Energy efficient homes in the EU to benefit from cheaper mortgages
People who buy energy efficient homes or commit to implement various energy efficiency measures could benefit from lower mortgages under the new European Energy Efficiency Mortgage initiative, a news report can reveal.
The scheme has been launched by a consortium led by the European Mortgage Federation – European Covered Bond Council (EMF-ECBC) and will involve a number of banks across Europe.
It aims to create a standardised “energy efficient mortgage” based on preferential interest rates for energy efficient homes and additional funds for retrofitting homes at the time of purchase.
According to the EMF-ECBC, a US study on 70,000 mortgages show default risks drop by 32% among energy efficient homes.
The project represents the first time a group of major bands and mortgage lenders, including HSBC Holdings and BNP Paribas, as well as businesses from the building and energy industries have come together to address the concept of energy efficient mortgage.
In the EU, buildings are responsible for 40% of total energy usage and 36% of CO2 emissions.
By improving the energy efficiency of buildings alone, the EU’s total use is estimated to be reduced by 5%-6% and CO2 emissions by 5%.
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