The Home Energy Upgrade Loan Scheme is a plan that helps people who own houses to get loans at a lower cost. These loans are used to make changes in their homes that save energy. A grant from the Sustainable Energy Authority of Ireland (SEAI) pays for some of these changes.
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Government Launches €75,000 Low-Interest Loan Scheme
Before, people could ask for money from the SEAI to pay for 10% and 100% of the cost of making their homes more energy-efficient. This could be done through insulation, solar panels, windows, flooring, heat pumps, and more. Now, people who own or rent homes can get a low-interest loan of between €5,000 and €75,000 to help pay for the rest of the costs of these changes.
What Does the Loan Scheme Offer?
- Lower interest rates: The cost of borrowing money is less.
- Flexible terms: You can take up to 10 years to repay the loan.
- Loans: You can borrow between €5,000 and €75,000 for each property. You can get loans for up to 3 properties or €225k per person.
- Unsecured loans: The loan is not tied to your property like a mortgage is.
- Availability: You can get a loan until 31 December 2026 or until the scheme’s funding runs out.
Who Offers the Loan?
Right now, you can get the loan from:
- AIB
- Bank of Ireland
- Permanent TSB
Other lenders are preparing to join the scheme and are expected to start offering the loan in 2024. These include:
- Avant Money
- Clonmel Credit Union
- Connect Credit Union
- First South Credit Union
- Listowel Credit Union
- Naomh Breandan Credit Union
- North Midlands Credit Union
- Progressive Credit Union
What Can You Use the Loan For?
You can use the loan to:
- Make a lot of changes to your home to make it more energy efficient.
- Make one or two big changes that will greatly improve how energy-efficient your home is.
Why is the Loan Scheme Good?
- Loans can help spread the cost of energy upgrades over a period of time, making it easier to balance repayments against bill savings.
- The process for asking for a grant and a loan is streamlined.
- Once your loan is approved, you can receive the money for deposits or milestone payments before the work starts.
- You can spend up to 25% of the loan on non-energy activities (like redecorating your home).
Who Can Get the Loan?
To get the loan, you need to:
- Be using the loan to make your home more energy efficient.
- Own the home.
- Have the property in the Republic of Ireland.
- First, qualify for a grant from SEAI for the energy upgrades.
- Have the work done by an SEAI registered One Stop Shop, Energy Partner or Community Coordinator.
- Spend at least 75% of the loan amount on eligible measures.
- Have the home projected to achieve a minimum 20% uplift on the building’s current energy performance (BER).
- Not have already completed the works that the loan would fund.
How Do You Apply for the Loan?
- Contact an SEAI registered One Stop Shop, or an Energy Partner, or an SEAI Community Project Coordinator to plan your home energy upgrade.
- They will do an assessment, give you a Home Energy Summary Report and apply for your SEAI home energy upgrade grant.
- Engage in a conversation with a financial provider associated with the Home Energy Upgrade Loan Scheme on SBCI.gov.ie.
- You apply for your low-cost, flexible loan using your Home Energy Summary Report at SBCI.gov. ie.
- Once your loan is approved, you can start your home energy upgrade and carry out work.
If you can’t afford to make your home more energy efficient, you may qualify for a free upgrade with the SEAI Warmer Homes Scheme.
Click the link to know more.
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