Speaking about the scheme, Minister for the Environment Eamon Ryan said that the introduction of these low-cost loans will complement the existing suite of SEAI grants.
“We’re seeing the transformation of homes happening already. Retrofitting numbers are on track this year to eclipse our targets and now with this loan we hope that the numbers will continue to go only one way — and that’s up,” said Minister Ryan.
“We have designed the loans with the needs of homeowners in mind. Access will be simple and speedy with an emphasis on reducing the administrative burden on homeowners accessing both loans and grants.
“This means that householders can concentrate more on making their homes warmer and more economical, not on the paperwork.”
Minister for Finance, Michael McGrath, said that home retrofits are a critical component in achieving the Government’s ambitious climate action targets.
“The Home Energy Upgrade Loan Scheme is an important collaboration between the Government and public and private financial institutions, creating a novel scheme of a €500 million loan guarantee and an interest rate subsidy which has the potential to stimulate the level of retrofit activity needed by making affordable products available to homeowners and small landlords,” he said.
“I welcome that the Strategic Banking Corporation of Ireland will deliver the scheme, through participating on-lenders. I look forward to it building on the successes of other schemes to date which have supported SMEs across Ireland.”