The retrofit market in Ireland is growing, for example last year there where over 50,000 grant applications to the SEAI. Therefore the banks have seen a new potential market and several banks now offer "Green Loans" for Customer who are carrying out Energy Efficiency upgrades and improvements on their homes.
These loans can be used to cover work such as the installation of high efficiency boilers and heating control upgrades. Customer can also use their grants and loans to install renewable energy heating systems such as solar heating systems
Furthermore The Home Energy Saving schemes cover a portion of the cost of energy improvement initiatives such as roof or wall insulation, new heating system upgrades, solar panels etc.
Below are some examples of the Green loans currently available, which could help you to finance an energy efficiency upgrade on your home.
Bank of Ireland - Green Equity Release Loan.
Home –owners with SEAI (Sustainable Energy Association fo Ireland) grant approval for their home improvements can now avail of the bank’s highly competitive variable LTV mortgage rate of 3.0%. They can borrow from €5,000 up top 90% of the value of their property to fund the energy efficiency improvements in their home and can also opt for repayment terms of between 5-30 years, keeping their monthly amounts at a lower, more manageable level
Now Ulster Bank is offering discounted personal loans from 10.5% APR Fixed* for energy efficient home improvements and the purchase of renewable energy heating systems. If you have been approved for a grant under the Home Energy Saving scheme or the Greener Homes scheme, you can avail of a discount of 1.4% off our standard personal loan fixed rates.
What Can you Save
| |
Pre-improvements |
Post-improvements |
| Estimated Buildingenergy rating (BER) |
E1Taken at average 310kilowatt hours per squaremetre per year |
C2Average 185 kilowatthours per square metreper year |
| Primary energyused per year* |
310 x 150 m2 = 46,500kilowatt hours (kWh) |
185 x 150 m2 = 27,750kilowatt hours |
| Delivered Energyused per year |
Oil use = 34,600 kWh/yrElectricity use for heatingand lighting = 3,112kWh/yr |
Oil use = 21,800 kWh/yrElectricity use for heatingand lighting = 1,445kWh/yr |
| Annual energycosts** |
€3,400 (€283 per month) |
€2,060 (€172 per month)= saving of 40% |
*
Figures are estimated based on typical occupancy and heating the entire dwelling to a comfortable level. Delivered energy is the energy delivered to the dwelling. Primary energy includes transport and processing of fuel along with generation overhead for electricity.**Average prices per kWh energy delivered to the dwelling are €0.152 for electricity and €0.0846 for kerosene oil (SEAI domestic fuels comparison July 2010)
