In Spain, the green mortgage market is not taking off. The user, who seeks above all tax incentives, does not demand this type of product for the purchase of a more sustainable home because economic conditions are even worse than in conventional mortgages (the starting differential is usually higher). This is one of the main conclusions of the I Study of Green Finance, prepared by the Association of Financial Users (ASUFIN).
“It is evident that, in the absence of supply, there is also a lack of demand. If consumers begin to see that entities have products in their portfolios and strive to offer the most attractive, it will lead them to reflect on the need to improve energy consumption in their homes. And this will contribute to creating a market that operates the transformations, “he says. Patricia Suárez, president of ASUFIN.
In banking, almost everything is invented, so that entities can act under the concession conditions, be more open to granting bonuses with improvements in the energy rating of the property. “They can take into account, for example, the use of ecological materials in construction,” believes Suárez.
For this type of mortgages to be viable in our country, a visible economic incentive is necessary at the time of hiring, says the president of ASUFIN. And it gives as an example a greater bonus in the interest rate and / or a reduction or elimination of commissions.
According to this study, carried out last December, there is only one product in the mortgage market that can be considered clearly sustainable: the Variable Triodos Mortgage, with a differential associated with the energy certification, which allows a price range from the cheapest, of Euribor + 1.05% for the A certification, to the most expensive, of Euribor + 1.29%, for the G certification.
The rest of the entities apply a small bonus on the spread: 0.25% in the case of Bankia if the energy certification is A or B, 0.10%, in the case of Banco Santander, and 0.05%, in the case of Cajamar, the study indicates.
It must be borne in mind that, a priori, taking out a green mortgage does not entail risks for the client. “It is true that it entails the fulfillment of energy improvement conditions, but this will also mean a reduction in the utility bill, which is also, in the long run, an economic advantage”, Suárez points out.
In addition to the lack of green loans for housing, we must also add a limited supply of products to finance the energy renovation of buildings. With the arrival of European funds, it is desirable that entities promote this type of product whose main beneficiaries are the communities of owners.
In this sense, ASUFIN It is part of the “Rethink the Recovery” campaign, promoted by the European organization Finance Watch, which urges European leaders to prioritize, among other things, sustainability policies when allocating this important economic injection. “For example, lines of loans could be articulated aimed at the rehabilitation of housing seeking its efficiency, focusing on the concentrations of real estate in large cities that are comfortably over 50 years old. The promotion of loans for the acquisition of electric vehicles, for example, shows that demand can be stimulated in this way, ”concludes Patricia Suárez.
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