Energy awareness moves in

Finns are increasingly interested in energy-effective housing. New buildings are being built accordingly, but there is much to improve in already existing houses.

The Mortgage Society of Finland is looking to provide funds for improved energy-efficiency in old houses.

“Energy and electricity prices keep rising, which is one reason for people’s interest in reducing their energy consumption. Increasingly there is also a very strong awareness, and concern, about climate change. People want to make a difference,” says Matti Inha, Managing Director of the Mortgage Society of Finland.

A loan of EUR 12 million from NIB will be targeted to the Society’s clients for energy-efficiency renovations in private households.

“With these funds we will offer our clients loans for projects such as loans to beginning to use heat pumps or ground heat. Projects can also concern implementing renewable energy by changing to pellet heating or installing small-scale wind power or solar panels,” continues Mr Inha.

This year, the Mortgage Society of Finland celebrates 150 years of operations. Founded in 1860 it is the second oldest nationwide bank in Finland, behind only the Bank of Finland. It is the only one of its kind in Finland, offering solely mortgages to housing companies and private households.

“Our staff of less than 30 equals the typical branch office of a Nordic bank. We are a small and specialised bank, with lending operations only in Finland, mainly in the country’s southern regions,” says Mr Inha.

“Compared to central Europeans, Finns live in quite small homes. On the other hand, we usually have a second house, such as a summer cottage, where we spend much of our spare time. We will offer these loans for energy-efficiency improvements to these as well,” says Mr Inha.

With the interest rates being record-low, there is a concern about the housing market in Finland being overheated. On the other hand, the global economic unease does not seem to influence Finns’ confidence in their personal finances.

“People are willing to invest in their homes and standard of living, not only for the comfort, but more and more for the environment as well,” concludes Mr Inha.