The energy modernisation of a residence leads to annual savings of more than 300 euros, in addition to raising its value in the real estate market. This significant improvement in the condition of the home not only increases its attractiveness, but also results in a revaluation that exceeds the cost of retrofitting in every capital city in Spain.
Rising energy costs for households have underlined the urgency of making improvements to optimise the energy performance of their homes. These improvements can raise the level of energy certification by up to two letters, which translates into savings of more than 320 euros per year on gas and electricity bills, as well as a significant increase in the value of the property. This increase in value is greater than the outlay needed to improve the insulation of the property in all the country’s capital cities.
These conclusions come from an analysis carried out by Idealista, which has evaluated the cost of energy renovation in a typical two-bedroom home and the benefits of such refurbishment, such as revaluation in the real estate market, energy savings and improvement in energy certification after the renovation. The refurbishment costs have been extracted from the Refurbishment Calculator, which includes thousands of quotes from professionals across Spain and up-to-date energy tariffs.
The cost of energy retrofitting is higher in cities such as Palma, Bilbao or Barcelona. Standard energy reforms in Palma de Mallorca are budgeted at 11,479 euros, followed by Bilbao (9,179 euros), Barcelona (9,089 euros) and Girona (9,081 euros). Below 9,000 euros are Vitoria (8,894 euros), San Sebastian (8,836 euros), Malaga (8,438 euros), Ceuta (8,333 euros), Melilla (8,169 euros) and Oviedo (8,025 euros). In Madrid, the cost of an energy reform stands at 7,224 euros.
On the other hand, Zaragoza is the cheapest city to carry out a refurbishment (5,666 euros), followed by Cáceres (5,761 euros) and Huelva (5,775 euros).
It is important to highlight that, in all Spanish capitals, the cost of refurbishment is lower than the revaluation of the property. The cities with the highest refurbishment costs also experience the highest house revaluations, but in all Spanish capitals, the cost of refurbishment is lower than the increase in the value of the property. In absolute terms, the highest revaluations are observed in Palma (13,201 euros), Barcelona (11,361 euros) and Girona (10,897 euros), while the lowest figures are found in Huelva (6,064 euros), Jaén (6,100 euros) and Córdoba (6,126 euros).
In terms of energy bills, the savings are similar in almost all the capitals, although there are some differences. The biggest savings are recorded in cities such as Guadalajara, Cuenca, Toledo, Albacete and Ciudad Real, where they reach 372 euros per year, while in Madrid the figure stands at 370 euros per year and in Barcelona at 367 euros. The Canary Island capitals, on the other hand, show lower savings after energy renovation: in both Las Palmas de Gran Canaria and Santa Cruz de Tenerife, the savings are reduced to 277 euros per year.
In relation to the energy certification of two-bedroom dwellings that have not undergone energy renovation, this is similar in all peninsular capitals and in Palma, all of them being rated with an “E” as the reference value. However, after the reform, they could move up two positions to a “C”. In the Canary Islands capitals, as well as in Ceuta and Melilla, the energy certification is lower (“G”) and could be improved to “D”.