AIB, Bank of Ireland now offer low-cost loans for home energy upgrades

AIB and Bank of Ireland have started offering low-cost loans to homeowners as part of the government-backed Home Energy Upgrade Loan Scheme.

Under the scheme, homeowners, including small, non-corporate landlords, can borrow between €5,000 and €75,000 for up to 10 years with interest rates as low as 3 per cent for carrying out home energy upgrade works to make their homes warmer and energy efficient.

The participation of AIB and Bank of Ireland, along with PTSB, will significantly increase competition in the market and provide homeowners the opportunity to avail of rates that are comparatively lower than what is currently available in the market.

As of now, most green home improvement loan interest rates hover between 6 per cent and 7 per cent.

Launched in April 2024, the scheme is delivered by the Strategic Banking Corporation of Ireland (SBCI) on behalf of the Department of the Environment, Climate and Communications, and backed by the Sustainable Energy Authority of Ireland (SEAI) and the European Investment Bank Group.

For more details on the Home Energy Upgrade Loan Scheme, including the full eligibility criteria, are available on the SBCI and SEAI websites.

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