Michael Healy-Rae
Question:6. Deputy Michael Healy-Rae asked the Minister for the Environment, Climate and Communications if he will address a matter (details supplied); and if he will make a statement on the matter. [52600/23]
View answerWednesday, 29 November 2023
Questions (6)
Written answers
My Department and the European Investment Bank Group 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 in conjunction with the Department of Finance, the Strategic Banking Corporation of Ireland, the Sustainable Energy Authority of Ireland, the European Investment Bank and the European Investment Fund.
The €500 million scheme is the first of its kind for Ireland and the European Investment Bank and will encourage homeowners and non corporate landlords, to invest in the energy efficiency of properties currently used as residential properties, thereby improving the comfort of homes, reducing energy costs and lowering harmful emissions. Those applying for the loan 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.
The loans can be used for comprehensive energy efficiency and renewable energy upgrades where those works are also being grant-aided by the Sustainable Energy Authority of Ireland. The loans will help reduce the financial challenges for homeowners and non- corporate landlords, making home energy upgrades more accessible and affordable. It is anticipated that the Home Energy Upgrade Loan will be available through participating retail lenders in Q1 next year and the full eligibility criteria will be published at that point.