Budget measures expected to boost energy retrofitting spending by households
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New reduced-interest lending measures, announced in Tuesday’s budget, will likely accelerate already increasing consumer demand for energy efficient home improvements, the Banking & Payments Federation Ireland (BPFI) has said.
A survey, conducted by the BPFI before the budget, showed 49% of consumers are planning to undertake some energy retrofitting measures in their homes over the next three years. That figure is up from 43% last year.
The measures being planned include upgrades to heating controls, and the installation of solar-powered water, heating and electricity.
This week’s budget announced €202m from carbon tax revenue for residential and community retrofit schemes and confirmed plans for a scheme - partly funded by the European Investment Bank - that enables credit institutions to offer loans to support home retrofitting at reduced interest rates.
The main reason for the increased demand for retrofitting is the desire to reduce energy bills. Up to now, the majority of consumers are investing in energy upgrade work via their savings.
“Our survey results show that there is clear and increasing demand by consumers to retrofit their homes for a variety of reasons.
"This will undoubtedly be further assisted by the measures announced in the budget as well as funding ring fenced in the National Development Plan,” said BPFI chief executive Brian Hayes.
Addressing the cost of upgrades, with measures such as those announced this week, will be key in driving further demand and take-up by consumers of retrofitting upgrades, the BPFI said.
When asked about the barriers to making energy-efficient improvements to their homes over 50% of adults claimed the high cost associated with such work is the single biggest obstacle.