MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
  • Mortgages
  • Property Report
MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
    • Mortgage Learning Center
    • Calculators
    • Best Mortgage Table
  • Property Report
    • All Properties
    • Houses For Sale
    • Apartments For Sale
    • Available To View
    • Overseas Holiday Homes
      • Properties For Auction
      • Upcoming Auctions
      • BER Assessors
      • Property Conveyancing Solicitors
      • Pre-Purchase Surveyors
    • Find Agents
    • All Properties
    • Houses To Rent
    • Apartments To Rent
    • Available To View
    • Share
      • Irish Holiday Homes
      • Overseas Holiday Homes
  • New Homes
    • For Sale
    • To Rent
    • Auction
      • Residential Land
      • Commercial Land
      • Farm Land
      • Farms
      • Sites
    • MyHome Living
    • Buyer Advice Hub
    • Property Report
    • Property Price Register
    • Price Changes
  • Mortgages
    • Rental
    • Holiday Homes
    • Commercial
    • Sharing
Advertisement
  • Home
  • Sustainability
  • Further action needed to meet Ireland's retrofitting targets
Sustainability
Sep 26, 2023 - 15:41

Further action needed to meet Ireland's retrofitting targets

MyHome Content Studio
By MyHome Content Studio
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share
Further action needed to meet Ireland's retrofitting targets

Further action is needed if Ireland is to meet its retrofitting targets, according to a new report from Banking and Payments Federation Ireland (BPFI).

Their ‘Decarbonising Homes in Ireland’ report suggests that more financial supports are needed in order to motivate households to carry out upgrade work on their properties.

It comes as a new survey by the organisation shows that cost is the main factor deterring people from investing in home energy upgrades.

That is no surprise, with a full retrofit ranging from €25,000 to €75,000 - depending on the age of the house.

The vast majority of those surveyed said cutting energy bills is one of the most important reasons for wanting to make their home more energy efficient. However, the reason differed based on the age of the respondents.

Advertisement

Almost 40% of those under 35 mentioned reducing carbon emissions as their primary motivation, while over 80% of those over 45 said warmth and comfort was the top reason.

The Government's Climate Action Plan envisages 120,000 residential buildings being retrofitted to BER B2 standard by 2025, and 500,000 by 2030.

It puts the cost of housing energy efficiency improvements at €20 billion by 2030.

Louise O'Mahony, Head of Sustainable Banking at BPFI said that investment is needed, with only about one fifth of Irish homes achieving a BER of B3 or better, and just 14% of homes having a B2 or higher.

Therefore, about 80% of homes in Ireland likely have a BER of C or worse.

Advertisement

"Government has made considerable efforts to support the retrofitting of residential homes on a large scale, including the enhancement of the National Home Energy Upgrade Scheme with grant levels of up to 50% of the cost of a typical deep retrofit," said Ms O’Mahony.

"However, further action is now required on the part of government in order to ensure retrofitting numbers reach the scale required to meet Ireland’s decarbonising targets," she added.

The BPFI report states that government action is needed to address the affordability gap by increasing the grants and subsidies for home retrofits and applying them to ancillary costs such as BER rating certification.

"To begin with, BPFI believes the government's proposed home retrofit loan guarantee proposed should be launched as soon as possible," Ms O’Mahony said.

"In addition, tax incentives should be introduced to make it more attractive for people to use savings for retrofit projects.

"Consideration should also be given to a Stamp Duty rebate scheme to encourage people buying low BER rated homes to upgrade them within a specified time period," she added.

The BPFI said lenders are supporting the aims of the Government’s Climate Action Plan through green mortgages and personal loans.

However, the consumer survey shows that only about one in four of respondents planning home improvements for energy efficiency in the next three years expected to use credit to pay for the retrofit.

About half of respondents said that they would use savings, at least in part.

The BPFI wants a government-led, cross industry Steering Group to be set up to identify "practical and innovative" solutions to help people retrofit their homes.

"Knowledge sharing between different actors including lenders, government departments and agencies, the CBI and other relevant private sector organisations will help to identify new ways of ramping up retrofitting activity to the levels required to meet government targets," Ms O’Mahony said.

Subscribe to our weekly MyHome Living eZine today

Processing your request...

You are subscribed now!

<

  • Tags
  • Banking and Payments Federation Ireland
  • BPFI
  • retrofitting
  • featured
  • Louise O'Mahony
MyHome Content Studio
By MyHome Content Studio
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share

Helpful Links

Find your home on MyHome
Read more Articles
Calculate what you can afford to borrow
Welcome to the Retrofit Hub
Advertisement
Advertisement

Related News

Welcome to MyHome ecoRating
Sustainability

Welcome to MyHome ecoRating

Aug 02, 2024
Bin the boiler, reduce energy, save money
MyHome Living

Bin the boiler, reduce energy, save money

Jul 12, 2024
Construction sector activity rises again in April
MyHome Living

Construction sector activity rises again in April

May 13, 2024
New low-cost loan scheme for home energy upgrades announced
MyHome Living

New low-cost loan scheme for home energy upgrades announced

Apr 25, 2024
Target of 250,000 homes by 2030 will be in revised Government targets
Sustainability

Target of 250,000 homes by 2030 will be in revised Government targets

Apr 24, 2024
Frequent And Popular Searches
MyHome.ie Blog
Help
Jobs
About
Equality Guidelines
Brand Safety
Contact
Terms & Conditions
Cookie Policy
Privacy Policy
Digital Services Act
Sitemap
© Copyright MyHome.ie 2025
Advertisement