ECOVISTA

Introduction

The VECO project develops an end-to-end solution in order to launch investment in the energy renovation of social housing corporations’ building stock and combat energy poverty. In Dutch, VECO means “Versnelling Energietransitie Woningcorporaties” (accelerating the energy transition of housing corporations).

Approach

VECO includes a digitalized and fully integrated approach for all stakeholders involved with the help of an innovative financial instrument for retrofitting: the betterment tax.

Betterment Tax

Dutch municipalities use the betterment tax (‘baatbelasting’) to fund specific improvement projects in their jurisdiction. Such projects need to improve neighborhoods, for example:

• Construction of a new park
• Playground
• Parking lot

Each benefitting property owner in the neighborhood will be charged with a betterment tax. The betterment tax has been recently used to fund the energy renovation of private homes under the FIT-HOME project. VECO will adapt this approach to fund energy renovation of housing corporations.

Benefits

With the betterment tax, no up-front costs are necessary for retrofitting measures, making a sustainable, healthy, and comfortable home accessible for every tenant of housing corporations.

Goals

VECO aims to set up the financing scheme and all operational procedures, and launch investments of EUR 27 million for the energy renovation of 1,500 dwellings belonging to social housing corporations.