The SBCI Home Energy Upgrade Loan Scheme offers homeowners across Ireland an excellent opportunity to enhance the energy efficiency of their homes, all while helping to support the country’s decarbonisation goals. By providing access to low-cost financing, this scheme makes it easier to fund home energy upgrades, reduce energy consumption, and decrease carbon emissions.
Launched by the Strategic Banking Corporation of Ireland (SBCI) and backed by the European Investment Fund (EIF), European Investment Bank (EIB), and the Department of Environment, Climate and Communications (DECC), the scheme is designed to support homeowners in achieving a more energy-efficient, sustainable home.
Key Features of the Scheme
- Loan Amount: Homeowners can apply for loans ranging from €5,000 to €75,000 per property, with a total loan limit of €225,000 for those upgrading more than one home (up to three properties).
- Loan Term: Loan terms are flexible, ranging from one year to ten years, to accommodate different financial situations.
- Finance Providers: The scheme is offered through several trusted financial institutions, including AIB, Bank of Ireland, PTSB, and An Post Money.
Eligibility Criteria
To be eligible for the Home Energy Upgrade Loan Scheme, homeowners must meet the following requirements:
- Residency: Applicants must be residents of Ireland.
- Property Ownership: The applicant must own the property they intend to upgrade and provide supporting documents such as the Meter Point Reference Number (MPRN).
- Energy Efficiency Requirements: The property must show an energy efficiency improvement of at least 20% after the planned upgrades.
- Grant Requirement: Applicants must be applying for a grant under one of the SEAI funding schemes to help cover part of the upgrade cost.
- Property Use: The property must be used as a residential home. Properties used for commercial purposes or short-term rentals do not qualify.
Additional criteria can be found in the scheme’s terms and conditions, which outline specific requirements regarding the loan and the property’s energy efficiency.
The Benefits of a Low-Cost Loan for Home Energy Upgrades
The Home Energy Upgrade Loan Scheme offers several financial advantages that make energy upgrades more accessible:
- Low-Cost, Unsecured Loans: Homeowners can apply for loans with no collateral required, making the financing process simpler and more affordable.
- Flexible Loan Terms: With repayment terms ranging from 1 to 10 years, the scheme is designed to fit a wide range of financial situations.
- Affordable Upgrade Costs: In combination with SEAI grant funding, the scheme helps offset some of the upfront costs, making home energy retrofits even more affordable.
For more information, visit SBCI, or contact your preferred financial provider.
