SEOUL, Dec. 23 (Korea Bizwire) — The number of households benefiting from the government’s Green Remodeling Assistance project is increasing every year.
The Ministry of Land, Infrastructure and Transport said Sunday that it has achieved green remodeling interest support for 11,000 households this year. This represents an increase of about 18.6 percent compared to 9,278 in 2018.
Green remodeling refers to projects that improve the energy performance of old buildings by changing windows, replacing insulation and making other energy-saving modifications.
Analysis by the ministry and the Korea Land & Housing Corp. showed that these renovations resulted in average savings of 44 percent on heating costs during the winter months.
The government has been implementing its Green Remodeling Interest Support project since 2014 and is subsidizing up to 4 percent of interest on loans for construction costs.
Roughly 40,000 projects have been supported between from 2014 and 2019. The 11,000 projects achieved this year are the largest annual volume since 2014, when the initiative launched.
D. M. Park (email@example.com)