Home Energy Upgrade Loan Scheme

Eligibility criteria

You must:

• Be a natural person (meaning an individual, not a company) acting for his/her own benefit and not on behalf of someone else
• Be availing of a grant under a SEAI schemes for the purpose of funding (in part) the energy efficiency investment under the scheme
• Confirm ownership of an eligible property (see below) by providing a self-declaration and the Meter Point Reference Number (MPRN) for the property
• Be able to provide confirmations in the scheme documentation, including that you will undertake the energy efficiency investment under the scheme on up to a maximum of three properties owned by you
• Not be a sanctioned person or in breach of certain restrictive measures
• Not be engaged in any illegal activities or illegal economic activities
• Not be tax resident in a non-compliant jurisdiction
• Not, to the best of your knowledge, be in an exclusion situation (including but not limited to being bankrupt, subject to insolvency proceedings, subject of a final judgment for fraud, corruption, participation in a criminal organisation, money laundering or terrorist financing, terrorist offences or human trafficking)

The property must:

• Be a residential property in the Republic of Ireland
• Not have been used in part for commercial purposes and in part for residential purposes at any time in previous 12 months*
• Not have been subject to one or more short-term letting at any time in previous 12 months*
• Not have been used as a holiday home at any time in previous 12 months*

*and the borrower must undertake not to use the property for such purposes for at least 12 months after they obtain finance

The loan must:

• Be new
• Be entered into by a finance provider during the relevant period
• Be a term loan
• Be repaid monthly
• Be denominated in euro (EUR)
• Be valid, binding and enforceable under applicable law

Other important criteria:

• For loans issued with the specific purpose of financing the construction of new buildings and major rehabilitation of existing buildings, the construction must comply with national energy standards (and certain additional requirements apply if loans are granted/issued with specific purpose of financing the heating and/or cooling of buildings)
• Loans with a “bullet repayment profile” (entire amount to be repaid at maturity) or “balloon” repayment profile (30% or more to be repaid at maturity) are not eligible under the scheme
• The proceeds of a loan must be applied towards the financing of eligible investment costs of an energy efficiency investment in accordance with the terms and conditions of a SEAI Scheme, and the energy efficiency investment must be carried out by a SEAI Project Intermediary
• The loan must not be used to refinance an existing term loan debt, residential property renovation that has previously received other SEAI-funded grants for the same energy efficiency investment, and/or installation of any form of fossil fuel burners
• The energy performance of the property must improve by at least 20% when compared to the energy performance of the property before the energy efficiency investment commences
• The associated costs (if any) must make up a maximum of 30% of the eligible investment costs
• The loan must finance an energy efficiency investment carried out in compliance with minimum requirements with respect of environmental legislation and information access
• The proposed approved upgrade works costs, net of the proposed SEAI grant amount, must be at least 75% of the financing provided under the loan
• The actual upgrade works costs incurred under the loan, net of the actual SEAI grant amount, must be at least 70% of the financing provided under the loan

Don’t meet the eligibility criteria?

We offer alternative green loans for customers who are not eligible for the Home Energy Upgrade Loan Scheme. View all Bank of Ireland loans to find the right option for you.