Promoting Energy Efficiency in housing. KfW s experience and best practice

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1 Promoting Energy Efficiency in housing KfW s experience and best practice

2 KfW Bankengruppe Financing with a public mission Promotional bank of the Federal Republic of Germany Founded in 1948 as Kreditanstalt für Wiederaufbau Shareholders: 80% Federal Republic, 20% federal states Headquarters: Frankfurt am Main Branches: Berlin and Bonn Representative offices: around 60 offices and representations worldwide Balance sheet total at 2010: EUR 442 billion Around 4,500 employees (2010) Best rating: AAA/Aaa/AAA Zero-weight under Basle II 2

3 A bank with a wide array of functions Domestic promotion International business We promote Germany We ensure internationalisation We promote development Business Area Mittelstandsbank Promotion SMEs, business founders, start-ups Business Area Privatkundenbank Promotion construction of new housing and modernisation as well as education Business Area Kommunalbank Financing municipal infrastructure projects and global loans Germany/Europe agency business for Federal Government Business Area Export and Project Finance International project and export finance Business Area Promotion of Developing and Transition Countries Promotion of developing and transition countries Promotion of environmental and climate protection 32

4 Advantages of promotional loans Loans provide promotional incentives and capital for investors Investors benefit from subsidised interest rates over a long period of time Loans generate a backflow of funds Interest subsidies stretch the consumption of funds over a longer period of time Highly standardized bankable financing products fitting into more complex/structured/customized financing packages 4

5 Refinancing and Distribution of Loans Capital market refinancing loan loan to final beneficiary Funding AAA-Rating Interest subsidy German Government or KfW Interest rate Bank Margin for credit risk and handling Interest rate Final Beneficiary 5

6 Challenges of Promoting Energy Efficiency Sector Target Challenge Housing SMEs Municipal Infrastructure Residential Buildings - single family homes - apartment buildings - buildings (office and manufacturing) - manufacturing facilities - public buildings - public transport - high initial investment costs - lack of knowledge and awareness - credit risks - heterogeneous ownership structures - lack of financial resources - lack of information and knowledge - energy as minor portion of overall costs - short amortisation periods anticipated - high initial investment costs - cost effectiveness - budget constraints - lack of knowledge and awareness Character of the projects retail business broad scale impacts private and municipal investors 6

7 KfW's housing finance programmes Overview Promotional programmes can be combined New buildings Modernisation Federal programmes Energy-efficient Construction Energy-efficient Refurbishment Senior-friendly Conversion Energy efficiency Improving accessibility KfW programmes KfW Home Ownership Programme Housing Modernisation Creating home ownership Increasing the value of the housing stock 71

8 Promoting Energy Efficiency in Housing in Germany Key principles of promotion German Energy Conservation Ordinance (EnEV) is the baseline + Harmonizing of legal framework and promotion + promotional incentives require higher efficiency standards than legal framework KfWs promotion is focussed on a holistic approach + Focussing on energy efficiency and renewable energies + Technological neutral (heating system or building envelope) + Cost efficiency is crucial KfW-Efficiency House as standard and brand for energy efficiency + consistent standard for construction and refurbishment + makes a difficult regulation easy to understand: The smaller the number the higher energy efficiency. + creates high transparency Higher energy efficiency means higher promotional incentives 8

9 Promoting Energy Efficiency in Housing in Germany Promotional impacts and funds ff. Government funds (million Euro) ? Committments (million Euro) CO 2 -reduction (tons per year) EUR 500 m budget increase on top as a result of the energy concept of the new liberal covervative coalition Housing units Jobs (safeguarded for one year) Investments (million Euro) and 2010 record years in term of committments. Leverage ratio 2010: 1 Euro of government funds triggers investments of 16 Euros. KfWs promotional programmes contribute nearly 50% to the achievement of the German climate protection goals in the housing sector. 9

10 Energy-efficient Construction and Refurbishment Promotional loan High energy efficiency easily financed! Promotional loan Investment grant Uniform interest rate Repayment bonus Energy-efficient Construction (new building) Energy-efficient Refurbishment (modernisation) Repayment bonus Uniform interest rate Alternative for private homeowners 3.75% effective* 10.0% 5.0% 12.5% 2.37% effective* 17.5% % 15.0% 7.5% 12.5% 5.0% 10.0% 2.5% 7.5% Individual measures % KfW Efficiency House: EUR 50,000 per unit * Term of 10 years, interest fixed for 10 years, as at 25 May 2011 KfW Efficiency house: up to EUR 75,000 per unit Individual measures: up to EUR 50,000 per unit 102

11 Promoting Energy Efficiency in Housing in Germany Future prospects Advancement of promotional stages (energy concept, EU-Buildings Directive) Relaunching single measures as of New EnEV: Stock EnEV: 140 Single Measures Energy Concept Broad Scale Top Runner 11

12 Energy-efficient Construction and Refurbishment Examples of implementation in KfW Efficiency Houses Renewable energies (building systems) Heating with natural gas condensing technology with solar drinking water heating system Heating with natural gas condensing technology with large solar system for drinking water and heating support Local heating network on the basis of combined heat and power plant or fossil fuels Pellet heating (biomass plant) Local heating network on the basis of renewable energies Neighbourhood solution Energy efficiency (building shell) Exterior wall insulation: 8 cm Roof insulation: 16 cm windows: 1.7 [W/(m²K)]* Exterior wall insulation: 10 cm Roof insulation: 22 cm Windows: 1.3 [W/(m²K)]* Exterior wall insulation: 15 cm Roof insulation: 28 cm Windows: 0.91 [W/(m²K)]* * Heat transmittance coefficient (u-value): The lower the value, the better the thermal insulation properties of the window. 123

13 Promoting Energy Efficieny in Housing in Germany Factors of success All groups of investors can apply - eligibility criteria are linked to residential buildings Focus on interest subsidised loans - provides capital and incentives - Higher energy efficiency means higher promotion KfW-Efficiency House as a brand for energy efficiency - creates visibility and transparency On-lending principle - broad distributional network through retail banks - local risk assessment 13

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