SSIA savers urged to go green with windfalls

Savers across Ireland were today urged to use SSIA windfalls to introduce renewable energy sources in their homes.

Thousands of the policies are set to mature this year but the the Green Party claimed there were better ways of spending the money than expensive holidays and luxury cars.

Eamon Ryan, the party’s energy spokesperson, said investing in energy efficient technologies made sense at a time of rising oil, gas and electricity prices.

Mr Ryan said: “Converting a house into a green home can involve an initial capital cost but the resulting lower fuel bills mean that the investment is often paid back in a few short years.

“These savings would give a better return on SSIA funds than any other investment option and would also help improve our environment into the bargain.”

Green Party finance spokesperson Dan Boyle said ministers should provide guidance on the investment of SSIA payments.

Mr Boyle said: “The Government has a responsibility to ensure that this huge spending power does not have a negative effect on the economy.

“If translated into a massive consumer spending boom or if put into the already over-valued property market, then the pressures in inflation, already various, may begin to gallop out of control.”

Some of the suggestions in the party’s ‘A clever way to invest your SSIA’ brochure include home improvements such as insulation, draught-proofing and double glazing and home investments such as installing a heat pump, wood pellet boiler and solar panels.

With an estimated 12-15% of SSIA account holders due to buy a car with their payments, the brochure also lists the ten lowest CO2 petrol vehicles to buy.

More than 30 companies will take part in a Green Energy Fair at Leopardstown Racecourse on Sunday.