Timmy Dooley (Clare, Fianna Fail)

The home energy upgrade loan scheme, HEULS, was launched in April 2024. It is intended to play a crucial role in helping homeowners invest in their energy upgrades to make their homes warmer, healthier and more comfortable with lower emissions and lower bills. It was developed by my Department in conjunction with the Department of Finance, Strategic Banking Corporation of Ireland, SBCI, Sustainable Energy Authority of Ireland, SEAI, and European Investment Bank.

The scheme is available nationwide and homeowners can borrow from €5,000 to €75,000 on an unsecured basis for a term of up to ten years at significantly lower interest rates than those currently on the market. Rates start from as low as 2.99% depending on the finance provider. PTSB was the first lender to join in April 2024. AIB and Bank of Ireland joined in June 2024. In 2025, the group of participating lenders has been expanded to include Avant Money in partnership with An Post and seven credit unions from the Irish League of Credit Unions. By the end of 2024, 245 loans to a value of €11.9 million were drawn down, and by the end of June 2025 this had risen to 580 loans to a value of €28.5 million.

In line with the programme for Government, in addition to expanding the number of lenders under the scheme, a key focus of the Department across 2025 has been the continued promotion of the scheme to drive uptake.

This also includes the progression of a comprehensive marketing and communications campaign to scale up activity in the home energy upgrade loan scheme. While I am aware, and it can be seen from the numbers, that it probably did not drive on as quickly as people expected, now that there are the array of lenders and with that campaign being organised I expect there to be a significant uptake. The 3% interest rate in the current market is a very good rate and one we all have a duty insofar as we can to try to promote within our own spheres of influence.

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