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THE GOVERNMENT AND the European Investment Bank (EIB) Group have reached an agreement that “paves the way for Government-backed, low-interest home energy upgrade loans”.
It “marks a major milestone in the development of the loan scheme which will be underpinned by resources from the EIB Group,” a statement read.
The agreement was signed by Minister for the Environment, Climate and Communications, Eamon Ryan, Minister for Finance, Michael McGrath and Dr Werner Hoyer, President of the European Investment Bank.
The €500 million scheme is the first of its kind for both Ireland and the EIB Group, the statement said.
“It will play a crucial role in helping homeowners to invest in energy efficiency, making their homes warmer, cheaper to run and helping to lower emissions.”
Homeowners will be able to borrow from €5,000 to €75,000 on an unsecured basis for a term of up to 10 years under the scheme.
The interest rates will be “significantly lower” than those currently available on the market as a result of the combination of the EIB Group loan guarantee and a Government-funded interest rate subsidy.
The loans can be used for comprehensive energy efficiency and renewable energy upgrades where those works are also being grant-aided by the Sustainable Energy Authority of Ireland (SEAI).
“The loans will help reduce the financial challenges for many homeowners, making home energy upgrades more accessible and affordable,” the statement said.
The scheme will be delivered by the Strategic Banking Corporation of Ireland (SCBI), which will shortly be announcing an open call inviting lenders to participate in the scheme, the Government said.
Homeowners will be able to apply for the loans by early next year through participating retail lenders. Further details on the eligibility rules and other operational aspects of the scheme will be available from then.
These loans can be used by people who want to undertake a deep-retrofit or who might prefer to undertake individual measures, for example, external wall insulation or the installation of a heat pump.
“Those most at risk of energy poverty can continue to avail of fully funded energy upgrades under the Warmer Homes Scheme. The availability of low-cost loans will enhance the ability of those above the eligibility threshold but without the means to fund the retrofits themselves, to upgrade their homes.”
Speaking at the meeting, Ryan said:
“This highly innovative scheme is a first of its kind for both Ireland and the EIB Group. The introduction of these low-cost loans will complement our existing suite of SEAI grants and will help to make retrofits more accessible and affordable for homeowners across the country.
“We’re seeing the transformation of homes happening already. Retrofitting numbers are on track this year to eclipse our targets and now with this loan we hope that the numbers will continue to go only one way — and that’s up.
“We have designed the loans with the needs of homeowners in mind. Access will be simple and speedy with an emphasis on reducing the administrative burden on homeowners accessing both loans and grants. This means that householders can concentrate more on making their homes warmer and more economical, not on the paperwork.”
Minister for Finance Michael McGrath described the scheme as “novel”, saying:
“Home retrofits are a critical component in achieving our ambitious climate action targets. The Home Energy Upgrade Loan Scheme is an important collaboration between the Government and public and private financial institutions, creating a novel scheme of a €500 million loan guarantee and an interest rate subsidy which has the potential to stimulate the level of retrofit activity needed by making affordable products available to homeowners and small landlords.”
Werner Hoyer, President of the European Investment Bank, called the collaboration a “win-win”.
“The European Investment Bank and the European Investment Fund are pleased to join forces with Irish partners to support much needed energy efficiency investments that will reduce emissions as well as energy bills for households. This is a win-win for homeowners and the planet,” he said.
CEO of SBCI June Butler said the agreement “demonstrates the Government and EIB’s shared commitment to supporting the delivery of low-cost, long-term finance for energy upgrades in homes — an essential step in encouraging homeowners to make these investments and reduce their emissions”.
William Walsh, CEO of SEAI, said his organisation was “delighted” to be a part of the scheme and that it would “help homeowners access low-interest finance and… allow more homeowners to make their homes more energy efficient.”
As The Journal reported in September, the number of government-funded home retrofits carried out in the first half of this year is 150% above the same period last year, according to figures from the SEAI.
That report said there were 21,727 home energy upgrades funded by government grants to the SEAI in the first six months of this year, which means retrofitting figures are on track to meet the target of 37,000 upgrades this year.
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“the terms and conditions of that agreement are not under my control” really minister are you not part of a government which agreed the Haddington road programme?
Precisely, the terms of the HRA cannot be up for grabs as any concession to ASTI would annoy the rest of the unions as well as DPER. A face saving mechanism for ASTI is needed so they can go back to the minority of their members who have been sufficiently unhappy to vote for action.
Ciaran, Kerry is not referring to the HRA.
The HRA was rejected by the ASTI – while the gov doesn’t want to give concessions to the ASTI, the ASTI are not responsible for the fact that the gov have failed to deliver an agreement that doesn’t bully.
The agreement referred to in the story is the agreement discussed to solve the current impasse. Quinn cannot expect an agreement from the ASTI without assurances – would you?
I must be stupid Tony, “that agreement” seems to refer to the HRA from my reading of the article.
I will bow to you..
what kind of “assurances” would Quinn be getting from the ASTI?
Apologies Ciaran, I’m mixing up my reading of this with my reading of another news source of the same story where there was mention of coming to an agreement in these recent talks.
I don’t think it’s very fair to say that the terms are what workers in the private sector would particularly want for themselves. There’s only on term about teaching that attracts me, the holidays. Other than that, the prospect of working in a difficult environment with a lower, non negotiable salary and with zero review of myself and my colleagues’ output where the lazy are treated as badly or as well as the motivated, is absolutely repulsive.
There are plenty of front line jobs in the public sector I’d love to do, but these days there just isn’t enough incentive.
The only of the front line services in the public sector that I would consider is as a teacher. Gardai, Firemen and possibly Nurses (I don’t know for certain but I assume it’s not an easy post) have an awful time and although they enjoy certain perks associated with being a public sector employee it seems fair enough because they’re jobs that are not very appealing to a lot of people.
