It has taken two and a half years but this week the Government finally got around to unveiling the details of its. That deadline, and at least four successive ones, were all missed. Meanwhile, the pace of domestic retrofits to the B2 Building Energy Rating standard has been lagging well behind the pace required to meet the 2030 target of 500,000 home retrofits, set by the Government.
We’re assured that other banks will follow PTSB shortly in offering similar low cost borrowing for these SEAI-approved energy retrofits, including AIB, Bank of Ireland and Avant Money, as well as seven credit unions. Each will make their own call on interest rates but it is likely that some will be offering even more attractive rates than PTSB.Who qualifies?
You must also be in receipt of an SEAI grant for the works you are undertaking. That means you have to fulfil the criteria of one of the National Home Energy Upgrade Scheme or the Better Energy Homes Scheme. Details can be found on theof the SEAI website. Most grants apply only to homes built before 2011. Houses seeking heat pumps can be much more recently built. The SEAI site says it can take up to six weeks to finalise grant funding. It could be longer.
On the flip side, using the former route does allow you to upgrade on a step-by-step basis as funding or other factors allow. Under the one-stop shop route, the whole upgrade is done at the one time.Yes, you need to spend at least three-quarters of the loan on the energy upgrades. The balance can be spent on putting the house right again – painting and so on – after the works have been completed.
However, if you do not repay the money or use it for purposes other than those agreed, the preferential loan rate will be dropped after three years and you may be charged a higher rate of interest. In those circumstances, the bank can also demand immediate repayment of the full loan.All sorts of things. First, you have the peace of mind of knowing that you are making your house as energy efficient as possible.