SBCI Home Energy Upgrade Loan Scheme

More Information About the SBCI Home Energy Upgrade Loan Scheme

• What type of property can I use the loan to upgrade?
  • The property must be a residential property in the Republic of Ireland.
  • The property must not have been used in part for commercial purposes and in part for residential purposes 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 property must not have been subject to one or more short-term letting (14 days or less) 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 property must 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.
• State Aid

  The scheme will operate under the De Minimis Regulation.

  State aid will apply on loans granted to any homeowner in which the underlying property (i) is currently being used; (ii) has been used in the previous 12 months; or (iii) will be used in the next 12 months for any rental or similar arrangement.

  If the property/properties have been or are being used for the above purposes, then that use is “economic activity”, and State aid will arise on the grant of the loan(s) in respect of that property/properties.

  Loans to other homeowners who do not use the property to engage in “economic activity” will not generate any State aid.

  For a more extensive description of the State aid measures applicable to the scheme, please refer to the SBCI Regulation webpage

   

  Ineligible Undertakings

  Undertakings which are not eligible for De Minimis Loans under this Annex are:

  1. undertakings active in the fishery and aquaculture sector;
  2. undertakings active in the primary production of agricultural products;
  3. undertakings active in the sector of processing and marketing of agricultural products in the following cases:
     1. where the amount of the loan is fixed on the basis of the price or quantity of such products purchased from primary producers or put on the market by the undertakings concerned; and
     2. where the aid is conditional on being partly or entirely passed on to primary producers; and
  4. undertakings that are subject to collective insolvency proceedings or that fulfil the criteria under its domestic law for being placed in collective insolvency proceedings at the request of its creditors, 

  as further defined in the De Minimis Regulations.

  Amount

  The maximum amount of a De Minimis Loan shall be such that the total amount of de minimis aid received by the Borrower shall not exceed EUR 300,000 over any period of 3 years.

  Restrictions

  De Minimis Loans may not be used:

  1. in a manner that requires the undertaking to use domestic over imported goods; or
  2. to fund export-related activities towards non-EU countries or Member States (namely aid directly linked to the quantities exported), to the establishment and operation of a distribution network or to other current expenditure linked to the export activity.

   

  Required Declaration

  The Borrower must give a valid declaration as to the amount, if any, of any other de minimis aid it received within the previous period of 3 years.

  Required Books and Records

  The Borrower shall record and compile all the information required for the application for the De Minimis Loan. Such information shall include all information necessary to demonstrate that the conditions of the De Minimis Regulations have been complied with. Records regarding each De Minimis Loan shall be maintained by the Borrower for ten fiscal years from the date of termination of the De Minimis Loan

• Energy Efficiency criteria for the Renovation of Buildings

  Eligibility

  The loan scheme must be used for upgrading the energy efficiency and decarbonisation of your home. It cannot be used for fossil fuel heating systems.

  A comprehensive list of eligible solutions can be found on the SEAI website, but energy efficiency and decarbonisation solutions can include:

  • Attic, wall, and floor insulation
  • Heat pump installation
  • Heat control upgrades
  • Solar photovoltaic (PV) panels (when installed as part of a deep retrofit)
• Ineligibility

  If your loan no longer meets the eligibility criteria, it may be excluded from the Strategic Banking Corporation of Ireland (SBCI) Scheme, and your loan will be in default.

  If that happens, we will engage with you to assess your circumstances with a view to moving you to an alternative product, if possible. This will be subject to a new Credit Application, assessment and decision. We will no longer be bound to honour the favourable interest rate and term described above. If you fail to engage with us, or if it is not possible to provide an alternative product, we have the right to demand immediate repayment of all outstanding amounts.