New low-cost loans for retrofitting homes 'a game-changer', Eamon Ryan says
Mr Ryan was responding to TDs and senators, who laid out a number of examples of homeowners caught in the middle of those who are receiving full support from the Government to make their homes more efficient, and more affluent homeowners for whom upfront costs are not a big barrier.
New low-cost loans to be introduced in February will be a "game-changer" for retrofitting homes for those squeezed by high upfront costs, Environment Minister Eamon Ryan has insisted.
Mr Ryan was responding to TDs and senators, who laid out a number of examples of homeowners caught in the middle of those who are receiving full support from the Government to make their homes more efficient, and more affluent homeowners for whom upfront costs are not a big barrier.
However, the low-cost loan scheme will now be available in February, according to Mr Ryan — having originally been slated to begin in the summer of 2022.
The scheme, which involves bodies such as the European Investment Bank and Strategic Banking Corporation of Ireland, will see credit institutions offer lower interest rates for loans up to €50,000 for homes to be made more energy efficient.
The low-cost loan scheme has seen its beginning date pushed out a number of times, with Mr Ryan now seeming to confirm it will be February of next year before becoming available.
The Public Accounts Committee heard from Sustainable Energy Authority of Ireland (SEAI) officials this month that the average homeowner is looking at almost €40,000 after grant aid to bring their home to an A standard of energy efficiency, even when done through the "one-stop shop" firms signed up to carry out the entire process.
A white paper from the Institute of International and European Affairs in June predicted that "retrofitting half a million homes to a building energy rating B2 BER by 2030 in Ireland will require a wartime effort".
Under the Climate Action Plan, some 500,000 B2 Building Energy Rating (BER) home upgrades are targeted by 2030. BER ratings were first introduced as a compulsory measure 14 years ago as a way to measure energy efficiency in homes.
Mr Ryan told TDs and senators this week there had been some stalling in progress but he was confident it would ramp up.
"There have been some slight delays. The rolling-out of some of the one-stop shops was slightly slower than we expected a year ago, but it is working. I met some of the providers at the weekend and they told me their order books are full.
"They are confident that will expand. We are ahead of the broadband targets and it is the same story with respect to retrofitting. We are doing more houses than we expected in the climate plan.
"The new low-cost loans that will kick in next February will help to make it viable for households to do the work. It is only going one way, which is further up," he said.
"There will be a game-changer in February when those who might not have the cash but do not qualify for low-income zero-cost retrofits will be able to avail of a low-cost loan, the first of its kind in Europe, to help them to access the grants."
