by making retrofitting more affordable and more accessible.
The €500 million Government scheme is supported by the European Investment Fund and the European Investment Bank Group.The 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 ).
Homeowners will be able to borrow between €5,000 and €75,000 on an unsecured basis for a term of up to 10 years at low interest rates.
“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. They will be available from January.
“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,” Deputy Troy stated.
