Permanent TSB (PTSB) has announced reductions in variable interest rates for homeowners borrowing under the State-supported Home Energy Upgrade Loan Scheme, making it cheaper to finance improvements that increase energy efficiency.
The scheme, delivered by the Strategic Banking Corporation of Ireland (SBCI) on behalf of the Department of Climate, Energy and Environment, allows homeowners to borrow between €5,000 and €75,000 to retrofit their properties. Eligible works include insulation, solar panel installation, and other measures to make homes warmer and reduce energy costs.
PTSB said the rate cuts, which come into effect immediately, range from 0.4 to 0.56 percent, depending on the loan amount. Loans of €5,000 to €14,999 will now carry a rate of 4.15 percent, down 0.4 percent, while amounts between €15,000 and €24,999 will be offered at 3.75 percent, also a 0.4 percent reduction. Larger loans benefit from steeper cuts: €25,000 to €49,999 at 3.35 percent, down 0.5 percent, and €50,000 to €75,000 at 2.99 percent, a 0.56 percent reduction.
The bank has also introduced an online Home Upgrade Tool, designed to help homeowners plan retrofit projects based on their property’s Building Energy Rating (BER). The tool recommends tailored upgrade packages, ranging from deep retrofits to single measures such as attic insulation or solar PV installation.
Using data from the Sustainable Energy Authority of Ireland’s National BER database, the tool provides property-specific advice. For homes without a BER or where details are unavailable, it estimates energy ratings based on location and homeowner responses.
Ger Mitchell, PTSB’s Chief Customer and People Officer, said the move comes as colder weather prompts homeowners to focus on comfort and energy efficiency. “That is why PTSB is introducing new market-leading rates for home energy loans, designed to help our customers take the next steps toward reducing energy bills and improving comfort,” he said.
Colin Moran, Head of Lending at the SBCI, described the scheme as “a vital initiative that supports and incentivises homeowners to enhance the energy efficiency of their homes, through the availability of more affordable loans.”
He added that the rate reductions “broaden the reach of the Scheme and make it more attractive for homeowners to plan and action energy upgrade works.”
The Home Energy Upgrade Loan Scheme has become a key element of Ireland’s wider climate and energy strategy, helping homeowners make long-term reductions in household energy consumption. By offering lower borrowing costs and practical planning tools, PTSB aims to encourage more families to undertake energy efficiency projects this winter.
