Almost €1 billion of subsidy and interest-free financing schemes for property upgrades are being promoted from the beginning of 2025. This is a broad intervention in order to accelerate the pace of energy transition of the housing stock and improve the quality of life of tenant-owners.
New "Execonomy"
As it became known in the previous days, towards the end of 2024 or at the latest at the beginning of 2025, the next cycle of "Execonomo", amounting to €434 million, will start running. The programme includes separate incentives to support families with a disabled member, Thessalian victims, earthquake victims of Arkalochori, families with four dependent children and vulnerable households, both in the form of an increased grant rate and a special budget. Depending on the category of the beneficiary, the percentage of financial support starts from 50%, while in some cases even 100% of the investment cost is covered. It should be clarified that the scheme applies to buildings used as a main residence (detached houses and individual apartments) and whose owners meet certain income criteria. The programme was included in the Recovery Fund, following a decision by the Deputy Minister of National Economy and Finance, Nikos Papathanasis.
The maximum eligible budget for energy upgrading interventions including VAT per beneficiary application may not exceed EUR 35,000.
"I'm upgrading my house"
In January 2025, the Ministry of Family Affairs' "Upgrading My Home" programme will also "run", worth €400 million, of which €300 million will also come from the Recovery Fund, while another €100 million will come from subsidised bank funds. This is a loan for energy upgrading of housing and concerns all dwellings, whether primary or secondary. It finances thermal insulation, green roofs, replacement of frames, solar panels, heating-cooling systems, installation of photovoltaic stations, small wind turbines and other renewable energy sources, as well as works. The maximum amount per person will be up to €25,000, there will be no age or income criteria and the duration of the interest-free loan will be from 3 to 7 years. The target is to benefit 20,000 people.
"Renovate - Rent"
The third relevant programme is the improved version of "Renovate - Rent". This is a €50 million programme aimed at those who have a vacant property of up to 100 m2 and wish to use it, but are unable to do so because of the need for repair work. The programme is already "running", but it has not been well received, with the result that its conditions have been improved by recent legislation. In particular, the subsidy to which beneficiaries are entitled will now reach 60% (up from 40% previously). Thus, the limit of expenditure that owners can make in order to get the subsidy is increased to 13,330 euros from 10,000 euros, with the amount of the subsidy now reaching 8,000 euros, from 4,000 euros previously. The conditions for joining the programme are the annual family income of up to 40,000 euros and the property of the owner of the vacant house up to 300,000 euros. A prerequisite of course is after the work to conclude a lease contract of a minimum duration of three years, which now based on the recent law of the Minister. Finance ensures three-year tax exemption from rental income tax, provided that the property has remained closed for the last three years.
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