PTSB has announced it is reducing its variable interest rates for loans to homeowners under the State-backed retrofitting Home Energy Upgrade Loan Scheme.
Homeowners can borrow from €5,000 to €75,000 to retrofit their homes and make them warmer and more energy efficient through the scheme.
The scheme is delivered by the Strategic Banking Corporation of Ireland (SBCI) on behalf of the Department of Climate, Energy and Environment.
PTSB said the rate reductions, which range up to 0.56%, are available from today for the four loan amounts available:
A rate of 4.15% (down 0.4%) for loan amounts of €5,000 - €14,999
A rate of 3.75% (down 0.4%) for loans of €15,000 - €24,999
A rate of 3.35% (down 0.5%) for loans of €25,000 - €49,999
A rate of 2.99% (down 0.56%) for loans of €50,000 - €75,000
The bank has also launched a new online facility on its website to enable homeowners to plan the specific home energy upgrade options suitable for their home based on their Building Energy Rating (BER).
PTSB said the Home Upgrade Tool recommends a suite of retrofit packages ranging from a deep retrofit to individual measures such as attic insulation or solar PV installation.
It offers property-specific insights using data sourced from the Sustainable Energy Authority of Ireland (SEAI) National BER database.
For homes which do not have a BER or if a homeowner cannot find the BER details, the bank said the tool uses a purpose-built model to approximate the BER of a property based on location and answers provided to questions.
PTSB's Chief Customer and People Officer, Ger Mitchell, said the colder weather "prompts our customers to start planning improvements to make their homes warmer and more energy efficient."
"That is why PTSB is introducing new market-leading rates for home energy loans, designed to help our customers take the next steps toward reducing energy bills and improving comfort," he added.
Head of Lending at the SBCI, Colin Moran, said the Government-backed Home Energy Upgrade Loan Scheme is "a vital initiative that supports and incentivises homeowners to enhance the energy efficiency of their homes, through the availability of more affordable loans."
"By reducing rates at which homeowners can borrow to make such energy upgrades, PTSB is broadening the reach of the Scheme and making it more attractive for homeowners to plan and action energy upgrade works," he added.
