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

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

Residential house renovation support is available from July 1, i.e. from today, within the framework of which the state provides up to HUF 6 million for active modernization of family houses built before the end of 1990 in the form of an interest-free loan or a non-refundable grant.

In this way, they are promoting energy modernization in residential buildings, contributing to the renovation of more than 20,000 family homes. 14.3 percent of the costs must be self-financed, the maximum amount of the interest-free loan and non-refundable support can reach HUF 6 million, and energy savings of at least 30 percent must be achieved through the renovation process.

According to our forecast, a big rush can be expected as home renovation support kicks in, with many property owners considering energy upgrades due to the huge rise in utility rates. Additionally, replacing windows and doors or insulating the facade can increase the value of a property by up to 20-30 percent.

– said Zsuzsa Lipták, Managing Director of OTP Home Solutions Kft.

This is confirmed by the joint research conducted by OTP Otthon and OTP Bank, which reveals that 38 percent of the total population is planning to renovate, and half of those preparing to renovate want to make at least one investment that increases energy efficiency. Three quarters (77%) of those intending to renovate plan to clean the paint, 44% to rewire the electrical wiring and 43% to change the interior design. The proportion of those planning active individual 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).

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The desire to renovate decreases significantly with age. People between the ages of 25 and 34 are the most entrepreneurial when it comes to renovations, and this decreases with age, with only 15 percent of respondents over the age of 70 planning to renovate.

At the same time, half of property owners would be interested in supporting home renovations to increase energy efficiency.

Moreover, it significantly increases the desire for renewal in all age groups, even among the elderly.

The research also reveals regional differences in the desire for renewal and the type of modernization.instead of People living in the Southern Great Plain are thinking about insulation, window replacements are more common in Central Transdanubia, and solar panels and heat pumps are more common in Northern Hungary than in other regions. It can also be noted that the least amount of renovations are planned in Southern Transdanubia (38 percent) and the Northern Great Plains (34 percent). “Those regions with incomes below 75 percent of the national average will receive greater support,” added Zsuzsa Lipták, Managing Director of OTP Otthonmegoldások Kft. This could also motivate people living in Southern Transdanubia and North-Eastern Hungary to start energy efficiency improvements.

Those interested can find information at one of the 266 MFB Plusz residential points, of which clients of the consortium that manages these Plusz points have access to 110 in the OTP Bank network.