Home Energy Saving Loan Launched
A home energy saving loan that allows people to improve the energy rating of their home, has been launched by the Solution Centre (The Solution Centre is a collaboration of credit unions that supply product development and business supports to Ireland’s Credit Union sector).
The scheme is a partnership between Credit Unions, Retrofit Energy Ireland Ltd (REIL) and supported by the Sustainable Energy Authority of Ireland (SEAI). The scheme aims to help finance home energy upgrades.
The first step to applying for this “zero money up-front model” is to complete an application form. REIL will conduct a free assessment of your home and present you with a report outlining what energy upgrades may be available.
If you want to avail of any of the upgrades, you can apply for an SEAI grant to cover 35% of the cost. You then use a credit union loan to pay for the remaining 65% of the cost.
It was announced at the launch that the approved energy upgrades are wide-ranging and include attic insulation, cavity insulation, solar thermal panels (hot water), internal dry lining insulation, windows upgrades, external wall insulation, windows & doors upgrades, gas or oil boiler upgrades with heating controls, air source heat pump, heating controls and solid fuel stoves.
The scheme will initially be piloted across 6 large credit unions with a membership of over 200,000 with the expectation of rolling it out to many more credit unions in 2019.
Find out more about the scheme.