Kilnamanagh and Tallaght West Credit Union is one of the participating credit unions
Borrowing higher amounts to invest in energy savings
According to Greenify, Irish credit union members are borrowing significantly higher amounts to invest in energy-saving home improvements and electric vehicles.
Launched in 2025, Greenify is a new consumer loan product from Collaborative Finance, which is owned by 34 credit unions located around Ireland.
For consumers who wish to make their homes more efficient or want to switch over to an electric vehicle, they can do so with the low 5.5 per cent rate that Greenify offers.
On top of the low rates, Greenify also grants consumers loan values from €20,075 for home improvements to €21,550 for electric vehicles – almost twice that of the average credit union loan of €11,094
The participating Dublin based Credit Unions include, Connect Credit Union, Core Credit Union, Health Servies Staffs Credit Union, Kilnamanagh and Tallaght West Credit Union, Palmerstown Credit Union and St. Columbas Credit Union.
To ensure participating credit unions are measuring the environmental impact in real terms of lending for solar panels and electric vehicles, Greenify has launched the Greenify Carbon Calculator.
This calculator allows credit unions to track the carbon emissions reduced through lending for solar panels and electric vehicles, using verified Irish data sources.
Director of Collaborative Finance, JP Prendergast clarified the use of the calculator and how it can positively impact consumers and the environment together.
“The carbon calculator gives us a simple, consistent way to capture that impact and translate lending activity into a meaningful estimate of emissions savings. 7
‘Overall, it provides a much clearer view of the scale of environmental contribution already being delivered through lending that is happening every day.”
Greenify has an environmental goal to reduce carbon emissions by offering consumers alternative green energy resources through its loan initiative.
According to the scheme, if 500 members across 20 credit unions installed solar panels, an estimated 505 tonnes of carbon dioxide could be saved annually.
This equates to removing 117 cars from the road each year, or the annual electricity use of approximately 67 homes.
These goals are within reach as there is already 33 credit unions participating in the Greenify network and is gaining further interest from others too.
Mr. Prendergast referenced the increase in consumers investing more money in their cars and homes to ensure greater long-term value for money, which has been reflected in the data collected through Greenify.
“What is emerging through Greenify is a clearer picture of how members are prioritising spending on their homes and vehicles, which is reflected in higher loan values.
‘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.”
Loans subject to approval. Terms and conditions apply.
