Report Finds Credit Unions Are in a Strong Position to Provide Finance for Retrofit Projects

Friday 26 January 2024

A newly-published report from People Powered Retrofit in collaboration with ABCUL, Carbon Coop, Loco Home and Metro Moneywise researched the ways that homeowners currently finance retrofit work and their attitudes towards borrowing for retrofit.

The report found that members of credit unions and retrofits one-stop shops carry out energy efficiency and retrofit work using personal funds or savings across varying scales and budgets. Credit union members were shown to have a keen interest in energy efficiency as 90% felt that energy efficiency is important to them in some way and 59% had completed some retrofit or energy efficiency measures on their homes already.

Ciara Davies, CEO of Metro Moneywise Credit Union said: “This excellent report was the product of hard work from many like-minded organisations and I am so proud to have played a part with my credit union. The findings are not just interesting, but it shows that credit unions are well-placed to help members fund their retrofit projects, and that there is the potential to reach a new market that shares our values and want to borrow from a local, ethical provider”.

Accessing funding can be difficult for many, so the report made it clear that householders need targeted advice and support to navigate the complex and ever-changing funding landscape. The research highlighted that credit unions are well-placed to provide finance for retrofit projects as they’re perceived by members and non-members as trusted community organisations. Furthermore, 93% said that they feel more comfortable borrowing from their credit union than from a commercial bank.

Robert Kelly, ABCUL CEO said: “It is great to have the opportunity to explore how credit unions can better serve the needs of their members whilst improving individual impacts upon the environment. ABCUL was thrilled to be involved in this project alongside so many meaningful organisations.”

Discover the full findings of the report here which will also be discussed on a 3^rd October webinar.