Avant Money, in partnership with An Post Money, joins the Home Energy Upgrade Loan Scheme
More choice and greater access to Government-backed, low-cost retrofit loans
Minister for Climate, Environment and Energy Darragh O’Brien and Minister of State with special responsibility for Financial Services, Credit Unions and Insurance, Robert Troy today welcomed Avant Money, in partnership with An Post Money, as the latest participants in the Government-backed Home Energy Upgrade Loan Scheme.
From today, homeowners can apply for the Scheme’s low-cost retrofit loans through Avant Money, via the An Post website, with interest rates starting at 3.69%. This collaboration leverages An Post's extensive and trusted relationship with the people of Ireland, and Avant’s expertise in consumer finance, to provide homeowners across the country with convenient access to retrofit loans.
The €500 million Home Energy Upgrade Loan Scheme launched in April of last year and is the first of its kind in Ireland and for the European Investment Bank (EIB) Group. The Home Energy Upgrade Loan Scheme was designed with the needs of homeowners in mind, ensuring that access is simple and speedy with an emphasis on reducing the workload for homeowners.
The Scheme is delivered by the Strategic Banking Corporation of Ireland (SBCI) on behalf of the Department of the Environment, Climate and Communications, and supported by the Sustainable Energy Authority of Ireland (SEAI) and the EIB Group. It provides unsecured loans (no requirement for the loan to be secured against the property being upgraded) ranging from €5,000 to €75,000, with repayment terms of up to 10 years. These loans help homeowners to carry out energy efficiency and renewable energy upgrades, such as insulation and heat pumps, that are also grant-aided by the SEAI.
Once approved, the loans can be drawn before works begin. This gives certainty to homeowners that they have the funds for the planned energy upgrades as well as any up-front costs or ‘milestone’ payments. This is often identified by homeowners as a key barrier to upgrading their homes.
In addition to Avant Money, the Home Energy Upgrade Loan Scheme is also available from PTSB, AIB and Bank of Ireland. It is expected that a number of credit unions from the Irish League of Credit Unions will join the scheme in the coming weeks, further enhancing access to more affordable retrofit loans in local communities.
Speaking at the launch, Minister O’Brien said:
“We made a commitment in our Programme for Government to promote the €500 million Home Energy Upgrade Loan Scheme, which offers low-cost retrofit loans for homeowners. We can see tangible progress on that here today. I am delighted that Avant Money and An Post will provide more choice and greater access to the Scheme for homeowners.
“The design of this innovative Scheme ensures that Avant Money and An Post, as well as the other participating lenders, can offer highly-competitive loan terms to homeowners looking to make their homes warmer, healthier and cheaper to run.
“The Scheme was developed specifically to offer a straightforward application process and complement existing SEAI home energy grant offerings. It is a great example of the Government, financial institutions and the retrofit sector working together to deliver climate action.
I’m confident that today’s announcement will further build momentum in the retrofit sector, which has seen huge growth in recent years.”
Minister for Finance, Paschal Donohoe said:
“I am very pleased to welcome Avant Money, operating through An Post, as the first non-bank on-lender under the €500 million Home Energy Upgrade Loan Scheme. I believe this venture with the Strategic Banking Corporation of Ireland is a very positive step for both Avant Money and An Post; that will further broaden access to this novel scheme, being the first of its kind in the EU.
“This scheme provides a double benefit. For the homeowner, it provides unsecured, 10-year low-cost finance to homeowners and small landlords to improve the energy efficiency of their homes and reduce their energy costs. From the Government’s perspective, the scheme assists in lowering our C02 emissions, thus contributing significantly to meeting Ireland’s climate targets.
“Having the means to combine a low-cost loan with SEAI grants makes this financial product a very attractive offering. I encourage anyone with an interest in availing of the Home Energy Upgrade Loan Scheme to contact participating finance providers such as Avant Money.”
Minister of State, Robert Troy said:
“I endorse Minister Donohoe’s support in welcoming Avant Money as the first non-bank on-lender under the €500 million Home Energy Upgrade Loan Scheme. I agree that this venture with the Strategic Banking Corporation of Ireland will help to broaden access to this scheme.
“This scheme is a positive step towards greater sustainability and supporting a green economy; through its provision of reduced cost funds to Irish homeowners — enabling them to carry out energy efficiency works to their homes.”
June Butler, CEO of SBCI, said:
“This new partnership with Avant Money further enables sustainable energy solutions for homeowners through the Home Energy Upgrade Loan Scheme. This Government-backed scheme is a vital initiative that supports homeowners to enhance the energy efficiency of their homes while contributing to Ireland’s climate and sustainability goals. The addition of Avant Money, in collaboration with An Post, broadens the reach of the Scheme, providing more homeowners with access to affordable financing options. By enabling energy-efficient upgrades that are also grant-aided by SEAI, the Home Energy Upgrade Loan Scheme makes it easier for households to reduce their carbon footprint, make their home more comfortable, and achieve significant energy savings over time.”
William Walsh, CEO of SEAI, said:
“SEAI welcomes today’s announcement that Avant Money, with An Post, will be offering competitive loans under the SBCI’s Home Energy Upgrade Loan Scheme. The availability of low-interest finance makes it more accessible and affordable for homeowners to increase the comfort of their homes and lower their energy bills. We know that the upfront costs of investing in home energy upgrades can make it difficult for homeowners to improve the energy efficiency of their homes. The Home Energy Upgrade Loan Scheme removes this barrier and works in parallel with SEAI’s home energy grant programmes, making it easier for homeowners to begin their retrofit journey and move away from fossil fuels.”
Daniel Pelluz, Head of Consumer Finance, Avant Money, said:
“Sustainability and supporting the green economy is important to Avant Money and we are proud to be a part of the Home Energy Upgrade Loan Scheme. This funding allows us to support Irish homeowners in accessing lower-cost loans to enable them to improve the energy efficiency of their homes.”
Debbie Byrne, Managing Director, An Post Retail, said:
“We’re delighted to partner with Avant Money and the SBCI to participate in the Home Energy Upgrade Loan Scheme. An Post Money customers will be able to access low-cost fixed rate loans to reduce their carbon footprint making their homes warmer and cheaper to run. An Post Money is committed to improving our customers’ lives, now and for the future.”
Further details on the eligibility criteria and other operational aspects of the Scheme are available on both the SBCI and SEAI websites.