DUBLIN, Ireland–Ireland’s credit unions are to get additional funding of up to €10 million for a program to finance the retrofitting of homes in the country.
The Credit Union Development Association (Cuda) is to get the funding from the Sustainable Energy Authority of Ireland (SEAI) for ProEnergy Homes, which is Ireland’s first end-to-end home retrofit scheme, according to the Irish Times.
Cuda has announced an expansion of the program that is currently available through many of the 50 credit unions that work with organizations, but any credit union can sign up, the group said.
According to Cuda, half of the 2021 SEAI €1.5 million in grant aid is already allocated. The Irish Times reported it is anticipated additional funding will be sought in the second quarter of this year. The interest rate is 6.9% (APR 7.1%), though if a member has savings of a similar value with their credit union, they may qualify for a lower rate, the Times stated. The program was piloted by Cuda in early 2019 across 20 credit unions.
Strong Demand
Homeowners fill out an application form with their credit union, after which Retrofit Energy Ireland (REIL) conducts an assessment on their property and presents them with a report.
“REIL is appointed to oversee all surveys and works, grant funding of up to 35% is available from SEAI for all qualifying works, and low-rate financing is made available for the balance of costs through the credit union,” said Cuda CEO Kevin Johnson. “To date, public demand for the scheme through participating credit unions has been strong, demonstrating people’s appetite for a one-stop-shop model.
“Based on the current level of interest from credit union members and the number of credit unions signing up to the scheme, we’ll need to look for additional funding shortly and can envisage the annual level of grant funding running at €6-€10 million,” Johnson continued.
SEAI spokesperson Josephine Maguire told the Times the group recognizes that access to finance “can be a barrier” to retrofitting of homes.
Cuda said the scheme has been tweaked in response to the Covid-19 pandemic. Home surveys and works will resume as soon as it is safe to do so, but in the interim, a team of project managers and surveyors are available for telephone consultations, the Times reported.
Average Spend
According to the Times, the average amount spent is about €14,000, made up of grant, savings and borrowings. The most popular measures undertaken in 2020 were external wall insulation and new glazing. Multizone boiler controls also proved popular, the report found.