What is an Energy Efficiency Loan?
An Energy Efficiency Loan is a secured loan with which you can finance refurbishing and renovations intended to improve the energy efficiency of your house. You can apply for a loan by yourself or together with another person. If you apply for an Energy Efficiency Loan from OP, you can get a discount on the home insurance of the renovated property as well as up to a 0.3% discount on your loan margin.
For what kind of renovation can I apply for an Energy Efficiency Loan?
You can apply for an Energy Efficiency Loan to finance energy efficiency equipment and projects, such as:
- Changing the heating system or acquiring a heating system utilising renewable energy (e.g. geothermal heating or air-to-water heat pump)
- Sealing a building and adding insulation
- Electric vehicle charging stations
- Acquiring and installing solar panels and other solar power systems
- Changing windows, doors or light sources to more energy-efficient options
- Planning costs for the energy renovation, including an energy audit and the acquisition of an energy certificate
Example calculation
A bank loan is a one-off loan. If the 12-month Euribor is 2.936% (19 September 2024), the annual percentage rate of charge for a EUR 10,000 loan with a five-year repayment period is 5.7% at a loan interest rate of 1.5% margin + 12-month Euribor. A servicing charge of EUR 2.50 per month will be charged. A loan origination fee of EUR 120 will be charged when the loan is drawn down. The estimated total cost of the loan is EUR 11,454.93. This calculation is based on the assumption that the entire loan has been drawn down, the loan interest rate, fees and charges are constant throughout the loan term, and the loan is repaid in equal instalments of EUR 203.84 each month.
The bank loan is granted by an OP cooperative bank. The insurance is issued by Pohjola Insurance Ltd.