Dáil Éireann Debate, Thursday - 16 November 2023
25. Deputy Alan Farrell asked the Minister for the Environment, Climate and Communications to provide details on the roll-out of the home energy upgrade loan scheme; and if he will make a statement on the matter. [49607/23]
View answer33. Deputy Jennifer Whitmore asked the Minister for the Environment, Climate and Communications for an update on the low interest loans for retrofitting; when an interest rate will be determined; and if he will make a statement on the matter. [50263/23]
View answer42. Deputy Aindrias Moynihan asked the Minister for the Environment, Climate and Communications when the green loan system will be available to homeowners to assist in energy upgrades to their homes; and if he will make a statement on the matter. [50245/23]
View answer98. Deputy Ivana Bacik asked the Minister for the Environment, Climate and Communications when the low-cost retrofit loan scheme will be available to the public; the reason for the delay beyond the 2023 quarter three target; what the interest rate on the loan is going to be; what the minimum and maximum loan amounts available will be; and if he will make a statement on the matter. [50388/23]
View answerI propose to take Questions Nos. 25, 33, 42 and 98 together.
My Department and the European Investment Bank (EIB) Group have recently reached an agreement that paves the way for Government-backed, low-interest home energy upgrade loans. The Home Energy Upgrade Loan Scheme was developed by my Department, the Department of Finance, the Strategic Banking Corporation of Ireland, the Sustainable Energy Authority Ireland, the European Investment Bank and the European Investment Fund.
The €500 million scheme is the first of its kind for Ireland and the EIB and will encourage homeowners to invest in energy efficiency, thereby improving their comfort, reducing energy costs and lowering harmful emissions. Homeowners will be able to borrow from €5,000 to €75,000 on an unsecured basis for a term of up to 10 years. The interest rates will be significantly lower than those currently available in the market as a result of the combination of the EIB Group loan guarantee and a Government-funded interest rate subsidy.
It is a complex and highly innovative scheme that involved intensive engagement in its development with extensive due diligence between the EIB Group and the Irish banking and credit union sector. The scheme will be delivered by the Strategic Banking Corporation of Ireland (SCBI) which recently announced an open call inviting lenders to participate in the scheme. Homeowners will be able to apply for the loans in Q1 next year through participating retail lenders. Further details on the interest rates to apply will be available at that point.
