Green Loans launched to encourage energy efficiency

Irish consumers are being encouraged to become more energy efficient by one mortgage lender.

Solar panels are among the eco-friendly improvement that could be funded by the loan

Solar panels are among the eco-friendly improvement that could be funded by the loan

First Active has introduced a new product, called a Green Loan, for those looking to install eco-friendly home improvements such as solar heating systems, heat pumps and biomass boilers, the Herald reports.

The loan works as a mortgage top-up of a personal loan and can be applied for if the homeowner intends to buy a system based on renewable energy eligible for grants as part of the greener homes scheme from Sustainable Energy Ireland, according to the newspaper.

First Active has also launched a range of environmentally-friendly mortgages for the purchase of properties with an A1 to C3 energy rating, as well as loans for buying fuel-efficient vehicles.

"We consider this [launch] to be an important step in encouraging people to use domestic renewable energy," said Joe Heneghan, First Active head of product marketing.

Permanent TSB launched the first green loan scheme in Ireland in February 2007.

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