Permanent TSB launch 'Green Loan Scheme'

Permanent TSB today launched Ireland’s first ever Green Loan Scheme.

The scheme will reward borrowers who wish to raise money for green friendly improvements to their homes by offering them a 1% discount on their normal lending rate for personal loans.

The bank has set aside an initial €10m to lend in the scheme to test customer appetite for Green lending policies.

Speaking today Niall O’Grady, Head of Marketing, stated that the bank would consider extending or expanding the initiative if it proved popular with customers.

He said: “We want to test the market and see if people have an appetite for this type of product innovation.”

The Green Loan scheme will work by offering borrowers a 1% discount on the bank’s normal personal loan rate for funds borrowed for energy friendly initiatives such as insulation, double/triple glazing, solar energy systems, environmentally friendly boilers/heaters, heat pumps, wind turbines and greenhouses. Funds will be available from as little as 7.2%.