The programme is part of Ireland’s National Climate Action Plan and is intended to support Ireland's transition to a low-carbon electricity network while delivering benefits to customers, the economy and the environment.
The new 15-year loan will support the roll out programme, which started in counties Cork, Laois and Kildare in autumn 2019 and is being delivered on a phased basis. By the end of 2020 it is envisaged that 200,000 meters will have been replaced; approximately 500,000 meters will be replaced in each of the four years thereafter. From 2021, electricity supply companies will be able to offer new services to customers with smart meters.
Eamon Ryan, minister for climate action, communication networks and transport, said: “Ensuring continued climate action investment is essential for Ireland to contribute to tackling the global climate emergency. I welcome the European Investment Bank’s latest vote of confidence in Ireland’s National Climate Action Plan and the new €150 million backing for ESB Network’s roll out of smart meters. The EIB’s support for 70 million smart meters across Europe has shown how new technology enables homeowners to use energy in a smarter way, save money on electricity bills and reducing their impact on the environment. The EIB is a key partner for long-term investment in Ireland and I look forward to ensuring that the EIB, as Europe’s climate bank, continues to increase support for high-impact climate investment in this country.”