Green Home Improvement Loans
Costing up going green? Check out our Green Home Improvement Loan.
Got the ambition to be more energy efficient? We all know that making our homes more energy efficient is not only good for the environment at large, but also great for saving a bit of money on utility bills. If you’re looking to upgrade your home and want to reduce your carbon footprint in the process, why not contact your local credit union about a flexible green home improvement loan or submit an online loan enquiry today.
Frequently asked questions:
Who should apply for a green home improvement loan?
A green home improvement loan is for anyone who is planning on making any improvements in their home to increase its energy efficiency. It can be for big retrofit project which may include solar panels and insulation but also for smaller works too - like fitting new windows or doors or getting a new boiler installed. Anything that will increase your home’s energy efficiency and decrease your heating bills.
What are the benefits?
The benefits of a green home improvement loan vs a regular home improvement loan is the financial viability. There are grants available which can cover a significant amount of your improvement costs and this - coupled with money saved on heating bills - means you could cover the cost of your loan over a number of years. This article examines the average amount you might save.
At the credit union, we look at things differently:
- Owned by you: Every credit union is owned by its members, the people who save with it and borrow from it
- Local: All decisions are taken at local level in the best interest of all members
- Member service: Credit unions excel in the personal service which they provide to members
- Flexible: You can pay off your loan early, make additional lump sum repayments or increase your regular repayments, all without penalty. Generally there is no minimum loan period.
- Loan protection: Loans are insured by the credit union’s own policy at no direct cost to you. This is designed to pay off a loan in the event of a borrower’s death – subject to terms, conditions and eligibility criteria.
How much does a Green Home Improvement Loan cost?
The maximum interest rate which a credit union can charge is 12% (12.68% APR)*. In practice, most credit unions have home improvement loan interest rates which are significantly lower than that. Click here to view information on average credit union loan rates. And not only that, many credit unions offer a loan interest rebate at the end of the year, making credit union loans even more appealing. Please check with your local credit union for further details.
And you never know, depending on the savings you’ll generate in making your home more energy efficient you could cover the cost of your green home improvement loan! Read our article on the cost effectiveness of an energy efficient home with more details on exactly how much it will cost and how much you could save in the long run.
* For a €/£3,000 one year variable rate loan with an interest rate of 12%, an annual percentage rate of 12.68%, the monthly repayment will be €/£266.55 and the total amount repayable will be €/£3,198.56.
How do I apply for a Green Home Improvement Loan?
If you are already a member of a credit union, simply contact your credit union today.
Or, to submit a home improvement loan enquiry to your local or workplace credit union, please click on the Loan Enquiry link below.
Not a Member? Not a Problem!
If you’re not already a credit union member, why not join your local or workplace credit union today? You'll find more details on what you need to join by clicking here.
Or if you can’t remember the last time you used your local credit union, that's also no problem. Credit unions just love to see old friends returning. Just contact your local credit union to find out how to reactivate your account. Isn’t it time you had your Credit ReUnion?
Loans are subject to approval. Terms and conditions apply. If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating which may limit your ability to access credit in the future. Credit unions in the Republic of Ireland are regulated by the Central Bank of Ireland. Credit unions in Northern Ireland are authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.