James Lawless
Question:146. Deputy James Lawless asked the Minister for the Environment, Climate and Communications the commencement date for the green energy home loan scheme; and if he will make a statement on the matter. [53859/23]
View answerTuesday, 5 December 2023
Questions (146)
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 to invest in energy efficiency 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.
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 which recently announced an open call inviting lenders to participate in the scheme. Homeowners will be able to apply for the loans early next year through participating retail lenders.