HousEEnvest project, is the result of two years of work between key institutions of Extremadura region from energy, economic and building sectors, combined with international resources coming from IEB and EU cooperation programmes.
Market analyses developed has identified that the number of financial products destined to the homeowners and, escpecially, to their associations for energy rehabilitation of buildings is almost non-existent. Financial institutions that had some financial product for this type of users were barely identified, and the existing products had the following main characteristics: reduced repayment term and high interest rates between others.
In addition, there are other reasons why there is no greater demand for rehabilitation works as the lack of permanent incentives from public administrations and citizens' lack of knowledge about the economic savings they provide. It should also be note the great management costs of this type of works for the promoters.
This, together with other technical, legal and economic barriers prevent the development of investment in renovation sector.
The analysis of the Extremadura’s building stock provides that the 60% of the buildings, have an average age of over 40 years, which means that they were not built under criteria of energy efficiency since it is not until 1979, with the entry into force of the norm NBE-CT 79, when buildings were to be built under isolation criteria.
Due to the clear need for action in the Extremadura's building stock along with the market failures, HousEEnvest project arises. Composed by a consortium of 9 national partners in which all the key agents of the building energy rehabilitation sector are represented, aims at overcoming existing barriers in the energy rehabilitation market of residential buildings.
For this, a Portfolio Guarantee Fund was proposed and developed. This fund was defined for the integral energy renovation of multifamily buildings and single-familiy houses in Extremadura, which has a combination of innovative tools for standardization, pooling, bundling and de-risking which gives security to financial institutions and homeowners and their associations.
HousEEnvest focuses on a regional market and aims to mobilize investments amounting to more than 27 million euros in Extremadura.
The project address several fundamental challenges to overcome market barriers by developing a series of integrated services.
HousEEnvest creates the entire management structure of the Instrument to mobilize private funds backed by the European Structural Investment Funds (ESI Funds). It has been working between 2018 and 2022 and has ensured that the ERDF funds allocated to the guarantee product are properly implemented. After the HousEEnvest project lifetime, partners have agreed to continue with the core activities of the project.
