Credit Union Green Loan

What is a Green Loan?

A Green Loan, also known as a Green Home Improvement Loan, is a loan specifically designed to fund sustainable, environmentally friendly upgrades that reduce CO2 emissions or lower your overall electricity or fossil fuel usage. These improvements are not only great for the environment but can also lead to significant savings on your fuel and electricity bills. Plus, they add value to your home and make it warmer, cosier, and healthier.

If you’re considering installing solar panels, check out our solar panel case study to see if they might be the right fit for you.

We also recommend reviewing our home improvement tips to explore other ways we can help you save. Additionally, our Home Improvement Loan might be a better fit depending on your project.

Looking to reduce your carbon footprint and save on fuel costs? Check out the real story of an EV owner to see why it makes sense to start driving into a sustainable future while taking advantage of one of the best loans for EVs and hybrid cars in Ireland.

Examples of Green Upgrades include:

• Purchasing an EV or Hybrid Car (If you’re thinking of upgrading your car, don’t miss our PCP Buster New Car Loan for competitive rates.)
• Wall, floor, or attic insulation
• Upgrading windows and doors
• Installing a heat pump, such as an Air-to-Water Unit
• Adding heating controls
• Installing Solar PV Panels to convert light into electricity

Investing in these upgrades can lower your carbon footprint, reduce energy bills, and contribute to a greener future.

If you’re considering a Green Loan, talk to us today! You can find more information on Green Home Improvements and ways to reduce your energy bills by clicking here.

Need inspiration? Check out our case study on solar panels to see the potential savings and get some excellent advice.

Repayment Example

Green Loan @ 6%: A Credit Union Green Loan of €25,000 over 5 years would cost €483 per month at a variable rate of 6% (6.17% APR). The cost of credit is €3,999 and the total amount repayable is €28,999. Variable rates may increase which would cause the cost of credit to increase.

While every care has been taken in the production of this web page, the Credit Union, or any of its staff, cannot be held responsible for any omissions, errors, or other mistakes on the site. This calculator is for illustrative purposes only, to give you, the borrower, an overview of the potential cost of borrowing.

Loan amounts and 99% approval rate are based on figures from 2020. Rates are correct as of 1/02/2022 and are subject to change. Croí Laighean Credit Union is regulated by the Central Bank of Ireland.

Frequently Asked Questions About Green Loans

What can I use a Green Loan for?

Our Green Loans can be used for a wide range of environmentally friendly projects. These include energy-saving home improvements such as installing solar panels, upgrading insulation, or adding heating controls. They are also perfect for purchasing electric vehicles (EVs) or hybrid cars, retrofitting your home to reduce energy bills, or installing heat pumps and upgrading windows or doors to lower your carbon footprint.

How do I qualify for a Green Loan?

To qualify for a Green Loan, you’ll need to provide documentation of your planned purchase or project. For home energy upgrades, this might include a contractor’s detailed quote or project plan. For purchasing an EV or hybrid car, a dealer’s invoice or quote will be required. Additionally, confirmation of grant applications, such as those from SEAI (Sustainable Energy Authority of Ireland), may also be necessary. It can be confusing, so give us a quick call if you need help.

What makes a Green Loan different from other loans?

Our Green Loan is tailored specifically for sustainable, eco-friendly projects. It offers a discounted interest rate of 6% (6.17% APR), making it one of the cheapest EV car loans and energy upgrade loans available. Additionally, it aligns with Ireland’s goal of reducing carbon emissions by making green choices more accessible.

What is the maximum amount I can borrow with a Green Loan?

You can borrow up to €100,000 with repayment terms of up to 10 years. This gives you the flexibility to fund both large-scale retrofits and vehicle purchases.

Are there grants available to supplement my Green Loan?

Yes! Many energy-saving home improvement projects qualify for grants through SEAI, which can help reduce the overall cost of your project. These grants can be combined with your Green Loan for better savings.

Are there tax incentives for purchasing an EV or hybrid car?

The government offers several incentives for purchasing electric vehicles or hybrids, such as reduced Vehicle Registration Tax (VRT), low motor tax, and grants under the SEAI’s EV scheme. These can significantly reduce the cost of switching to an eco-friendly vehicle.

Can I repay a Green Loan early?

Absolutely! Like all our Credit Union loans, there are no penalties or fees for early repayment. This flexibility helps you save even more over the life of your loan.

Can I use a Green Loan for smaller projects, like upgrading to LED lighting?

Yes, you can use the loan for both small and large energy-saving projects. However, for smaller projects, our personal loan options may also be a good fit.