| Government-backed Home Energy Upgrade Loan Scheme |
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| North Midlands Credit Union has joined the Government-backed Home Energy Upgrade Loan Scheme, making it easier for homeowners in Longford and Westmeath to invest in energy efficiency upgrades. |
North Midlands Credit Union has become the latest lender to join the Government-backed Home Energy Upgrade Loan Scheme, providing homeowners with a more affordable way to make their homes warmer, healthier and more comfortable. With interest rates starting from 4.2%, the loan is available to homeowners in Longford and Westmeath. North Midlands Credit Union has six branches across the region and approximately 64,500 members.
The Home Energy Upgrade Loan Scheme was designed to encourage homeowners to invest in energy efficiency upgrades, such as insulation and heat pumps, that are also grant-aided by the Sustainable Energy Authority of Ireland (SEAI).
- These loans help homeowners to carry out energy efficiency and renewable energy upgrades without requiring a mortgage or a property guarantee.
- The loans are unsecured and can be drawn before works begin, giving homeowners certainty about the funds for the planned energy upgrades.
- Repayment terms of up to 10 years make the loan more accessible to homeowners.
The scheme is supported by the Strategic Banking Corporation of Ireland (SBCI), European Investment Bank (EIB) and the European Investment Fund (EIF).
It is delivered by the SBCI on behalf of the Department of the Environment, Climate and Communications, and supported by the Sustainable Energy Authority of Ireland (SEAI) and the EIB Group.
Minister for Climate, Environment and Energy Darragh O’Brien said, “This is a significant development with low-cost, Government-backed retrofit loans even more accessible now that North Midlands Credit Union is participating in the Home Energy Upgrade Loan Scheme.”
“I am particularly happy to see North Midlands Credit Union join the scheme given the crucial role it plays in the communities of Longford and Westmeath,”
he added. Minister of State with special responsibility for Financial Services, Credit Unions and Insurance, Robert Troy said, “I am very pleased to welcome the onboarding of North Midlands Credit Union under the €500 million Home Energy Upgrade Loan Scheme.” He emphasized the benefits of the scheme for both homeowners and the Government.
June Butler, SBCI CEO, said, “The SBCI welcomes the announcement of the participation of North Midlands Credit Union in the Home Energy Upgrade Loan Scheme.” “Credit unions are by tradition deeply-rooted within local communities and the participation of North Midlands Credit Union in this Government-backed scheme will further support homeowners in Longford and Westmeath to make residential energy upgrades through accessible and more affordable finance,” she added. William Walsh, CEO of SEAI, said, “SEAI is delighted with the announcement that North Midlands Credit Union is joining the list of providers of the Home Energy Upgrade Loan Scheme, and will be offering competitive loans to their members to upgrade the energy efficiency of their homes.” “Credit Unions are at the heart of their local communities and this offering will make it more affordable for homeowners in Longford and Westmeath to increase the comfort of their homes and lower their energy bills,” he said. The €500 million Home Energy Upgrade Loan Scheme is the first of its kind in Ireland and for the European Investment Bank (EIB) Group.
It aims to encourage homeowners to invest in energy upgrades, such as insulation and heat pumps, that are also grant-aided by the SEAI.
The scheme provides unsecured loans ranging from €5,000 to €75,000, with repayment terms of up to 10 years.
- These loans help homeowners to carry out energy efficiency and renewable energy upgrades, such as insulation and heat pumps.
- The loans can be drawn before works begin, giving homeowners certainty about the funds for the planned energy upgrades.
- Repayment terms of up to 10 years make the loan more accessible to homeowners.
Homeowners can apply for the Home Energy Upgrade Loan over the phone or in branch.
North Midlands Credit Union has six branches — in Mullingar, Castlepollard, Kinnegad, Longford, Rochfortbridge and Lanesboro Ballyleague — and approximately 64,500 members.
Tom Allen, North Midlands Credit Union CEO, said, “We are delighted to be in a position to offer these reduced-rate loans to our members under the Home Energy Upgrade Loan Scheme.” “These loans will assist our members with the cost of making their homes more energy efficient and environmentally friendly. They will also support our members in reducing their personal carbon footprint as we all move towards a more environmentally sustainable future,” he added. The Home Energy Upgrade Loan Scheme is a significant development in the field of energy efficiency and sustainability.
