Tipperary institution​ joins the Home Energy Upgrade Loan Scheme

A Credit Union in Tipperary has become the latest lender to accept applications under the Government's Home Energy Upgrade Loan Scheme.

The scheme aims to encourage homeowners to invest in energy upgrades to make their homes warmer, healthier and more comfortable, with lower emissions and reduced energy bills.

Clonmel Credit Union is one of seven credit unions approved to join the scheme following an extensive due diligence process involving the Strategic Banking Corporation of Ireland (SBCI), European Investment Bank (EIB), and European Investment Fund (EIF).

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Clonmel Credit Union is the only financial institution in Co. Tipperary to be approved to join the Government-backed scheme, a first of its kind in Ireland. The scheme aims to ensure that access is simple and speedy, reducing the workload for homeowners.

The CEO of Clonmel CU, Pádraig Enright, welcomed the scheme. He commented on the announcement, "This is excellent news for the community. Clonmel Credit Union is delighted to be among those selected to participate in the scheme.

"Together with the SBCI, we aim to significantly contribute to local communities across South Tipperary and beyond through the Home Energy Upgrade Loan Scheme. Having completed our energy upgrade in recent years, we have experienced first-hand the benefits and returns an energy upgrade delivers.

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"Combining unmatched interest rates, an excellent customer experience with fast decision-making, will enable our members to undertake energy efficiency upgrades on their homes and contribute to further local development and sustainability," Mr Enright added.

Clonmel Credit Union is now taking applications for home energy improvements, with interest rates starting from 3.25%.

These energy upgrade loans help homeowners carry out energy efficiency and renewable energy upgrades, such as insulation and heat pumps. It provides loans without requiring the loan to be secured against the property being upgraded. Loan amounts can range from €5,000 to €75,000, with repayment terms of up to 10 years. Grant assistance from the Sustainable Energy Authority of Ireland (SEAI) is also available.

Once approved, the loans can be drawn before work begins. This gives homeowners certainty that they have the funds secured for the planned energy upgrades, as well as any up-front costs or 'milestone' payments.

The move was welcomed by Minister for Climate, Environment and Energy Darragh O'Brien and Minister of State with Special Responsibility for Financial Services, Credit Unions and Insurance Robert Troy.

Speaking at the launch, Minister O'Brien said, "Today is a significant development with low-cost, Government-backed retrofit loans even more accessible now that Clonmel Credit Union is participating in the Home Energy Upgrade Loan Scheme. I am particularly happy to see Clonmel Credit Union join the scheme, given the crucial role it plays in the communities of Tipperary, Kilkenny and Waterford."