The objective of reducing consumption is particularly challenging for Italy
There Directive on the Energy Performance of Buildings (so-called Green Case) sets a binding objective for the reduction of the average primary energy consumption of the entire residential building stock, i.e. a saving of at least 16 percent compared to 2020 by 2030, of which 55 percent to be achieved in 43 percent of buildings with worse performance.
The government document underlines that this objective is particularly challenging for Italy, whose real estate stock is made up of 70 percent of homes with the worst energy performance and 60 percent of buildings built before the approval of the law. on energy saving in buildings (law 373/1976).
Over the years anyway energy consumption has improved: as the same document underlines, in fact, based on the average of Energy Performance Certificates, they decreased by 6.2 percent between 2020 and 2024.
From deduction to negotiable securities
In this direction, the government therefore aims to adopt a series of zero-cost interventions for public finance by triggering virtuous mechanisms for private investments.
Having therefore reiterated the intention to overcome, at least in specific situations, the system of tax deductions, the solution put in black and white is that of create a market for white certificates for the civil residential sector to encourage the most efficient interventions.
This is nothing new as they are they have been planned for businesses for some time. The rules are dictated by the GSE.
How the white certificate market works
The white certificate mechanism, which came into force in 2005, is the main tool for promoting energy efficiency in the industrial, network infrastructure, services and transport sectors, but also concerns interventions carried out in the civil sector.
Certificates are negotiable securities which certify the achievement of savings in the final uses of energy. One certificate is equivalent to saving one Tonne of Oil Equivalent (TOE). The GSE recognizes a certificate for each TOE of savings achieved thanks to the implementation of the energy efficiency intervention.
Upon indication of the GSE, the certificates are then issued by the Energy Markets Manager (GME) on specific accounts. All subjects admitted to the mechanism are included in the Electronic Register of Energy Efficiency Certificates of GME. The titles can then be exchanged and valued on the market platform managed by GME or through bilateral trading. The economic value of the securities is defined in the trading sessions on the market.
Those obliged to save
The system provides for primary energy saving obligations for electricity and natural gas distributors with more than 50,000 end customers (the “Obliged Parties”) and assigns, for each year, objectives to be achieved.
Obliged parties can fulfill the mandatory savings quota in two ways:
- directly implementing the energy efficiency projects admitted to the mechanism;
- by purchasing securities from other entities admitted to the mechanism.
In addition to energy distributors, others can also participate in the mechanism voluntary subjectstypically energy service companies (ESCOs) or companies that have appointed a certified energy management expert (EGE).
A mechanism to be adapted to private individuals
So far the rules for companies and obliged entities. Clearly, for the system to work also for private individuals, it will necessarily be necessary review the mechanisms also in reference to the value of the certificates regarding consumption reduction.
It is not certain, therefore, that a “retail” market can be activated as early as next year for homeowners who have luxury properties, second homes or in any case incomes that are above those expected by the government for the incentives in form of contribution. It will probably be a gradual processand for a while longer tax deductions, even if reduced for higher incomes, and other forms of incentives are destined to coexist, as announced by MITE in recent days.
News in sight for condominiums
However, the government will also play another card to push on the front of energy saving interventions and the reduction of consumption at building level. In fact, the possibility of make it even easier the approval of these interventions through changes to condominium regulations. Green light, therefore, for super-small minorities as already foreseen for Superbonus interventions.