WEALTH May 7, 2026 0 Comments

Why Credit Union Loans for Home Improvements and EVs Surged Past €20,000—And What It Means for Your Financial Future

Ever wonder if Irish credit union members are quietly turning into green warriors with wallets to match? Turns out, they’re not just borrowing— they’re doubling down, snatching up loans averaging over €20,000 to turbocharge their homes and scoot around in electric vehicles. That’s nearly twice the size of the typical loan, signaling a seismic shift in how folks think about spending: it’s no longer just about the here and now, but about slashing those pesky energy bills and staking a claim in a cleaner future. This isn’t your everyday borrowing frenzy; it’s a savvy, strategic move toward long-term value—both financial and environmental. And hey, with the new Greenify Carbon Calculator rolling out, credit unions can actually put numbers on the real-world impact of these green investments—a move that’s as smart for the planet as it is for the balance sheet. Are we witnessing the dawn of a new lending era, one that’s as green as Ireland itself? You betcha. LEARN MORE

Irish credit union members are borrowing more than €20,000 on average to make home improvements and buy electric cars, new data from Greenify shows.

The national green lending initiative from Collaborative Finance, which is owned by 34 credit unions, found that these loans are worth nearly twice as much as the average credit union loan.

In the final quarter of 2025, people borrowed an average of €20,075 for home improvements and €21,550 for electric vehicles, compared to €11,094 for the average credit union loan.

The figures point to a marked change in borrower behaviour, with members increasingly taking out larger loans where there is a clear payback through lower energy bills and running costs.

Greenify has just launched the Greenify Carbon Calculator, a tool designed to help credit unions measure the environmental impact in real terms of lending for solar panels and electric vehicles.

The calculator enables participating credit unions to track the carbon emissions reduced through lending for solar panels and electric vehicles, using verified Irish data sources.

Greenify estimates that if 500 members across 20 credit unions installed solar panels, annual carbon savings could exceed 505 tonnes of CO2, equivalent to removing around 117 cars from the road each year, or the annual electricity use of approximately 67 homes.

“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,” said JD Prendergast, director of Collaborative Finance.

“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.

“The carbon calculator is a valuable addition that will enable us to quantify the wider environmental impact of members’ borrowing, allowing all stakeholders to clearly see the real difference these changes are making.”

Greenify reports that it is also attracting new types of borrowers.

Many applicants are not traditional credit union borrowers, but homeowners with the capacity to invest in energy upgrades and electric vehicles.

This is expanding the reach of credit unions into new borrower segments, while maintaining a strong focus on responsible lending standards.

“As Greenify expands across more credit unions, we’re starting to get a clearer picture of the combined impact of this type of lending. Each decision is made locally, but when you look across the sector, it adds up to something significant,” said Prendergast.

“The carbon calculator gives us a simple, consistent way to capture that impact and translate lending activity into a meaningful estimate of emissions savings.

“Alongside the benefits for borrowers, it also helps credit unions get ahead of future sustainability reporting by building a reliable, trackable dataset.

“Overall, it provides a much clearer view of the scale of environmental contribution already being delivered through lending that is happening every day.”

(Pic: Getty Images)