SEOUL, May 30 (Korea Bizwire) – From now on, all buildings will be required to disclose their energy consumption information and buildings of a certain size will be mandated to earn energy efficiency certifications. In addition, buildings that undergo energy-saving renovations will get low-cost loans whose interest rate is close to zero.
The Ministry of Land, Infrastructure, and Transportation said this on May 20 in a State Council meeting, adding that these changes would be part of the “Green Building Encouragement Law” to be announced on the 28th.
According to the revised law, buildings will need to install window coverings such as curtains and blinds on the glass walls so that the building can save air-conditioning cost. It also includes provisions intended to strengthen requirements on energy-saving features such as building energy management systems, insulation layers and vapor barriers.
A building energy management system, or BEMS, is a computer-based control system installed in buildings that controls and monitors the building’s mechanical and electrical equipment such as ventilation, lighting, power systems, fire systems, and security systems.
The law requires that building owners reveal data on energy efficiency of the building in the energy evaluation sheet upon signing a rental or sale contract while disclosing the information on newspaper classified ads and online announcements.
When buildings of a certain size are built, they must get a green building energy efficiency certification and indicate this fact on the building management ledger so that new owners of the building can find out easily about the building’s energy performance.
As for renovations for more energy efficient buildings, the ministry will rely on local government funds to provide low-cost loans to the building owners. For financing projects using private sector funding sources, the ministry has prepared legal grounds for fund creation.
It will also establish organizations specializing in review of energy efficiency improvement plans, technical support, and professional training, management, and promotion.
Written by Sean Chung (email@example.com)