So one month in and the budget is already blown with insulation work and the boiler giving up on us. To slightly cushion the blow there are a few grants and tax incentives to help reduce the final bill – a 26% saving in our case! This post will try and explain how to calculate SEAI grants and HRI tax relief.
- Sustainable Energy Authority of Ireland (SEAI) Grants – these are specific grants for making your house more energy efficient. When you do 3 or more upgrades at once you get slightly higher grants so worth bundling a few things in together if that’s possible. The specific aim of these is that the BER improves, so you will need to factor in the cost of getting a BER inspection after the work is complete.
- Home Renovation Incentive (HRI) – this is a relief from income tax for work like painting, plastering, rewiring, replumbing, etc. It is only applicable where 13.5% VAT is paid on the work. The scheme has been extended to end of 2018 for now (i.e. the work must be done by end-2018).
Here is a worked example of how to calculate SEAI grants and HRI tax relief. It’s not exactly the amount we spent (we also needed to replace pipes and radiators!), but it’s pretty close.
So in this example, for work that should have cost €14,650, it will end up actually costing you €10,798 – that’s a 26% saving. The only challenge, of course, is finding a contractor who didn’t load their prices so they pocket the difference. Good luck with that!