VÚB presents a calculator for renovating homes

How much money will I save on energy each month by replacing my windows? What kind of loan can I get for renovating my house? Will a government subsidy help? From now on, Slovaks can get help with the difficult decision of renovating their family home with the free online Green Renovation Calculator from VÚB Bank, member of Intesa Sanpaolo group. Simply enter a few details about the property on the bank's website and the unique calculator will calculate whether the renovation is worthwhile.

Thanks to the Green Renovation Calculator, those interested in renovation can obtain

● an approximate estimate of the energy class of the house,

● recommendations for the most suitable measures, such as insulating walls and roofs, replacing windows, installing photovoltaics or a heat pump,

● possible monthly savings after the proposed renovation,

● financing options either through a mortgage loan or a Green Loan, and the opportunity to contact a loan specialist,

● if applicable, it will also display the state subsidy.

"Our tool should serve as a starting point for deciding on a possible renovation. The type of renovation, estimated costs and benefits, the amount of the possible subsidy, and the method of financing are parameters that are often difficult to access and understand for the general public. We therefore want to use this new online tool to make the difficult decision about renovation easier for them," says Andrej Arady, macroeconomist at VÚB Bank and co-author of the Green Renovation Calculator, adding: "In the calculator, we used data on renovation costs based on current market prices to make the results of the calculations as realistic as possible."

The Green Renovation Calculator is easy to use. It only requires a few basic details to be filled in, such as the location of the house, year of construction, floor area, type of roof, and heating. The user can then activate or deactivate the individual measures proposed according to their preferences and thus customize the solution.

With rising energy costs, renovation can not only save the owner money, but also significantly increase living comfort, raise the value of the property, and protect the environment.

"The green renovation calculator specifically assesses the condition of a given property and proposes measures that will bring the owner the greatest economic benefits. It is true that the cheapest energy is the energy that is not consumed. At the same time, renovation contributes to an increase in the value of the property. However, the societal benefits of renovations, which can significantly reduce greenhouse gas emissions, are also significant," adds Andrej Arady.

The VÚB Bank calculator focuses specifically on family homes, where almost half of the country's population lives. These lag significantly behind apartments in terms of renovation to current energy standards.

Up to 80 percent of the area of family homes was built before 2000 (with the most intensive construction taking place between 1960 and 1980). And 26 percent of these homes have never been renovated. Others have undergone modifications over the decades, but with significantly less effective tools and less stringent standards. Approximately 65 percent of family homes have been renovated since 2000, but only a third of these have undergone substantial reconstruction, which would include replacing windows, insulating the roof, or insulating the perimeter walls.

According to data from the Institute for Economic Analysis of the Ministry of Economy, buildings in the EU consume an average of 40% of energy and are responsible for 36% of direct and indirect greenhouse gas emissions. In Slovakia, households consumed 31 TWh of energy per year over the past decade, accounting for 27 percent of the country's energy consumption.