Scheme leads to improvements to Louth homes

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Scheme leads to improvements to Louth homes

Louth homeowners have spent over €31.1 million in total through the Home Renovation Incentive (HRI) since its launch in 2013. This incentive has facilitated homeowners throughout Louth in carrying out 2,257 home improvement projects over the last four years. These projects throughout Louth have had an average spend of €13,783 per project, providing a huge boost to the local economy and employment in the construction sector according to the Construction Industry Federation (CIF).

Introduced in 2013, the Home Renovation Incentive provided homeowners with an income tax credit at 13.5% of qualifying expenditure on home improvement works carried out on a main home or rental property by qualifying contractors. The success of the scheme in Louth and nationally has been evident with the scale of the work undertaken on home improvements and energy upgrades. While the scheme concluded at the end of 2018, it was successful in encouraging significant private sector investment in the upgrading of private and rental property throughout Ireland.

Nationally the HRI incentive has facilitated homeowners in carrying out over 147,000 home improvement projects over the last five years with an average spend of €16,766 per project. The average spend per project in Louth was €13,783, which was below the national average.

Broken down by value, the largest amount of work was carried out completing home extensions (34%), followed by general repair and renovations (25%) and then window replacement (11%) and kitchen replacement (10%). The scheme was introduced initially in late 2013, but the extension of it to rental properties in late 2014 help increase the number of homeowners who used the scheme.

Shane Dempsey, CIF Communications Director said: ‘A scheme such as the Home Renovation Incentive (HRI) has been a significant contributor to construction activity with registered contractors in Louth and elsewhere throughout the country. A total of 2,257 projects in Louth was a very significant level of private investment over the five years of the scheme from homeowners in Louth. CIF has worked with stakeholders including the SEAI to ensure contractors were in place to support the work required by homeowners.”

‘At a time of modest growth in the construction industry, the scheme encouraged investment by homeowners in Louth, which was good news for construction companies and contractors in the county.”

Separately a nationwide programme, the Deep Retrofit Pilot scheme, devised to upgrade homes to the highest energy efficiency levels, has seen only 1 house upgraded in Louth in 2017 and 2018. The Sustainable Energy Authority of Ireland (SEAI) administers the Deep Retrofit Pilot scheme on behalf of the government.

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