The loan can be green even if the house is not green
Banking products expand the scope of financed properties by energy class
by Marco Barlassina
Key points
The regulatory delay has not stopped the market. While Italia, along with other European countries, sees a real risk of infringement proceedings if the transposition of the "Case Green" directive does not take place by the end of May deadline, the banking system has already moved, actually anticipating the new regulatory framework. And it has done so by intervening on one of the central nodes: the perimeter of properties that can be financed with green mortgages, generally characterised by more favourable economic conditions.
For years, access to subsidised conditions was linked almost exclusively to the purchase of energy-efficient homes, typically in classes A and B. This boundary is gradually widening, and some institutions have started to facilitate also class C and D properties, in line with the principles of the European taxonomy that also value improved energy performance, extending green conditions to other energy classes. The reason is also structural. In Italia, according to Enea data, approximately 35% of the existing building stock belongs to classes C and D, compared to just 20% of classes A and B. Limiting the green offer to the most efficient classes means, in effect, excluding a large part of the market.
Paradigm change
More than a mere enlargement, however, it is a paradigm shift. The concept of a green mortgage is evolving from a static label based on energy class to a dynamic model. The main banks are moving in this direction, making access to subsidised conditions no longer depend exclusively on the initial class of the property, but also on the presence of redevelopment measures that improve energy performance over time. This is the case with Crédit Agricole where, to access the conditions reserved for green mortgages, the property must be in energy class A or B. However, with the CA Flexi mortgage, a 0.10% discount on the rate is possible if, during the life of the mortgage, a Ape (Energy Performance Certificate) is presented, showing a 30% reduction in CO2 emissions or a 2 energy class upgrade. Also at Credem, for purchase and subrogation purposes, the offer is reserved exclusively for high efficiency classes. However, classes C and D (or lower) are eligible for green concessions in renovation, if the building intervention makes it possible to meet the energy improvement requirements.
The option is activated if the renovation intervention meets at least one of the following technical requirements: improvement of at least two energy classes; improvement of the Ipe (Energy Performance Index) by at least 30%; final landing class A or B. The offer of UniCredit mortgages aimed at the energy improvement of buildings, represented by the product Mutuo UniCredit Sostenibilità Energetica, is intended for two purposes: on the one hand the purchase of a property in energy class A or higher, on the other hand the renovation of one's own property aimed at energy upgrading, with a transition to 2 higher energy classes. UniCredit also supports the purchase of properties in energy class B, C and D, assessing on a case-by-case basis whether the same economic conditions apply as for the Energy Sustainability Loan. Banco Bpm's Green offer also provides subsidised conditions for the purchase of class A or B energy properties. For all mortgages, however, it is possible to obtain a reduction in the spread in the event of energy efficiency improvements that result in an improvement of at least two energy classes (or a reduction in consumption of at least 30%).
A further step is the one taken by Intesa Sanpaolo. "We were the first in Italia to transpose the principles of the European taxonomy that have made it possible to extend the economic conditions envisaged for green mortgages, now also digital, to homes in energy class C, D and E," explains Claudia Vassena, executive director Sales&Marketing Digital Retail at the institute. For Intesa, the assessment of the green component is no longer based solely on the energy class of the property, but on three parameters identified by the European taxonomy: the year the building was constructed, the climate zone of reference, and the actual energy consumption (Primary Energy Demand) reported in the Ape. The incentives apply to home purchase loans, subrogation loans and loans for purchase with renovation, redevelopment and construction projects.
