A simple “zero money up-front” model to allow people to improve the energy rating of their home, has been launched today by the Solution Centre, a collaboration of credit unions that supply product development and business supports to Ireland’s Credit Union sector.
The “Home Energy Saving Loan” is an innovative partnership between credit unions and Retrofit Energy Ireland Ltd (REIL) with the support of the Sustainable Energy Authority of Ireland (SEAI).
The Scheme makes it easy to access SEAI grant funding of 35% towards the cost of approved energy upgrades to an applicant’s home, with easy to access low cost finance for the balance of the costs being provided by participating credit unions.
Speaking on how the idea for the Home Energy Saving Loan Scheme was born and developed, Kevin Johnson of the Solution Centre,
“If we want homeowners to be persuaded to significantly improve the energy efficiency of their homes, we need to make it easy for them to do so, and to help them overcome the “challenges” that are currently putting people off.”
REIL take on the role of programme co-ordinators and are responsible for the procurement and completion of all works, while SEAI is providing a 35% grant for work completed and the rest of the funding can be received from the participating Credit Union at a discounted rate.