At a seminar hosted by Engineers Ireland and Philip Lee Solicitors, the company said that, due to the Energy Efficiency Directive, the Government is obliged to renovate the national stock of residential and commercial buildings.
The Government are required to retrofit 3% of the total floor space of central government buildings a year for the next six years.
These projects will involve upgrading of the building fabric (insulation, windows, etc) and services (HVAC, controls, lighting, etc). This is to be achieved by the State entering into long-term third-party finance agreements with financial institutions. In Ireland, financing is already available through the €70 million Energy Efficiency Fund and AIB’s €100m energy efficiency fund.
Associate with Philip Lee Solicitors Hugh Cummins said that, due to the funding available, Ireland has a unique opportunity.
“Ireland has a once in a lifetime opportunity to place itself at the heart of Europe’s energy efficiency revolution due to the substantial funding available.”
It is estimated that across Europe 5 million jobs could be created through initiatives brought about through national energy efficiency funds.