New low-cost Home Energy Upgrade Loan Scheme launched

"This innovative Scheme shows how the Government, financial institutions and the retrofit sector are working together to deliver climate action that works for people and planet. We have designed the loans with the needs of homeowners in mind. Access will be simple and speedy with an emphasis on reducing the workload for homeowners accessing both loans and grants. We also anticipate that with greater competition on the market, loan rates will also become more competitive, giving people more choice and value."

"Over 48,000 home energy upgrades were supported through SEAI schemes last year - up a massive 76% on 2022 and exceeding the target by 30%. The new low-cost loans will help us to go even further in our retrofit delivery this year and in the years ahead."

"I very much welcome this new and innovative loan scheme delivered by the Strategic Banking Corporation of Ireland, drawing together a significant number of financial institutions.  It is particularly welcome that the European Investment Bank and European Investment Fund (EIB/EIF), both of whom have a mandate to make long-term finance available in support of EU policy goals, are backing the scheme - a first of its kind for the EIB/EIF."

"I am delighted that homeowners and small landlords will be able to avail of loans at very attractive rates to improve the energy efficiency of their homes. This has a double benefit in that it will both help households to reduce energy bills and also lower our CO2 emissions contributing significantly to meeting Ireland's climate targets. The ability to combine a low-cost loan with SEAI grants adds to the attractiveness of the offering."

"I welcome PTSB's participation as the first on-lender in the market, with more to follow in the coming weeks. I encourage anyone with an interest in availing of the scheme to contact PTSB and other participating finance providers and I believe this initiative will have a very significant positive effect in the years ahead."

"I am delighted to see PTSB launch the Home Energy Upgrade Loan Scheme to market today. This Scheme is a first of its kind and will make a real difference to homeowners across the country in supporting them to improve the energy efficiency of their property, which will in turn reduce their energy bills. I am particularly glad that credit unions will be joining the Scheme in the near future, which will allow more people to access these affordable loans in their own communities and I would encourage anyone who is interested in retrofitting their home to avail of this Scheme."

"The EIB Group is pleased to support this ground-breaking €500 million loan guarantee scheme in Ireland to empower homeowners to cut energy bills, improve energy efficiency, and drive climate action. The Home Energy Upgrade Loan Scheme provides financial support through banks and credit unions across the country and gives homeowners the tools they need to make a difference in the battle against climate change, putting power in the hands of individuals. This visionary initiative sets a precedent unblocking climate action in Ireland and paves the way for other European countries to follow Ireland's lead in the fight against climate change."

"We welcome this launch of the Home Energy Upgrade Loan Scheme, which is designed to address a clear gap in the market for homeowners who want to upgrade the energy efficiency of their homes. This unsecured, 10-year low-cost loan is available at a significant discount to current personal loan rates. This loan will support homeowners who want to make meaningful energy upgrades in their homes by making the financing of this investment more affordable. It is designed to address market feedback that the absence of such a product is a barrier for some homeowners to carrying out deep energy retrofits in their homes."

"SEAI is delighted to support the launch of SBCI's Home Energy Upgrade Loan Scheme. The availability of low-interest finance will make it more accessible and affordable for homeowners to increase the comfort of their homes and reduce their energy bills. We know that the upfront costs of investing in home energy upgrades can be a deterrent for those wishing to improve the energy efficiency of their homes. This new loan scheme from SBCI will work in parallel with SEAI's home energy grant programmes, making it easier for homeowners to begin their retrofit journey and move away from fossil fuels."

"PTSB is delighted to partner with SBCI to offer customers low-cost loans to upgrade the energy efficiency of their home. This partnership allows us to provide competitive funding to support customers and help increase the volume of home retrofitting across the country. Our recent consumer research shows that while 1 in 5 (20%) are prepared to retrofit their homes at their own expense, the intention more than trebles to 65% if assistance is made available, so we expect this to be a welcome support among consumers. In addition, this scheme plays an important role as part of PTSB's sustainability strategy, and helps to meet the home retrofit targets under the Government's Climate Action Plan."