Improving the energy efficiency of homes just got more affordable for Spanish tax payers when a new law was published in the official state gazette on last month. The new building rehabilitation law introduces tax deductions for building works that improve energy efficiency, as well as improve the function of tax deduction frameworks such as these.
In particular, it provides for three deductions in IRPF for works that improve energy efficiency in residential buildings, where 450 million euros have been allocated to the plan to rehabilitate and transform homes. The deductions focus on primary dwellings, ranging from 20% deductions for works that reduce the need for heating and cooling by 7%, 40% for works that reduce consumption of non-renewable primary energy by 30% or even up to 60% deduction for works that improve the homes overall energy rating to A or B.
The new law also helps with financing, providing an avenue of funds up to over 1 billion euros through the official credit institution for partial coverage of the works to improve energy efficiency. It also provides improved decision-making avenues for communities of owners to access credit for reforms that improve energy efficiency of community buildings and assets.
The reforms come beside a new national framework for quality architecture, rehabilitation and transformation that aims to improve the overall quality of architecture and cultural patronage, in line with other European initiatives to preserve and improve cultural heritage. This includes a law that aims to protect and promote quality architecture in Spain, provides for the creation of an Architecture Quality Council for consultation and advice, and a catalogue of architectural works of public interest. For investors, holidayers and Spanish residents alike, this is promising for improved public assets and streetscapes for the future, and a positive step in investment for the Spanish government.
If you are considering reforming or renovating your property in Marbella, or Costa del Sol, we would love to see how we can help you. No matter what improvements you have in mind, our experienced team will work with you to bring your dreams to fruition, offering bespoke services to suit your needs. If you choose, we can manage the process from initial idea, plans, town hall permits, works, interior design and fitout so that you don´t need to worry about a thing.
