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Energy Conservation

Dáil Éireann Debate, Tuesday - 19 October 2021

Tuesday, 19 October 2021

Questions (303)

Darren O'Rourke

Question:

303. Deputy Darren O'Rourke asked the Minister for the Environment, Climate and Communications the amount the low-cost loan scheme for residential retrofitting will cost the State in 2022; the number of households that are expected to use this facility in 2022; and if he will make a statement on the matter. [51298/21]

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Written answers

The Programme for Government and the 2019 Climate Action Plan set ambitious targets to upgrade 500,000 homes to a Building Energy Rating of B2/cost optimal or carbon equivalent, and to install 400,000 heat pumps in existing buildings by 2030. These targets represent a very significant increase in both the volume and depth of retrofit activity in Ireland.  My Department is engaging with the Department of Finance and the Strategic Banking Corporation of Ireland in relation to the development of a residential retrofit loan guarantee scheme. This project has been selected for inclusion in Ireland’s National Recovery and Resilience Plan. The specific features of the scheme as well as its costing are still under development. However, the National Recovery and Resilience Plan estimated the cost at €60 million, inclusive of €40 million from the European funding but excluding operational costs.  

The part-Exchequer and part-EU funded loan guarantee will provide risk protection to retail credit institutions participating in the scheme. This will enable credit institutions to offer loans with reduced interest rates and make comprehensive home energy efficiency upgrades more affordable to consumers. As a result, households will be able to enjoy more comfortable and healthier homes with a lower carbon footprint. 

The loan guarantee is expected to  increase the volume of retrofit activity within the State and improve the resilience of the supply chain within the retrofit sector. The scheme will also signal to the banking sector new viable business opportunities associated with the transition to a low carbon economy.

Question No. 304 answered with Question No. 281.
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