Low-cost Home Energy Upgrade Loan Scheme launches in RoI

A new €500m scheme offering low-cost loans for energy efficiency upgrades in domestic homes has been launched in the Republic of Ireland.

Environment Minister Eamon Ryan (pictured) launched the scheme alongside Finance Minister Michael McGrath and Minister of State Neale Richmond.

Homeowners can borrow from €5,000 to €75,000 at significantly lower interest rates to make their homes warmer and cheaper to run.

The Home Energy Upgrade Loan Scheme is said to be the first of its kind for both Ireland and the European Investment Bank, which is supporting it alongside the Sustainable Energy Authority of Ireland (SEAI).

It will be delivered by the Strategic Banking Corporation of Ireland on behalf of the Department of the Environment, Climate and Communications.

Upgrade projects musts be supported by an SEAI grant and projected to achieve a minimum 20% improvement in the energy performance of the building.

Those most at risk of energy poverty can continue to avail of fully-funded energy upgrades under the Warmer Homes Scheme, while the new low-cost loans will also make it easier for those above the eligibility threshold to upgrade their homes.

Speaking at a launch event for the new scheme, Environment Minister Eamon Ryan said, “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.

“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.”