The Energy Efficiency Loan Scheme is a business loan scheme to help Irish businesses reduce their carbon footprint through cheap and easy to access finance.
The Strategic Banking Corporation of Ireland (SBCI) run this scheme in Ireland. They launched the €150m Energy Efficiency Loan Scheme in July 2022, and are in charge of assessing business' eligibility, too.
The loans are guaranteed by the EU (via COSME and the European Fund for Strategic Investment). This allows both the easier access and reduced interested rates.
The loans will be provided to businesses by the high street banks in Ireland. Only Bank of Ireland has opened it's offering for applications (as of time of writing - August 2022). Other banks are expected to follow suit shortly
Alternative finance providers are also offering finance through the Energy Efficiency Loan Scheme. You can get quotes and more info via Alternative Business Fianance Brokers, who will handle collecting all the different options and rates for you. There's more information on their Energy Efficiency Loan Scheme page here .
Loans may only be used for the purposes of upgrading the energy efficiency of the enterprise, though there are restrictions on what assets can be financed.
The list of what is allowed is very large - there are almost 31,000 product types allowed to be financed
To be eligible for inclusion, the asset to be financed must be listed on the SEAI Triple E Register for Products.
Just one of particular note - the purchase of Electric Vehicles (EVs) is not included in the Energy Efficiency Loan Scheme for businesses, (even though EVs are listed on the SEAI Triple E Register).
SMEs who satisfy the following criteria can apply:
The first step is to apply to the SBCI (Strategic Banking Corporation of Ireland). They assess your eligibility, and, assuming you pass, will give you your eligibility reference number.
You can find the application forms on their website here:
Your eligibility reference number will remain valid for 6 months.
Next you take this eligibility reference number to the lender, i.e. high street bank / alternative lender.
Currently only Bank of Ireland have opened their lending scheme for applications, and you can find more information about Bank of Ireland's Energy Efficiency Loan Scheme here , or AlternativeFinance.ie's Energy Efficiency Loan Scheme page here
Yes. The scheme will close on 31st December 2023, or when the full pot has been used (currently €150m), whichever comes first.