Low interest loans will bring warmer homes to Westmeath - Smyth

Westmeath homeowners will be able to borrow between €5,000 to €75,000 at significantly lower interest rates to make their homes more eco-friendly.

The Home Energy Upgrade Loan Scheme is part of the government's €500 million initiative to support homeowners to invest in energy efficiency.

Cllr Hazel Smyth praised the scheme and encouraged local residents to take advantage of the opportunity. She said that it will lessen the financial barrier in the way of improving energy efficiency and make it a realistic option for more people.

“This is a major opportunity for people to help the planet and their wallet with warmer homes and cheaper energy bills. The Green Party is dedicated to practical climate action that works for people and the planet. We are making it as easy as possible for homeowners to take part and avail of the benefits. Last year, over 48,000 home energy upgrades were supported by SEAI schemes and we’re going to bring this to even more homes this year.”

With immediate effect, people will be able to borrow at interest rates from only 3.55%, significantly below the standard home improvement rates of 6-7%. The interest rates will be significantly lower thanks to a loan guarantee and subsidy from the government. Once approved, the loans can be drawn down before work begins, eliminating uncertainty for homeowners.