Michael Lowry (Tipperary, Independent)
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175. To ask the Minister for Communications, Climate Action and Environment when the low-cost loan scheme for energy upgrades will be available; and if he will make a statement on the matter. [22968/23]

Eamon Ryan (Dublin Bay South, Green Party)
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My Department is working with the Department of Finance, the Strategic Banking Corporation of Ireland, the Sustainable Energy Authority Ireland, the European Investment Bank and the European Investment Fund to develop a residential retrofit loan guarantee scheme, which will be backed by a counter guarantee provided by the EIB Group.

The loan guarantee will provide risk protection to retail credit institutions participating in the scheme and will enable credit institutions to offer loans with reduced interest rates to private homeowners and non-corporate landlords making comprehensive home energy efficiency upgrades more affordable to consumers. Further, it will signal to the banking sector, new sustainable business opportunities associated with retrofit and the transition to a low carbon economy as well as increasing the volume of retrofit activity within the State.

The development of this innovative scheme is a complex process involving several stakeholders. Intensive engagement to develop the scheme is ongoing and there has been extensive due diligence between the EIB Group and the Irish banking and credit union sector. Significant progress has been made to date, with two open calls for expressions of interest to participate in the scheme completed, and a number of banks and credit unions submitting formal expressions of interest.

The residential retrofit loan guarantee scheme will be the first consumer-focused guaranteed loan of its kind in Ireland. All stakeholders both at national and European level are committed to finalising the project and it is expected that the loan guarantee will be in place in Q3 2023.