Low Cost Retrofit Loans: Eamon Ryan Declares Best in Europe

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Ireland’s Minister for Environment, Eamon Ryan, insists that the retrofit support offered to homeowners in the country is unparalleled in Europe. As the year draws to a close, Ryan emphasizes the success of the program, revealing that over 63,000 applications for energy upgrades have already been received for the upcoming year. Low Cost Retrofit Loans: Eamon Ryan Declares Best in Europe

Key Points of Ireland’s Retrofit Scheme:

  • Impressive Application Numbers: More than 63,000 applications for energy upgrades in 2024 underscore the widespread adoption and success of Ireland’s retrofit initiatives.
  • Low-Cost Loans Game-Changer: Minister Ryan introduces a new low-cost loan scheme set to launch in February, anticipating it to be a ‘game-changer’ for homeowners. These loans aim to facilitate major retrofitting projects, particularly for those seeking access to government grants.
  • European Investment Bank Support: The low-cost loans are made possible with support from the European Investment Bank, allowing homeowners to borrow between €5,000 and €75,000 over a 10-year period.
  • Attractive Loan Rates: Minister Ryan details the favorable loan rates, ranging between 3-4 percent, with a combination of 2 percent government support and 1.5 percent from the European Investment Bank’s guarantee system.
  • Scope and Limitations: The loans are tailored for full upgrades rather than specific investments, such as solar panels, aiming to encourage comprehensive energy efficiency improvements.
  • Strategic Focus on Significant Retrofits: Minister Ryan defends the focus on ‘big’ retrofit projects, emphasizing the efficiency and cost gains associated with major upgrades. The government aims to have 500,000 homes upgraded to the second-highest energy efficiency rating (B2 Building Energy Rating) by 2030.
  • Climate Fund for Further Support: The government’s new climate fund will extend additional support to businesses, particularly in promoting the solar revolution and encouraging the transition to heat pumps for low-grade heat in industrial processes.

Minister Eamon Ryan envisions a future where Ireland’s groundbreaking retrofitting proposals continue to set the standard for Europe. With a robust plan in place, Ireland is not only reducing its carbon footprint but also emerging as a beacon of success in energy efficiency initiatives.

Low Cost Retrofit Loans: Eamon Ryan Declares Best in Europe

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