New Low-Cost Home Retrofit Loans for Sustainable Upgrades

We are excited to introduce a new initiative that offers special low-cost retrofit loans to homeowners. This initiative supports energy-efficient and renewable home improvements. It is the result of a partnership between the government and various financial institutions. Their goal is to enhance sustainable living and advance climate action.

The Department of the Environment has highlighted this initiative’s critical role. It enables homeowners to upgrade their living spaces. These upgrades will make homes warmer, healthier, and more cost-effective over time. The loans are available at about half the typical market interest rates. This significant step forward supports our environmental efforts.

Major banks and various credit unions are expected to offer low interest rates soon. These rates start as low as 3.55%. This expansion will increase the choices available to homeowners.

Loans range from €5,000 to €75,000 and require no security. This setup avoids the usual strict borrowing criteria associated with personal loans. The loan terms vary from one to ten years. They cater to various financial situations and retrofitting needs. These include installing insulation, solar panels, and transitioning from fossil fuels to electric heat pumps.

A robust state fund of €500 million backs this initiative. This fund provides a safety net for lenders, enabling them to offer lower interest rates. Minister for Transport Eamon Ryan has described the scheme as a model of cooperation. It involves the government, financial institutions, and the retrofit sector. The goal is to deliver effective climate solutions that benefit both people and the planet.

The loan process has been designed to be straightforward and quick. This design minimises the usual hassle associated with securing loans and grants. As the market becomes more competitive, we anticipate even lower loan rates. These rates will offer greater choice and better value for consumers.

For more information on taking advantage of these new Home Energy Upgrade Loans and making your home more energy-efficient, please visit the SEAI website. You can also check out the SBCI Home Energy Upgrade Loan Scheme pages linked below.

Join us in embracing these changes. They not only improve our homes but also contribute to a healthier planet!

Learn More

Home Energy Upgrades | Home Energy | SEAI

Home Energy Upgrade Loan Scheme – SBCI

Loan Providers

PTSB – https://www.ptsb.ie/borrowing/loans/home-improvement-loan/

An Post – Home Improvement Loans | Lowest Fixed Rates in Ireland | An Post Money

AIB – Home Improvement Loans, Loan for Improvement to Home | AIB

Credit Union – Home Improvement Loan Calculator – Credit Union – The Irish League of Credit Unions

Bank of Ireland – Key Features | Home Improvement Loan | Bank of Ireland

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