Dáil Éireann Debate, Tuesday - 30 April 2024
159. Deputy Ivana Bacik asked the Minister for the Environment, Climate and Communications if the new low cost home energy upgrade loan scheme, announced on 26 October 2023, will commence in April 2024; the reason for the delay; and when the scheme will commence. [18779/24]
Amharc ar fhreagraThe Home Energy Upgrade Loan Scheme was launched on the 24 April 2024. It 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 Government-backed €500 million Scheme is the first of its kind for both Ireland and the EIB Group and will play a crucial role in helping homeowners to invest in energy efficiency. Under the Scheme, homeowners can borrow from €5,000 to €75,000 at significantly lower interest rates to make their homes warmer and cheaper to run.
PTSB is the first financial institution to offer loans to homeowners under the Scheme, with rates from 3.55% available now. AIB, Bank of Ireland, Avant Money and seven credit unions from the Irish League of Credit Unions (Clonmel, Connect, First South, Listowel, Naomh Breandan, North Midlands and Progressive) are finalising the approval process and legal requirements to provide the Scheme and are expected to commence offering loans shortly.
The development of this innovative Scheme was a complex process involving multiple stakeholders, extensive due diligence with a range of financial institutions, the establishment of a robust legal framework as well as the building of the required IT systems across a number of organisations.