Teaching on the other hand would seem like an ideal lifestyle choice for me. Only a very small amount of class time a week during school terms with the rest completed at my own discretion (still less than my typical 45-50 hour week I’m sure). Incredible holidays during the summer with nice breaks throughout the year in October, December, February and at Easter. The wages aren’t amazing (unless you think about it logically that you’re paid for about an 8 month job) but with exam marking and of course some cash in hand private tuition you can earn some extra.
It’s a good profession with a great work life balance, a guaranteed pension at the end of it for and if you’re a good teacher I’m sure you get great satisfaction out of the positive impact that you have on the formative years of a childs life.
Shows what you know about teaching. Nothing.
Why are you not a teacher so ????
Sorry Alan I haven’t mentioned anything that isn’t true. You may have some other ideas on it but I haven’t said anything that is factually incorrect.
Pete if I could go back now and do it all again I would certainly have went down this route but at 29 I believe I’ve come to far on my accountancy career to turn back. Also the popularity of teaching has meant that it’s very difficult to nail down a full time position due to the masses of people flocking to this career.
Ah Ted come on sure there is a shortage of maths teachers then you could have all those holidays and the abuse you get from teenagers all day and all those hours of fun meeting parents till ten at night. Oh and all your student coming to you with there problems which are a lot. Drugs pregnant being gay. Then u can bring them home to try help them tell there parents.
I hope you’re not an English teacher Pete.
Ps I am a caretaker in a school trust me ted teachers do a lot more than u think. No way on this earth would I do it. I will say there is bad teachers but the most are great to the kids
Teaching is a nice little woman’s job. They probably get sick of all the attention from the local farmers though
Each day that goes by, this country becomes more and more of a mess.
Worst noting that the current situation actually saves the state money so that should please the bottom line brigade of morons on here. Most teachers perfectly happy to be finished with pointless Croke Park hours. New Junior is a joke and is deservedly being resisted. But the same fools who objected (rightly) to us being forced to vote again and again on European treaties will happily put the same bullschite agreement in front of teachers until they give the right response. Not going to happen.
Did anybody notice the sly way that he pitted the public vs private sector in the article. Government playing the media to its advantage yet again
Those labour party are like lambs to the slaughter they keep putting their sell out ministers in front of the camera.They should be hiding like their friends in fianna GAEL.
Just fire them 10 at a time until they mend their attitude- perfect solution
Thankfully we live in a country with laws rather than a facist dictatorship.
If things are getting this bad it seems inevitable that a lot of teachers will leave the profession due to such high levels of dissatisfaction. What will we do then? To survive such an eventuality we would need thousands of young, motivated graduates just itching to get themselves into teaching positions, but alas…. (Somehow doubt a single teacher would leave the profession over this, deep down they know how sweet they have it even if they won’t admit it.)
My brother is a permanent teacher working in Dublin and is leaving for oz next August.
Not trying to wind u up silent majority it is just a fact…
Fair enough, but there aren’t exactly huge numbers leaving the profession which is always the best indicator of conditions. Look at banking for example, conditions worsened for employees after 07/08 and huge numbers have changed career paths. IT on the other hand is offering very good remuneration & conditions relative to other industries and there is a rush to get into that industry (not necessarily in Ireland but that is more due to skills shortages than desire). There are not very many teachers changing career paths, and in fact we have an oversupply as evidenced by the number of NQTs trying to enter the profession – this is indicative of teaching enjoying superior pay & conditions relative to other professions which require similar standard of qualifications. (I assume this will just red thumbed by teachers with none even attempting to counter the arguments, but red thumbs do not change facts.)
I agree with you to a certain extent. I just think with the IT skills you’d have working in a bank it would be easier to change jobs compared to a teacher (just my opinion, completely open to correction there)
One question for you before I finish: in a civilised society do you think that groups of people should have to leave their jobs before something is done about the problem in that job?
Oh, and yr way off when you mentioned our superior pay by the way, that just ain’t true
I said superior pay & conditions, the two have to be taken as a unit effectively. So while your job security, long holidays, and early finishing times may not have an easily quantifiable monetary value, they do have a value to teachers themselves. Conditions like these are always taken into account by prospective applicants, whether consciously or otherwise.
To answer your first question, sometimes but not necessarily. Generally, if pay and conditions got so bad in a sector people would leave, and more importantly, no new entrants would be attracted. This will force the the pay and conditions up as the roles still require human input. All industries are competitive, in that they are all competing for human resources. The opposite of this is the case in teaching however, with an oversupply of human resources in spite of what incumbents decry as poor pay and conditions. This contradiction would appear to indicate that the pay and conditions of teachers remain superior to other roles that require a similar level of qualification.
Also, having non-transferable skills is not a reason to demand better remuneration, quite the opposite in fact. And teachers all have primary qualifications, so a one year conversion course and they can do most things. This is the option most bankers pursued, not just transferring existing skill sets to new roles. Those in the building industry did not have this luxury, so your skill set isn’t as non-transferable as you might think.
Meh
Dah!!! Career change to what exactely? If there were options there would be mass exodus. Noone can just change career in Ireland now. Remember the celtic tiger!!! Teaching jobs and substitution staff couldnt be found for love nor money esp in maths and science! Teaching careers were not so attractive then…
For a crap job..theres a lot staying in at it..i think they should spend a month doing a job swap with a private sector worker to get some perspective
Anthony I’ll do a job swap with you then you can see how ‘easy’ teaching is!
Unlikely he’d last longer than ten minutes before running out screaming.
A real live-wire today, aren’t we, Matthew F!
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