Upgrade your home with low-cost loans from Kore Retrofit
KORE Retrofit is pleased to announce the new Home Energy Upgrade Loan Scheme.
This Government-backed scheme is overseen by the Strategic Banking Corporation of Ireland (SBCI) on behalf of the Department of the Environment, Climate and Communications, with backing from the Sustainable Energy Authority of Ireland (SEAI) and the EIB Group.
The company is Ireland’s first SEAI-registered one-stop-shop for whole-home energy upgrades, offering a streamlined approach that includes full project coordination and grant administration. There are many homeowners throughout Cavan, and indeed around the country, who want to upgrade the energy efficiency of their homes.
Many cannot afford the up-front, out-of-pocket costs that are associated with these types of energy efficiency upgrades.
This new financing option aims to change this, allowing more homeowners to take on large-scale renovations, while spreading the upfront costs over a longer period at a reduced interest rate.
To start, homeowners completing works through a one-stop-shop must achieve an energy rating of at least a B2 at the end of works, with an uplift of 100 kilowatt hours, per metre-square, per year.
In simple terms, most homes need multiple measures installed to meet the requirements mainly wall insulation, new windows and external doors, ventilation upgrades and new heating systems and controls.
Renewable energy upgrades are included in the scheme including heat pumps and solar PV.
While solar PV can’t be financed on its own as a single measure, when taking on larger works such as a one-stop-shop home energy upgrade, solar PV can be included in the low-cost financing, making it an attractive option for homeowners who want to install solar along with renewable heating options such as an air-to-water heat pump.
Leighanne Fay, sales manager with KORE Retrofit, welcomes the new financing option.
“It will address a gap in the market for homeowners wanting to improve the energy efficiency of their homes by making the financing of the investment more affordable and accessible.
Ms Fay added: “We look forward to the positive impact the loan will have on enhancing the energy efficiency of homes nationwide, ultimately reducing energy bills and positively contributing to targets outlined under the government’s Climate Action Plan," she said.
While the scheme launches with PTSB as the sole finance provider, additional banks and credit unions will join in offering the scheme in the coming weeks.
Interest rates and underwriting requirements are set by the banks but, with government backing, the rates are much lower than those found on current green loans and product offerings.
For example, PTSB has set its rates at 3.55% for homeowners borrowing €50,000 or more, with slightly higher rates offered for lesser amounts borrowed. Having multiple finance providers offer the scheme will encourage more competition in the market and ultimately give homeowners the flexibility to shop around for lower interest rates and underwriting requirements.
The Home Energy Upgrade Loan Scheme must be combined with grant-aided measures from the SEAI and up to 25% of the total loan amount can be used for non grant-aided work, such as kitchen or bathroom fixtures or other items not directly associated with the energy works.
As a registered One-Stop-Shop service provider, KORE Retrofit can offer homeowners and small landlords in Cavan and throughout the country, access to the Home Energy Upgrade Loan Scheme.
How does it work?
Homeowners will be provided with a Home Energy Summary Report as part of their service, which homeowners can then take to their chosen finance provider to apply for financing.
Homeowners can borrow from €5,000 to €75,000 through the scheme, and small landlords who own multiple properties can borrow up to €75,000 per property, to a maximum of three properties. Commercial properties are not included in the scheme.
While the loans are unsecured, they cannot be used to restructure existing debt or to pay for works that have already been grant-funded or paid for. Loan terms range from one to 10 years, giving customers the flexibility to choose an affordable payment that meets the need of their monthly budget.
KORE Retrofit is an established and experienced player in the home energy upgrade market and prides itself on offering customers a seamless experience with full project coordination and grant administration.
With a nationwide network of specialist energy contractors available, service offerings include whole-home energy upgrades, and energy upgrades that are part of extensive renovations or extensions, including vacant or derelict properties.
Contact us
To learn more about KORE Retrofit, visit www.koreretrofit.com