Credit Unions Roll Out ‘Pro Energy Homes Schemes

Twenty of credit unions around Ireland are set to roll out a new home improvement funding scheme, called the “Pro Energy Homes Schemes.”

The said upgrade is a collaboration between the Solutions Centre, a support unit for credit unions, the Retrofit Ireland (REIL), the country’s leading energy services provider, and the Sustainable Energy Authority of Ireland (SEAI), the country’s national sustainable energy authority. The scheme is designed to render energy efficient upgrades to homeowners and is expected to range in value from €10,000 to €15,000.

In particular, a few upgrades included in the scheme are attic insulation, cavity wall insulation, heating system upgrades, and many more. The scheme is also reported to provide low-cost finance, a project manager to guide applicants, easy access to SEAI’s 35% funding, and many more.

Kevin Johnson, the Chief Executive Officer of Credit Union Development Association, the largest group of credit unions in Ireland, said that many homeowners still struggle in knowing what to do and who to talk to for a cosier and cheaper home. “This is an important first step for credit unions in supporting their communities by providing finance for sustainable purposes.”

He also added, “While this scheme runs for a limited time, we are making a long-term commitment to supporting energy sustainability for homeowners and we intend to extend our support by providing low-cost finance for electric vehicles and businesses in the very near future and the rebrand to ProEnergy is done in anticipation of this.”

Cathal Tyther, Manager of the Solution Centre Manager also commented on the scheme, saying “We are delighted that our credit unions are supporting their members by providing low-cost finance to make energy upgrades attainable for more people because the benefits for our members, their communities and environment are enormous.”

During the pilot phase, partakers of the scheme have borrowed an average of €10,000 and spent an €15,000.