February 26, 2024

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“Save”: What you need to know about the enhanced subsidy and tax credit – Newsbomb – News

“Save”: What you need to know about the enhanced subsidy and tax credit – Newsbomb – News

What does the new “Eskoniamo” program offer? Everything interested parties need to know.

The new “Excoionamo” program has entered its final phase for 2024, which, in addition to enhanced support for beneficiaries, will also have tax breaks for those who do not join the program.

More specifically, the new program foresees enhanced support for the installation of heat pumps, in order to implement the new target set by the European Union to install more than 60 million pumps by 2030. The installation of the pumps aims to reduce by 40% the demand for natural gas for domestic consumption, as well as to help In addressing energy poverty and energy accuracy.

Daytime heating and cooling system

Meanwhile, it should be noted that according to a report by Real News, a system of heating and cooling degree days will be implemented to calculate energy needs and support energy development projects. What does this mean; The daily score model is based on weather conditions by region, so each neighborhood has its own “preservation” support rates. In simpler words, a building located in a hilly area will also have a higher reinforcement factor since its needs are greater.

The aim is to retrofit 11,500 homes over the next two years, while 2,500 homes will relate to homes of vulnerable consumers.

Tax credit for those who pay for upgrades

However, the new ‘conservation’ also concerns those who want to upgrade their homes but the buildings do not meet the criteria to join the programme. In this case, the tax deduction will be enhanced, as stipulated in the new draft tax law submitted to Parliament.

More specifically, from January 1, 2024, expenses for the purchase of goods, the acquisition of energy-related services, and the functional and aesthetic modernization of buildings will reduce the income tax for natural persons, distributed equally over five years. This is up to the equivalent for each tax year, up to a maximum total expenditure of €16,000.

However, it is clarified that the deductible expenses for purchasing materials will not be allowed to be more than one-third of the expenses for carrying out the work.

Businesses covered by the tax deduction are as follows:

– Energy works: installing thermal insulation, replacing tires, installing or upgrading the heating and cooling system, using renewable energy sources, upgrading lighting.

– Functional/Aesthetic Work: Plumbing installation or replacement, maintenance, roof repair, masonry repair, painting, installation of shading systems, upgrading or installing an elevator, installing home feed points, changing or repairing flooring.

The application process closed on November 15, with more than 38,000 applications for the program. It is expected that the provisional lists of successful candidates will be announced soon.

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