Avant Money, in partnership with An Post Money, joins the Home Energy Upgrade Loan Scheme
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From: Department of the Environment, Climate and Communications
- Published on: 13 February 2025
- Last updated on: 12 April 2025
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.
ENDS
Notes to the Editor
Key features of the Home Energy Upgrade Loan Scheme
- homeowners may borrow between €5,000 and €75,000 for up to 10 years
- loans are unsecured, that is, there is no charge taken over the property as is the case with a mortgage
- the purpose of the loan must be to carry out home energy upgrade/retrofit works
- the residential property being upgraded must be located in the Republic of Ireland
- the home energy upgrade works must qualify for a home energy grant from the Sustainable Energy Authority of Ireland (SEAI) and must be projected to result in a minimum 20% improvement in the energy performance (Building Energy Rating – "BER") of the property
- the loans can be used by homeowners who want to undertake a deep retrofit involving several energy upgrades at the same time, or to carry out one or two upgrades that will significantly improve the energy performance of the home
- the works must be carried out by an SEAI registered One Stop Shop, Energy Partner or Communities Project Coordinator. These SEAI registered contractors offer homeowners all the services required for a complete home energy upgrade and can advise whether the planned works meet the requirements for the loan scheme, as well as advising on the grants that may be available from SEAI
- up to 25% of the amount borrowed may be spent on non-energy efficiency works, for example, other home improvement works carried out at the same time as energy upgrade works (excluding any form of installation of fossil fuel boilers)
- loans will be available for drawdown up to 31 December 2026 or until the scheme has been fully subscribed (whichever is earlier)
- loans will be subject to the normal lending criteria, terms, and conditions of the participating finance providers
- as an additional bonus, households could also qualify for a lower cost green mortgage in the future after they use their low-cost loan to improve their BER (Building Energy Rating) rating up to the required level
- rates available from Avant Money through their partner, An Post Money, under the Home Energy Upgrade Loan Scheme are as follows:
| € | Nominal rate | APR |
| €20,000-75,000 | 3.69% | 3.75% |
| €10,000-19,999 | 5.7% | 5.9% |
| €5,000-9,999 | 7% | 7.2% |
Further details on the eligibility criteria and other operational aspects of the Scheme are available on both the SBCI and SEAI websites.
National Retrofit Plan
The National Retrofit Plan sets out how the government will deliver on our retrofit targets. The plan is designed to address barriers to retrofitting across four key pillars: driving demand and activity; financing and funding; supply chain, skills and standards; and governance. For each pillar, barriers were identified and time-bound policies, measures and actions were put in place to address them.
The expansion of the Home Energy Upgrade Loan Scheme is the latest commitment under the plan to be delivered.
Implementation of the National Retrofit Plan has resulted in a very significant increase in the delivery of home energy upgrades, with almost 54,000 upgrades supported by the SEAI last year (up 13% on 2023).
About the Strategic Banking Corporation of Ireland (SBCI)
The Strategic Banking Corporation of Ireland (SBCI) was established by the Department of Finance in September 2014 to ensure that SMEs in Ireland have access to stable, lower-cost, and long-term funding options. By supporting and developing an effective credit market for SME finance, the SBCI makes it easier for SMEs to obtain the financing they need to thrive and stimulate economic activity in Ireland.
Since its inception, the SBCI has expanded its range of supports, providing liquidity and risk-sharing guarantee schemes to a wide array of finance providers. This expansion has given Irish SMEs more choices in accessing affordable finance for their businesses. Over the past decade, the SBCI has provided over €4 billion in funding to more than 60,000 Irish businesses across various sectors.
In 2014, the SBCI launched its first consumer loan scheme, the Home Energy Efficiency Loan Scheme, on behalf of the Department of the Environment, Climate and Communications, to make residential energy upgrades more accessible and affordable for eligible homeowners.
About the Sustainable Energy Authority of Ireland (SEAI)
SEAI is Ireland's national energy authority investing in, and delivering, appropriate, effective and sustainable solutions to help Ireland's transition to a clean energy future. SEAI works with government, homeowners, businesses and communities to achieve this, through expertise, funding, educational programmes, policy advice, research and the development of new technologies. SEAI is funded by the Government of Ireland through the Department of the Environment, Climate and Communications.
About the European Investment Bank (EIB) and European Investment Fund (EIF)
The EIB is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. The EIF is part of the EIB Group.
About Avant Money
Avant Money is part of the leading Spanish banking group Bankinter, a top 50 European bank which operates in Spain, Portugal, Ireland, and Luxembourg. It offers credit cards, personal loans and residential mortgages.
Avant Money, under different legal forms, has been present in the Republic of Ireland as a financial service provider for almost 30 years since 1997, originally as MBNA credit cards. On 31 May 2019, Bankinter closed the deal to purchase Avantcard DAC after obtaining the required authorisations from the European Central Bank and the Central Bank of Ireland.
In April of last year, Bankinter announced plans to establish Avant Money as its Irish banking branch, which will allow the company to offer a wider range of financial products and services to the Irish market in the future. Avant Money currently provides services to approximately 200,000 customers in the Republic of Ireland. Avantcard DAC trading as Avant Money is regulated by the Central Bank of Ireland.
About An Post Money
An Post Money lies at the heart of Ireland's most extensive retail network and provides a range of financial services including in Ireland, including credit cards, loans, current accounts and foreign exchange. We offer credit cards and loans through our partnership with An Post Money. An Post is authorised by the Minister for Finance to provide payment services and is regulated by the Central Bank of Ireland in the provision of such services.