Written answers
Tuesday, 20 February 2024
Department of Communications, Climate Action and Environment
Energy Conservation
Robert Troy (Longford-Westmeath, Fianna Fail)
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133. To ask the Minister for Communications, Climate Action and Environment the date in February 2024 that the new low-cost home energy upgrade loan scheme will be launched. [7530/24]
Ivana Bacik (Dublin Bay South, Labour)
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134. To ask the Minister for Communications, Climate Action and Environment if the new low cost home energy upgrade loan scheme, announced on 26 October 2023, will commence this month; and, if not, when the new scheme will commence. [7544/24]
Eamon Ryan (Dublin Bay South, Green Party)
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I propose to take Questions Nos. 133 and 134 together.
In order to assist with the achievement of our retrofit targets, the Programme for Government, Climate Action Plan and the National Retrofit Plan committed to the introduction of a new residential retrofit low-cost loan scheme.
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. An agreement with the European Investment Bank (EIB) Group underpinning the new Home Energy Upgrade Loan Scheme was announced in October 2023. An open call inviting lenders to participate in the scheme was launched on 31 October 2023.
The €500 million scheme is the first of its kind for both Ireland and the EIB. 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 on the market as a result of the combination of the EIB Group loan guarantee and a Government-funded interest rate subsidy.
The Home Energy Upgrade loans will help reduce the financial challenges for many homeowners and will play a crucial role in helping homeowners to invest in energy efficiency, making their homes warmer, cheaper to run and helping to lower emissions. It will also signal to the banking sector, new sustainable business opportunities associated with retrofit and the transition to a low carbon economy.
It is anticipated that the loans will be available in Q1 this year through participating retail lenders.
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