Athlone Credit Union launches home energy loan

With oil prices reaching all time highs and no changes in the regulation of the domestic electricity supply market, now is a good time for homeowners to consider upgrading and modifying their heating systems as part of an overall home energy plan. Solar power technology has come a long way in the past few years to the point where even allowing for the erratic and unpredictable Irish weather conditions it is now possible to capture the energy potential of the sun’s rays during natural daylight on most days. The installation of well placed solar panels plus good home insulation coupled with proper boiler calibration and the fitting of low emission light bulbs throughout a home can all go a long way towards reducing the average family heat and electricity bills - while at the same time playing a vital part in reducing our carbon footprint.

Athlone Credit Union Limited is now offering its members a loan facility designed to fund the implementation of a home energy plan. Borrowers can following consultation with any number of registered and approved installers seek loan approval for all or part of their home energy plan. Subject to SEI grant approval and revenue approved tax relief, the cost of implementing a home energy plan can literally make ‘cents’ over the life of any loan as the potential savings in heat and light bills when offset against any loan repayments in the third and subsequent years of the loan can result in significant saving to the point that the home energy plan becomes effectively cost neutral. The assertion that loan repayments are balanced by reduced energy bills is based on a number of assumptions regarding typical household energy consumption which should not be relied upon without expert advice from one of the many registered SEI/ HES installers.

Athlone Credit Union Limited are offering the home energy loan at the standard variable rate of 8.5 per cent ( 8.5 per cent APR ). This works out at approximately €24.79 per week over five years on €5,250 borrowed and is based on the premise that any grant aid received subsequently is used exclusively by the borrower to fund all stages of the overall Home Energy Plan in order to maximise any grants available and optimise efficiencies. Also with a maximum of 20 per cent tax relief available under the last budget, further savings on initial investment are possible thereby reducing the payback period and the point at which the home energy loan will really start paying its way in terms of overall energy savings which at current estimates are possible between the third and fourth year of operation depending on factors such as size of property, household size, and age and condition of existing heating system.

A full list of energy consultants and installers is available from SEI / HES website www.seai.ie

For further information call Mick Dillon, CEO, Athlone Credit Union Limited on (086 ) 8563881 or log on to www.athlonecreditunion.ie

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