Financial Law of 449/97

Ficial law 449/97 was passed in 1998. It allowed individuals and private companies to deduct expenses related to renewable energy uses, e.g., building retrofitting expenses from their revenues over a five-year period. The law allowed a fiscal reduction of 41% of the cost (VAT included) related to building restructuring carried out during 1998 and 1999. The reduction applied only to building owners who had to pay personal taxes and was subdivided into five to ten annual rates. The reduction was limited to costs of € 77 468 per building unit per person per year. About 200 000 requests were submitted in 1998. This law was not specifically designed for energy purposes, but to support the construction sector.

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