DUBLIN, Ireland–Twenty credit unions across Ireland are part of a new nationwide program to make homes more energy efficient.
Up to €10 million in funding is being made available as part of the “Pro Energy Homes Scheme” program, which is being offered by the credit union-owned Solution Centre, in conjunction with the Sustainable Energy Authority of Ireland (SEAI) and Retrofit Energy Ireland, Ltd. (REIL).
The scheme, which was piloted in five credit unions from August to September last year, is reported to have been hugely popular amongst people looking to improve the energy efficiency and comfort of their home, according to organizers.
The program provides:
- Easy-access to SEAI grant funding of 35% towards the cost of approved energy upgrades to an applicant’s home
- Low-cost finance for the balance of the costs from participating credit unions
- A dedicated project manager to support applicants along the way
- A qualifying home survey and report
No Surprise
“We weren’t surprised by the strong uptake during the pilot phase, as a recent SEAI consumer survey found that 74% of people said that they hadn’t previously considered upgrading their property as they did not have sufficient funds to consider an energy reduction project in their home,” said Cathal Tyther, manager of the Solution Centre. “We are delighted that our credit unions are supporting their members by providing low-cost finance to make energy upgrades attainable for more people because the benefits for our members, their communities and environment are enormous.
“This year we are targeting a 10-fold increase in the number of works the scheme supports, by expanding the scheme to around twenty credit unions nationally,” Tyther continued. “Our main focus is to make the homes more comfortable, more efficient and to reduce carbon emissions. We will also be extending the original deadline to allow the initiative to run over the Summer months and into early Autumn – so that people can avail of the long evenings and fine weather to get external home works carried out.”
What 5 CUs Have Experienced
During the pilot phase involving five credit unions across Dublin, participants borrowed an average of €10,000 and spent an average of €15,000, the organization reported.
In the pilot, the upgrades primarily went toward:
- Attic insulation
- Cavity wall insulation
- External wall insulation
- Solar thermal panels (hot water)
- Heating system and controls upgrade
- Windows upgrades
The program reduces costs by 35%, with the balance of funding coming from a credit union loan. Proponents said loan payments are largely offset by the reduced energy cost in the majority of cases.