AIB is doubling the maximum amount available in its Green Personal Loan offering to €60,000, which the bank says is in response to increased demand for sustainable finance solutions.
The AIB Green Loan was launched earlier this year and offers loans from €3,000 to €60,000 for up to ten years at a variable rate of 6.25% for customers who want to make sustainable changes to their homes and lives.
The Green Loan can be used to fund improvements to house insulation and ventilation, install renewable energy or sustainable water systems, boiler upgrades, home chargers units for electric vehicles and other measures to improve sustainable lifestyles.
AIB customers with a current BER rating of C can use the AIB Green Loan to upgrade their home and bring it up to a BER of B, which the bank calculates could bring a potential saving of €500 on energy bills per annum. It also qualifies them for the AIB Green Mortgage, which allows them to make further savings.
Applications for AIB’s Green Loan, which hitherto needed to be made through the bank’s mobile app, will now also be taken by phone.
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AIB is also publishing the results of a survey of 1,000 adults that it conducted in June 2021. According to the survey, six in ten Irish homeowners said they are currently living somewhere that would require a deep retrofit in order to significantly improve its energy efficiency.
Four in ten respondents in the AIB survey said that they are currently, or have already upgraded their windows, doors or insulation in recent years in order to make their homes more energy-efficient.
A further 10% of homeowners are planning to undertake similar works in the next three years.
“Since the launch of our Green Loan we have seen strong demand from our customers to make sustainable home and vehicle upgrades,” said Yvonne Holmes (pictured), chief sustainability officer at AIB.
“The expansion of the current green loan offering will continue to support our customers and our ambition for 70% of our customer lending to be green by 2030.”
