Ireland: EIB and Avant Money unlock EUR 75 million of green financing for Irish homeowners
4 November 2021
Ireland first country to benefit from EU Private Finance for Energy Efficiency scheme for private homeowners
New initiative to accelerate energy efficiency investment by homeowners
Designed to help cut energy bills and carbon emissions
The European Investment Bank (EIB) and Avant Money will support EUR 75 million of new green investment by homeowners across Ireland. The new initiative will help to cut domestic energy bills and reduce carbon emissions as well as contribute to delivering Ireland’s National Climate Action Plan.
The EIB backing for Avant Money’s consumer green financing initiatives was highlighted during a recent visit to in Dublin by EIB President Werner Hoyer and Vice President Christian Kettel Thomsen.
“Personal action can help to tackle climate change and investing in energy efficient homes reduces energy bills and helps to reduce carbon emissions. The European Investment Bank is committed to scaling up climate action and is pleased to work with Avant Money to unlock EUR 75 million of energy efficiency investment in homes across Ireland in the years ahead. The EIB is working with private and public partners across Ireland to harness clean energy and reduce emissions and this partnership is enabling homeowners in Ireland to be the first to benefit from targeted support under the visionary Private Finance for Energy Efficiency scheme.” said EIB Vice President, Christian Kettel Thomsen.
The funding will support the energy rehabilitation of residential homes across Ireland, to include energy efficiency measures and small-scale renewable energy installations, all of which are expected to bring positive environmental impacts as well as extend the useful life of buildings.
Speaking about the funding, Sean Sheehan, Head of Strategic Partnerships for Avant Money, said “Sustainability and supporting the green economy is a key focus for Avant Money and we are incredibly proud to be the first consumer finance company in Europe to bring to the market funding backed by the European Investment Bank’s Private Finance for Energy Efficiency (PF4EE) scheme. This funding allows us to help Irish homeowners take an active part in the National Climate Action Plan by making their homes more energy efficient; reducing emissions, cutting down on energy wastage and doing their part for the green economy at affordable rates.”
Unlocking green consumer lending to reduce Ireland’s carbon footprint
The new consumer financing will be managed by Avant Money and initially provided to residential homeowners through the An Post Green Hub which provides personal loans and expert advice to support eligible home energy improvement projects.
John Rice, An Post Financial Services Director, said “An Post is committed to supporting Ireland’s ambitious National Climate Action Plan by enabling householders to make their homes more energy efficient and more comfortable with affordable finance at a market-leading rate1, expert advice and end-to-end Green Hub project support. Ours is a long-term promise to improve quality of life, now and for generations to come.”
Ireland first country to access new consumer green financing scheme
Ireland is the first country in Europe to benefit from homeowner financing backed by the Private Finance for Energy Efficiency initiative, a joint scheme backed by the European Investment Bank and European Union.
This finance is being partly funded by the European Investment Bank’s Private Finance for Energy Efficiency (PF4EE) scheme and Avant Money is the first consumer lender in Europe to bring PF4EE funding to this segment of the market.
In 2020, the European Investment Bank Group provided EUR 1 billion for new private and public investment in Ireland.
Avantcard DAC trading as Avant Money is regulated by the Central Bank of Ireland. Registered in the Republic of Ireland. Number 541980 Registered Office: Dublin Road, Carrick-on-Shannon, Co Leitrim
Note 1. Claims relating to market-leading rates and are based on a comparison of interest rates and APRCs for all personal loan lenders, per ccpc.ie and individual lender websites as of 3rd Nov 2021.
Financing available for Irish homeowners to back range of green investments
The finance is available exclusively to private residential homeowners, supporting an extensive range of energy efficiency and renewable energy investments, such as insulation upgrades, replacing windows and doors, installing heat pumps, combi-boilers and solar panels.
Customers can apply for a loan, carry out a free home assessment and find out more about going green at www.anpost.com/greenhub.
26th UN Climate Change Conference of the Parties (COP26) October 31st to November 12th
One of the four key objectives for COP26 is to Mobilise Finance, specifically:
‘To achieve our climate goals, every company, every financial firm, every bank, insurer and investor will need to change. Countries need to manage the increasing impacts of climate change on their citizens’ lives and they need the funding to do it.
The scale and speed of the changes we need to make will require all forms of finance:
Public finance for the development of infrastructure we need to transition to a greener and more climate-resilient economy.
Private finance to fund technology and innovation, and to help turn the billions of public money into trillions of total climate investment.’
Consumer finance company Avant Money is a provider of mortgages, personal loans and credit cards in the Irish market, both under its own brand and through its partners, Chill Money and An Post Money. The company is based in Carrick-on-Shannon, Co. Leitrim with a second office in Dublin, employs 250 staff and has been providing credit cards and personal loans to Irish consumers for over twenty years. Avant Money is owned by Spanish banking group Bankinter, which also has operations in Spain, Portugal and Luxembourg. With its recent entry into the mortgage market the company is positioning itself to be a compelling alternative to the mainstream banks.
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