Munster homeowners have availed of €251 million in total through the Home Renovation Incentive (HRI) since its launch in 2013.
This incentive has facilitated homeowners in carrying out 17,565 home improvement projects across the province over the last three years, with an average spend of €14,331 per project. The extension of the HRI to rental properties in late 2014 has also added further activity to this sector.
The Home Renovation Incentive (HRI) provides 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.
Construction Industry Federation Director General, Tom Parlon said, that “The Home Renovation Incentive has been very successful on several fronts. It supported an incredible €4 billion spend into the Irish economy in 2016. This money is recycled into the local community by the 9,000 plus domestic contractors involved in delivering renovation construction across Ireland. These businesses employ a good proportion of the 140,000 people engaged in construction in Ireland.
“The Home Renovation Incentive (HRI) costs about €85million to the Exchequer but supports over €10 billion spend in the economy since 2014. Homeowners might otherwise not have spent this money or it may have been spent in the grey market at a great loss to the Exchequer.
“The incentive also helps Ireland achieve its onerous climate change targets as many people use the incentive to make their homes more energy efficient. This of course has also helped support the growth in demand for energy efficient products”, he concluded.
The Home Renovation Incentive has been extended until 31 December 2018.
