Financing your Home Energy Upgrade

The Home Energy Upgrade Loan Scheme aims to make residential energy upgrades more accessible and affordable for eligible homeowners. The scheme supports energy efficiency and renewable energy upgrades where those works are also being grant-aided by the Sustainable Energy Authority of Ireland (SEAI).

The scheme is established and offered by the Strategic Banking Corporation of Ireland (SBCI) and benefits from a guarantee that has been provided by the European Investment Fund (EIF) and European Investment Bank (EIB) and supported by the Department of Environment, Climate and Communications (DECC).

Loan Features

1. Unsecured loans from a minimum of €5,000 to a maximum of €75,000 per property – maximum aggregate loan of €225,000 per applicant if borrowing for more than one property (maximum three properties).
2. Terms from a minimum of one year to a maximum of 10 years.
3. Loans will be available up to 31 December 2026 or prior to that date in certain circumstances.

The Home Energy Upgrade Loan Scheme is available through AIB, Bank of Ireland and PTSB. To learn more visit SBCI.

With AIB’s green personal loan, customers can avail of a green rate of 6.40% APR, the lowest personal loan rate currently available from the bank. For context, its current standard rate for personal loans is 8.95% so this is significantly lower. With this loan it’s possible to borrow between €3,000 and €60,000 for up to ten years and you’ll need to spend at least 50% of the loan on a green initiative (this can include the purchase of an electric car). AIB doesn’t charge penalties should you decide to make extra repayments or if you’d like to repay your loan early, which can be a real help. And you don’t need to be an existing customer of AIB to apply for this loan.

With Bank of Ireland’s green home improvement loan customers can obtain a variable rate of 6.50% APR. Loan amounts start from €2,000 and go all the way up to €65,000. Some of the advantages of choosing BOI’s green loan include flexible repayment options, the ability to defer the first three months’ repayments, as well as not needing to hold any savings against your loan. Similar to the other green loans available above, the work being undertaken must include a retrofitting activity such as installation of solar panels, insulation of any kind, and so on.

PTSB partnered with the Strategic Banking Corporation of Ireland (SBCI) to bring you the SBCI Home Energy Upgrade Loan Scheme.

New and existing PTSB customers can obtain a variable rate of 3.90% APR. Loan amounts start from €5,000 and go all the way up to €75,000 per property for terms from 1 year to a maximum of 10 years. Take some time to review all the information before starting your application.

The Credit Union, Energeia and Irish-owned retrofit company House2Home have all recently teamed up to launch the CU Greener Homes Scheme, a one-stop shop for those looking to finance a retrofit. Grants of up to 40% are available as part of the scheme and are discounted upfront by House2Home. The SEAI provides a grant of 35% for homeowners who complete a deep retrofit project. The remaining 5% is provided as additional support by Energeia while participating Credit Unions are offering discounted loan rates from as low as 4.9% APR depending on the size of the work you’re getting done. There are also a number of grants available for shallow retrofits. So whether you are considering just a new boiler or a deep retrofit, the CU Greener Homes Scheme can help.

Local Credit Unions also offer home renovation loans with an APRs of 5% – 8.6%. Reach out to your local credit union to enquire on their home renovation loan offerings.

Customers can also retrofit their homes with a green loan from An Post. It’s possible to borrow from €5,000 to €75,000 and for a term of up to ten years. Rates from An Post start from as low as 4.9% APR. However, customers must be availing of an energy efficiency grant from the SEAI in order to apply. The loan applicant’s homes must have been built prior to 2006. They must also submit an SEAI ‘Declaration of Works’ document with the loan application. With An Post the interest rate you pay is determined by your loan amount and credit profile.