Mayo Credit Union backs surge in green loans for home upgrades and EVs
Average Greenify loans exceed €20,000 as borrowers invest in energy savings
A Mayo-based credit union is helping drive a major increase in green lending as demand grows for home energy upgrades and electric vehicles across Ireland.
St Colman’s Credit Union in Claremorris is among 34 credit unions involved in Greenify, a national green lending initiative developed by Collaborative Finance.
New figures released by the initiative show borrowers are taking out significantly larger loans to invest in energy-saving improvements, with average loan values now exceeding €20,000.
According to the data, average Greenify loans reached €20,075 for home improvements and €21,550 for electric vehicles, almost double the average outstanding credit union loan nationally.
Greenify offers reduced-rate loans, currently at 5.5 percent, to support projects such as solar panel installation, home energy retrofits and the purchase of electric vehicles.
The initiative says the figures reflect changing borrower behaviour, with more people willing to invest in upgrades that can reduce long-term household costs through lower energy and transport bills.
As part of the programme, Greenify has also launched a new Carbon Calculator designed to measure the environmental impact of green lending by participating credit unions.
The tool uses Irish data sources to estimate carbon savings linked to solar panel installations and electric vehicle purchases.
During the pilot phase between October 2025 and March 2026, the Greenify Carbon Calculator assessed 149 green loans issued across participating credit unions. Over €2.7 million in lending was provided during this period, supporting investments in solar panels and electric vehicles.
The initiative also estimated annual carbon reductions of almost 196 tonnes of CO₂ as a result of these energy-saving upgrades.
Greenify estimates that if 500 members across the network installed solar panels, annual carbon savings could exceed 505 tonnes of CO₂ — the equivalent of removing around 117 cars from Irish roads each year.
Director of Collaborative Finance JP Prendergast said the initiative is also attracting new borrowers to the credit union sector.
“What is emerging through Greenify is a clearer picture of how members are prioritising spending on their homes and vehicles,” he said. “Members are taking on larger borrowing where there is a clear link to reduced day-to-day costs. That reflects a different type of lending, focused on longer-term financial value.”