The Supply of Green Mortgages in the Market is Growing, But They Are More Expensive Than Average

Madrid, Nov 7 (.).- The supply of green mortgages in the Spanish market continues to increase but, for yet another year, this option continues to be more expensive than the market average, as reflected in the latest study published by the consumer association Asufin with data from 2023.

Thus, the green mortgage has an interest rate that is 5.63% APR for fixed mortgages and 4.63% APR for variable mortgages.

With all this, the price of the green mortgage is overall higher than the average of mortgages on the market, which have an average APR of 3.75%. That is, choosing the sustainable option represents an extra cost of 1.8% in the case of green fixed mortgages and 0.8% in the variable ones, while in 2022 the fixed APR was 4.4% and 3. 6% in the second.

These types of mortgages are a different alternative for financing a sustainable home. Currently, six entities offer five mortgage proposals of this type, more than in 2022, when there were five offers from two financial entities.

Banco Mediolanum (BIT:), Cajamar, BBVA (BME:), Bankinter (BME:), Triodos Bank y Santander Bank (BME:) are the financial entities participating in this offer, while the latter has the first mixed ecological green mortgage in its portfolio.

In terms of energy efficiency, the study data indicates that almost half of Spaniards are considering carrying out an energy rehabilitation of their home, 15.1% plan it in the short term compared to 28.3% who analyze it in the future. long term, and on average they are willing to pay 9,414 euros for it.

According to experts, a renovated home can increase the value of the asset by 24.1% if it has thermal insulation and good energy efficiency.

According to the Asufin study, 3 out of every 4 Spaniards, that is, 74.9%, are aware of the Government’s aid to improve energy efficiency with tax incentives.

More than 39% of Spaniards consider that the price of the ecological vehicle is one of the main incentives for its purchase, even so, the data for August 2023 to which the study refers show that 4,087 units were registered that month, which It represents a rate three times lower than that of the European Union.

Currently, the financing offer for this type of vehicle is increasing and its cost, 7.30% APR, remains below the 8.05% average for personal loans, according to Asufin.