SEOUL, Korea, July 25 (Korea Bizwire) – Soon, homeowners will be allowed to pay home renovation costs in installments from subsequent energy savings. This is intended to encourage voluntary “green remodeling” by reducing the cost burden for the owners.
Given 74 percent of homes in Korea are older than 15 years, the latest measure is expected to relieve the energy shortage problem faced by the nation every year in the summer and winter seasons.
In order to prevent the recurring energy shortages and at the same time create new jobs, the Ministry of Land, Infrastructure, and Transportation proposed on July 24 in a meeting of economic ministers a plan to save energy in residential buildings.
Currently it is hard for homeowners and building owners to invest a large sum of money on their own in replacing with double-pane windows and high-efficiency building insulation materials without any government help. In addition to encouraging the owners to pay the cost in monthly installments, the government agency will lend support in interest costs depending on the building’s energy efficiency rating.
In case where a house adopts double-pane windows instead of conventional single-pane ones, it is estimated the owner can save up to 30 percent of heating and air-conditioning cost.