Alison Fearon from Switcheroo.ie on why going green is good for the planet and for your wallet
As Cop26 negotiations continue this week, talks around emissions and the climate crises rage on. With companies trying to do their part and somewhat hop on the trend of being environmentally conscious, there are some benefits to be had not only for the planet but for the consumer too. Not only does having a higher BER rating make your house warmer and better insulated, it can also save you money, and not just on the energy bill.
In 2018, Irish households had the worst carbon emissions in the entire EU – they were 60% higher than the EU average. At the time, the head of energy research at the Sustainable Energy Authority of Ireland stated that there is an urgent need for Irish households to reduce their energy emissions and one of the largest contributors to the issue was the fact that many older Irish homes have poor insulation, and more work needs to be done to upgrade homes energy rating.
To incentivise improving the energy rating of your home or looking for a home with a good energy rating, lenders are starting to offer lower “green rates” for homes that have a good energy rating. Bank of Ireland recently added on to their share of green mortgages with new 4,5 and 7-year high value green loans. They offer .30% off all their regular interest rates for those with a BER rating of B3 or higher. With them you can also choose to get cashback with the green mortgages of 2% of the loan with an additional 1% after 5 years. Haven and AIB also offer their own green mortgages for 4- and 5-year fixed terms, respectively.
Switcheroo.ie covers all the mortgage provider groups in Ireland and so can provide you with the access to these products and the necessary advice.
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Alison Fearon is Managing Director of Switcheroo.ie
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