Energy loan

You can borrow for solar panels or solar batteries, more efficient windows, insulation of the attic, roof or façade, and more efficient appliances. The heating option replaces an oil boiler or direct electric heating with ground-source heat, an air or water heat pump, or district heating. The bank also lists an electric-car charging point, an electric bicycle, drainage improvements and protection against heavy rain.

You choose the solution, supplier and how and where the work is done. No collateral is required. You must attest that the money will be used for measures that reduce energy use in the home, and the bank may follow up on the work.

Sparbanken Syd pays out the loan in the way and at the time agreed with you. You repay the money borrowed, plus interest and the fees in your agreement, over the agreed repayment period. Interest is individually set. The bank’s variable-rate consumer terms allow changes for monetary-policy decisions, changes in its borrowing costs or unforeseen cost changes, with notice before the new rate applies. Contractual fees may rise when the bank’s costs for the relevant service rise. You can repay all or part of the loan early without an early-repayment charge.

Late payments attract interest on overdue amounts at the loan rate plus five percentage points, or plus one point once the whole loan is due, subject to the bank’s minimum charge. The bank can demand early repayment for substantial payment default: more than a month overdue on over 10% of the debt, or more than a month overdue on over 5% across at least two instalments due at different times, or other material payment default. For these cases it must give at least four weeks’ notice, counted from when it sends notice by registered letter or when you receive notice by another route. Paying the overdue amount and late interest before that period ends avoids having to repay the whole loan early, unless you have already used that relief.