Connect Credit Union in Louth joins home upgrade loan scheme
Easier access to low-cost loans in communities
Louth based Connect Credit Union, which has branches in Dundalk, Blackrock, and Termonfeckin, is one of seven Credit Unions from the Irish League of Credit Unions (ILCU) to join as lenders to the Government-backed Home Energy Upgrade Loan Scheme.
Connect Credit Union was successfully approved to join the scheme following an extensive due diligence process involving the Strategic Banking Corporation of Ireland (SBCI), the European Investment Bank (EIB) and the European Investment Fund (EIF).
The €500 million Home Energy Upgrade Loan Scheme aims to encourage homeowners to invest in energy upgrades to make their homes warmer, healthier and more comfortable, with lower emissions and lower energy bills. It provides unsecured loans (no requirement for the loan to be secured against the property being upgraded) 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, that are also grant-aided by the SEAI. Once approved, the loans can be drawn before works begin. This gives certainty to homeowners that they have the funds for the planned energy upgrades as well as any up-front costs or 'milestone' payments.
Further details on the Home Energy Upgrade Loan Scheme are available on both the SBCI and SEAI websites. To find out more about Connect Credit Union, see https://connectcu.ie/