In a world where energy savings and home efficiency are increasingly important, the extension of tax deductions for home renovations in 2024 is great news for homeowners. You may be wondering how these deductions can make your renovation project more affordable and sustainable. You’re in the right place: here’s how to take advantage of these tax breaks to improve your home, help the environment and, by the way, take care of your wallet.
Approval by Brussels
The extension of tax deductions until the end of 2024 is not just good news; it is a step forward in Spain’s commitment to sustainability and energy efficiency. This measure, part of the Recovery, Transformation and Resilience Plan and approved by the European Union, makes available more than 10 billion euros in direct aid and facilitates up to 83 billion in loans. It is an unprecedented opportunity to improve your home, reducing energy consumption and increasing the value of your property. In the following lines, we will see how you can benefit from these deductions, simplifying the process and bringing you closer to the house of your dreams.
Details of available deductions
Tax deductions are not just a discount; they are a great tool to make your home more efficient and comfortable. Here’s how you can benefit from them:
- 20% for cooling/heating demand reduction: imagine your house staying cool in summer and warm in winter, without relying so much on air conditioning or heating. Investing in insulation, double-glazed windows or shading systems can not only improve your comfort but also reduce your energy bill.
- 40% for the reduction of non-renewable primary energy consumption: this is for those who want to go one step further. If you are thinking about more efficient heating systems, solar panels or heat pumps, this rebate is your best ally. The initial investment may seem high, but with this rebate and the savings on your energy bill, the payback is quicker than you think.
- 60% for works in residential buildings: if your project is more ambitious and covers the entire structure of the building, this deduction is especially attractive. From the rehabilitation of facades to the improvement of common facilities, through the implementation of renewable energy systems for the entire building, there are many possibilities.
Each of these allowances represents an opportunity to improve your home and, at the same time, contribute to a more sustainable future. The key is to plan your project with these deductions in mind, making sure you meet the necessary requirements to take full advantage of them. Let’s take a look at them below.
Eligibility for the housing rehabilitation extension 2024
To ensure that your rehabilitation project is eligible for these tax deductions, it is important to consider the following requirements:
- Deadline for work: all rehabilitation projects must be completed by December 31, 2024. This means it is time to move from planning to action. If you have a project in mind, now is the time to get it underway so you don’t miss out on this opportunity.
- Energy efficiency certification: Once the work has been completed, it is essential to obtain an updated energy efficiency certificate before January 1, 2025. This certificate is not only a requirement to access deductions, but it will also provide you with important information about the energy performance of your home and the improvements that have been made.
Meeting these requirements is an integral part of the commitment to improving energy efficiency in Spanish real estate. If you have questions about how to start this process or how to ensure you meet all the criteria, consider consulting with industry professionals. They can guide you through every step, from planning to obtaining the final certificate.
Impact and objective of the 2024 housing rehabilitation extension.
The decision to extend tax deductions for housing rehabilitation until the end of 2024 is also a commitment to a more sustainable and efficient future. Let’s take a closer look at the impact and objectives behind this initiative:
- Transforming the housing stock: with more than half a million refurbishment actions planned, this extension has the potential to significantly transform the Spanish urban landscape. It is not just about improving individual homes; it is about raising living standards, energy efficiency and sustainability nationwide.
- Contribution to the environment: each rehabilitation project that benefits from these deductions contributes to the reduction of energy consumption and the reduction of CO2 emissions. This is a crucial step in the fight against climate change and in the promotion of a healthier and more sustainable urban environment.
- Economic stimulus: In addition to the environmental impact, this initiative represents a significant economic stimulus. By incentivizing housing rehabilitation, it generates greater demand for professional services in the construction and architecture sector, thus boosting job creation and economic growth.
The objective is clear: to improve the quality of life of citizens, promote sustainability and support the economy. Tax deductions for housing rehabilitation, in addition to an economic benefit, are an investment in the future of Spain.
Tips for homeowners and how we can help you
Now that you are aware of the tax deductions and the requirements to access them, you may be wondering how to start your rehabilitation project. Here are some practical tips and how Kaleidoscope can help you on your way to a more efficient and sustainable home:
- Planning is key: Before beginning any work, it is critical to have a clear plan. Consider which improvements will most effectively increase the energy efficiency of your home and how they align with the requirements for tax deductions.
- Consult the experts: Home rehabilitation can be a complex process, especially when you’re looking to maximize tax deductions. At Kaleidoscope, our team of professionals is ready to advise you every step of the way, from initial conception to project completion, ensuring that everything meets the standards necessary to qualify for deductions.
- Use available tools: We know that starting a renovation project can be an uphill battle, especially when it comes to budgeting. That’s why at Kaleidoscope we offer a free budgeting tool on our website. This tool will allow you to get a clear and accurate estimate of the costs associated with your project, facilitating planning and decision making. You can try it here:
The extension of tax deductions for home rehabilitation until the end of 2024 offers an unprecedented opportunity to improve your home, making it more efficient and sustainable. At Kaleidoscope, we are committed to helping you make the most of these deductions, guiding you through the process and providing you with comprehensive solutions tailored to your needs. Contact us and don’t miss this opportunity!
