Dáil Éireann Debate, Wednesday - 20 March 2024
82. Deputy Francis Noel Duffy asked the Minister for the Environment, Climate and Communications when the new low-cost EIB group-supported home energy upgrade loan scheme will be delivered; if he will provide more information on the application process; and if he will make a statement on the matter. [11561/24]
View answer88. Deputy Sean Fleming asked the Minister for the Environment, Climate and Communications when loans will be available under the home energy upgrade loan scheme; and if he will make a statement on the matter. [11750/24]
View answer95. Deputy Joe Carey asked the Minister for the Environment, Climate and Communications when he expects the details of the low-cost loan scheme for home retrofits to be finalised and announced; and if he will make a statement on the matter. [11994/24]
View answer104. Deputy James Lawless asked the Minister for the Environment, Climate and Communications the details and commencement date for the low-cost home energy upgrade loan scheme that was announced in 2023; and if he will make a statement on the matter. [12198/24]
View answer113. Deputy Frankie Feighan asked the Minister for the Environment, Climate and Communications if he will outline any further details regarding the new low interest retrofit loans for homeowners scheme which was announced in October 2023 and due to be in place by February 2024 (details supplied); can he confirm these details and make a further statement on the timing and details of this initiative. [12593/24]
View answerI propose to take Questions Nos. 82, 88, 95, 104 and 113 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.
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 the coming weeks through participating retail lenders.
