Dáil Éireann Debate, Monday - 11 September 2023
78. Deputy Jennifer Whitmore asked the Minister for the Environment, Climate and Communications when the low-interest loans to enable homes to retrofit will be available; the rate it will be set at; and if he will make a statement on the matter. [37280/23]
View answer194. Deputy Jennifer Whitmore asked the Minister for the Environment, Climate and Communications if he will provide details on when the low-interest loan for retrofitting will be available; and if he will make a statement on the matter. [39344/23]
View answerI propose to take Questions Nos. 78 and 194 together.
My Department is working with the Department of Finance, the Strategic Banking Corporation of Ireland, the Sustainable Energy Authority Ireland, the European Investment Bank and the European Investment Fund to develop a residential retrofit loan guarantee scheme, which will be backed by a counter guarantee provided by the EIB Group.
The loan guarantee will provide risk protection to retail credit institutions participating in the scheme and will enable credit institutions to offer loans with reduced interest rates to private homeowners and non-corporate landlords making comprehensive home energy efficiency upgrades more affordable to consumers. Further, it will signal to the banking sector, new sustainable business opportunities associated with retrofit and the transition to a low carbon economy as well as increasing the volume of retrofit activity within the State.
The development of this innovative scheme is a complex process involving several stakeholders. Intensive engagement to develop the scheme is ongoing and there has been extensive due diligence between the EIB Group and the Irish banking and credit union sector.
The residential retrofit loan guarantee scheme will be the first consumer-focused guaranteed loan of its kind in Ireland. All stakeholders both at national and European level are committed to finalising the project and it is expected that the loan guarantee will be in place this year. Detail on the applicable interest rates will be available at that time.
