Energy Saving Low Rate Loan Scheme launched by Credit Unions and REIL
There's good news for households looking to make energy efficient alterations.
It will now be more affordable to make energy efficient alterations to your home and help improve its energy rating, thanks to a new “no money up front” loan scheme launched by credit unions in partnership with Retrofit Energy Ireland Limited (REIL).
The Home Energy Saving Loan Scheme, supported by the Sustainable Energy Authority of Ireland (SEAI), will make access to SEAI funding easier - with 35% of the cost towards making energy efficient improvements to your home covered by the scheme. The scheme will allow you to access low cost finance and participating credit unions will cover the balance of the costs.
Paddy Sweeney of REIL said the aim of this initiative is to take the “leg-work” away from the consumer with minimal input required after the initial application is submitted.
Kevin Johnson, CEO of CUDA, the representative and lobby group for Ireland’s largest credit unions and is the organisation behind the Solution Centre, added: “We expect uptake to be huge.. The approved energy upgrades are wide-ranging and include attic insulation, cavity insulation, solar thermal panels (hot water), internal drylining insulation, windows upgrades, external wall insulation, windows & doors upgrades, gas or oil boiler upgrades with heating controls, air source heat pump, heating controls and solid fuel stoves.”
Piloted across six larger credit unions initially (see below), the scheme is expected to be rolled out across more credit unions in 2019.
Participating credit unions:
Blanchardstown and District
Capital (Dundrum, Sandymount, Drimnagh)
Community (Castleknock, West Cabra)
Core (Dun Laoghaire, Dalkey, Foxrock)
South Dublin (Stillorgan)
But don’t forget that there are other ways you can make energy efficient changes around your home that will not only help you save money but will also help reduce your impact on the environment such as insulating your home, updating your appliances and installing solar panels. You can also easily and cheaply conserve energy at home by following a few simple energy saving tips to bring down the cost of your energy bill.