Kutxabank, the Spanish bank based in Bilbao, will continue to promote energy sustainability in homes, for which it has put a new financing model on the market, called the Energy Efficiency Loan. This new sustainable loan -reports the bank itself- will grant financing to individuals and communities of owners who plan to rehabilitate or reform homes with the possibility of accessing subsidies from European funds, of up to 80% of the investment. In this way, it completes the existing offer to date for individuals through Kutxabank Kredit.
The Kutxabank Energy Efficiency Loan may be used exclusively to finance the advance of the subsidy or the complete renovation work. This financing formula will make it possible to reduce energy consumption and improve the performance of the installations, limiting the CO2 emissions that cause the greenhouse effect. “The arrival of European Next Generation funds represents an opportunity to rehabilitate homes and residential buildings with energy efficiency criteria”, they add. The funds will be used to finance works on common elements of residential buildings, specific interventions within the dwellings and the preparation of technical documentation for their rehabilitation or for the drafting of technical projects, always with the requirement of addressing energy efficiency through reduction of energy demand and consumption of non-renewable energies.
According to a study of Institute for Energy Diversification and Saving (IDAE), “8 out of 10 buildings in Spain are energy inefficient”, since they have the lowest certifications, that is, E, F and G. The efficiency of buildings is measured based on thermal insulation, lighting, appliances or whether or not they use renewable energy. Kutxabank develops multiple initiatives to advance its responsible banking model and support customers in the transition to a decarbonized economy, with products aimed at financing the purchase of energy-efficient homes, carrying out home renovations, or acquiring less polluting vehicles and appliances . It also has Green Home Insurance. In the first six months of the year, the financial group has channeled more than 1,150 million euros in sustainable financing.