A LOW cost loan scheme to enable people to retrofit their homes has been dramatically underused.
Just €17 million out of the €500 million scheme has been drawn down, The Irish Sun can reveal.
The Home Energy Upgrade Loan Scheme was launched last year by then Climate Minister Eamon Ryan.
It gives people the opportunity to take out a loan of between €5,000 and €75,000 at as low as 2.99 per cent to carry out energy upgrades to their property.
The former Green Party leader hailed the scheme a “gamechanger” after spending months negotiating with the European Investment Bank and Irish lending institutions to come on board.
However, new figures obtained by The Irish Sun show that since the programme was launched in April 2024 just 355 loans have been approved worth a combined €17million – almost €48,000 on average.
The low uptake has raised concerns that the scheme is too complex for people to access.
Fine Gael TD Grace Boland urged new Energy Minister Darragh O’Brien to cut the red tape and help get access to the cash more quickly.
She told The Irish Sun: “The uptake of the scheme is far too low — and the Minister and Department need to fix it.
“When people either don’t know about the scheme or find the process too complex and frustrating, we risk falling short.
“Most people want warmer, more energy-efficient homes — but we have to make it easier for them to get the work done.”
Homeowners can apply for these loans through financial institutions, with all three pillar banks on board, along with Avant Money and seven credit unions.
In order to get access to the loans, homeowners must use an SEAI approved ‘One Stop Shop’ contractor — with only 24 such businesses listed on their website.
Another requirement that may be blocking access for homeowners is a rule that requires any upgrade under the scheme to achieve a minimum 20 per cent improvement in BER rating.
This would rule out any smaller energy projects.
The Department of Climate said they are working with banks to promote the scheme and encourage take-up.
Darragh O’Brien is being urged to cut the red tape and help access to the scheme be gained more quickly[/caption]
