Green renovations loan
Borrow for home energy improvements that achieve a B2-or-better energy rating, if you qualify for Claddagh Credit Union membership.
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You can borrow €15,000–€75,000 for up to ten years. You repay the money with interest. The special nominal interest rate is 5% and can change. It starts only when you provide a Building Energy Rating (BER) of B2 or better: the required energy-performance rating for the improved home. The special rate does not apply to earlier borrowing periods.
Half of the loan amount must be paid directly to contractors, subcontractors or vendors by cheque or electronic transfer. The loan may be paid into a Loan Deposit Account for those payments; that account earns no interest and does not count as savings securing the loan.
There are no early-repayment penalties, setup costs, upfront repayments or transaction charges. Repayments must be automated, for example through payroll deductions or Direct Debit, and kept separate from other loans. Missed repayments cause the loan to revert to the standard rate. No interest rebate is paid on this special-rate loan, and the Credit Agreement also applies.
Eligibility
- You must be a credit union member and receive loan approval. You can join if you live, work or study in its catchment, or someone in your household already has an account.
- The catchment covers parts of Galway city and extends west to Connemara: from the Docks, with Abbeygate Street as the boundary, through the Cathedral, Shantalla, Newcastle, Moycullen, Oughterard and Maam Cross, then south to Furbo, Barna, Knocknacarra, Salthill and the Claddagh.
- The money must fund home improvements that reduce greenhouse gases and result in a BER of B2 or better.
- Only one loan of this type is allowed per member. Top-ups may be allowed for the same purpose within three years of the initial loan, with an appropriate loan term.
How to apply
- Statut
- Candidatures au fil de l’eau
- Conditions de cette période de candidature
- New members can join and apply without a waiting period; loans remain subject to approval.
Start your application on the loan page. New members can join and apply without a waiting period; membership can be opened online or at a branch.
Provide the BER evidence to receive the special rate and set up automated repayments. An invoice or quotation may be requested as proof of purchase. Half the loan must be paid directly to the contractors or vendors.