Energy-saving loan
Borrow for Enova-recommended energy improvements or work that protects your primary home from water, with the home as security.
Esta oportunidad está disponible actualmente en inglés.
You can finance solar panels, insulation, heat pumps, low-energy windows and balanced ventilation. Energy-saving work must be recommended by Enova, but you do not have to receive an Enova grant. Climate adaptation also qualifies, including drainage, a pump sump, diverting rainwater and replacing a roof.
The loan is repaid with interest and fees, over a term of up to 30 years. Nordea lists a nominal annual rate of 5.19% for lending within 90% of the home’s value. Its representative example has an effective annual rate of 5.34% for NOK 500,000 over 25 years. There is a NOK 1,000 establishment fee and no instalment fee; establishing new security or increasing an existing secured lending limit costs NOK 440–585 when needed.
Eligibility
- You and any co-applicant must be registered Nordea customers. Nordea assesses your ability to repay before deciding on the application.
- Nordea requires first-ranking security in your primary home, without additional collateral. This gives Nordea priority over other lenders in that security. In most cases, you will therefore need to have your main mortgage with Nordea.
- The requested loan cannot exceed the cost shown in your quote.
- If you are also doing other renovation work, the energy-saving loan covers the Enova-recommended part; the rest uses ordinary loan products. Qualifying climate adaptation is a separate supported category.
- Keep invoices and receipts for at least 12 months. Nordea may request them in spot checks to confirm how the money was used.
How to apply
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Obtain a quote showing the measures and their costs before applying. Use Nordea’s online energy-saving loan application and provide household income and debt information, including any co-applicant’s details. Self-employed applicants must have their latest business tax statement and year-to-date income statement available when Nordea contacts them.
If you are married, both you and your spouse must sign the loan documents, even when only one of you takes out the loan.