Kilkenny people are just ONE STEP away from getting cheaper mortgages
New study reveals solar panels are the shortcut to cheaper mortgages for 39% of Kilkenny houses
New research has revealed that an additional 39% of Kilkenny houses could become eligible for lower-interest "green" mortgages by taking a single step: installing solar panels.
The analysis, which examined the Building Energy Rating (BER) data of 8,451 houses in Kilkenny, found that a solar panel installation is often enough to push a home over the crucial B3 energy rating threshold required by most major banks for their green mortgage products.
For a typical homeowner, securing a green mortgage can result in savings of around €10,000 in interest payments over the lifetime of the loan.
The study was conducted by Dominic Ó Gallachóir of electricity price comparison website Kilowatt.ie. It modelled the impact of installing a typical 5-kilowatt solar photovoltaic (PV) system on houses that do not currently have one.
"What the data shows is a massive, untapped opportunity for Kilkenny homeowners," said Ó Gallachóir. "Getting to a B3 rating may not require costly deep retrofits. In reality, for thousands of households, a straightforward solar installation is the key that unlocks significant savings, not just on their energy bills, but on their largest monthly expense: their mortgage."
Green mortgages typically offer discounted interest rates as an incentive for buyers or owners of energy-efficient homes. This new analysis suggests the number of eligible properties could be dramatically expanded.
The research also found that 27% of houses could reach the coveted A1 BER rating with the addition of solar panels alone.