Home Energy Upgrade Loan Scheme welcomed by Mayo election candidate

THE long-awaited Home Energy Upgrade Loan Scheme has been welcomed by local election candidate for the Claremorris Electoral Area, Alma Gallagher.

Ms. Gallagher, who manages the only Approved Housing Body in Ireland that delivers energy retrofitting programmes on behalf of Sustainable Energy Authority across Connaught, said: “This scheme is vital for homeowners who wish to retrofit their homes. It provides a viable pathway to low interest finance and lessens the financial burden the majority of householders face when considering home retrofitting.”

She added: “I have been advocating for the roll-out of this scheme for some time. As a contractor and manager of Clar ICH in Claremorris I am all too aware of the financial challenges facing householders.

“These loans have been designed with the needs of homeowners in mind and will help lower the financial barriers encountered by homeowners, making home energy upgrades easier, more accessible, and affordable.”

The Home Energy Upgrade Loan Scheme, launched this past week, will enable homeowners to borrow €5,000 to €75,000 at significant lower interest rates to complete a home energy upgrade.

Said Ms. Gallagher: “This is the first of its kind for Ireland and the European Investment Bank (EIB). The reason it can be so much lower is because of the combination of EIB Group loan guarantee and an interest rate subsidy, funded by the government.

“With more lenders and increased competition in the market, it is expected that rates will be extremely competitive, offering consumers choice and value.”