Energy

Pillar banks to offer low-cost retrofit loans

Bank of Ireland, AIB and credit unions will join PTSB in backing the state’s €500 million energy efficiency grant scheme

The loans are aimed at people who want to undertake a deep-retrofit or individual measures like external wall insulation or the installation of a heat pump and form part of the government’s National Retrofit Scheme, the minister for energy said. Picture: Getty

AIB, Bank of Ireland and credit unions will shortly offer low-cost energy loans under a new government-backed scheme, however the final interest rates for borrowers has yet to be decided, Eamon Ryan has said.

Under the scheme, which was announced last October and is supported by the European Investment Bank, homeowners will be allowed to borrow between €5,000 and €75,000 on an unsecured basis for a term of up to 10 years.

The government-backed €500 ...