Index – Economy – Hungarians would travel with insulation, window replacement, solar panels, heat pumps

From July 1st, i.e. from today, the residential home renovation subsidy is available, in the framework of which the state provides up to HUF 6 million for the energetic modernization of family houses built before the end of 1990 in the form of an interest-free loan or a non-refundable subsidy.

In this way, they encourage the energy modernization of residential buildings, contributing to the renovation of more than 20,000 family houses. 14.3 percent of the costs must be self-financed, the maximum amount of the interest-free loan and the non-refundable subsidy can be 6 million forints, and at least 30 percent energy savings must be achieved with the renovation.

According to our expectations, a big rush can be expected with the start of the home renovation subsidy, as many property owners are thinking about energy modernization due to the skyrocketing utility prices. In addition, replacing windows and doors or insulating the facade can increase the value of the property by up to 20-30 percent

– said Zsuzsa Lipták, managing director of OTP Home Solutions Kft.

This is confirmed by the joint research of OTP Otthon and OTP Bank, which reveals that 38 percent of the entire population plans to modernize, and half of those preparing for renovation want to implement at least one investment that increases energy efficiency. Three-quarters (77 percent) of those who intend to renovate plan to clean paint, 44 percent to renovate the electrical wiring, and 43 percent to change the interior design. The proportion of those planning individual energetic renovations is also similar: they are considering replacing windows (41 percent), insulation (39 percent), solar panels, heat pumps or other investments that increase energy efficiency (19 percent).

The desire to renovate decreases significantly with advancing age. The 25–34-year-olds are the most entrepreneurial when it comes to renovations, and this decreases with age, with only 15 percent of respondents over 70 planning to modernize.

moreover, it significantly increases the desire to renovate in all age groups, even among the oldest.

The research also reveals that there are regional differences in the willingness to renovate and the type of modernization. Lrather people living in the Southern Great Plain are thinking about insulation, window replacement is more popular in Central Transdanubia, and solar panels and heat pumps are more popular in Northern Hungary compared to other regions. It can also be seen that the least amount of renovations are planned in Southern Transdanubia (38 percent) and Northern Great Plains (34 percent). Zsuzsa Lipták, managing director of OTP Otthonmegoldások Kft., added: “Districts whose incomes are lower than 75 percent of the national average will receive a higher amount of support. This can also motivate the people living in South Transdanubia and Northeast Hungary to start energy efficiency improvements.

Those interested can find information at one of the 266 residential MFB Plusz Points, of which customers from the consortium that operates these Plusz Points can reach 110 in the OTP Bank network.