After much speculation, the Superecobonus was finally approved, a rule that promises to radically change the renewable energy sector through the mechanism of transferability of the tax credit to banks.
Riccardo Fraccaro, Undersecretary to the Prime Minister, who conceived it in full, tells us that the Super Ecobonus 110% was officially launched in the last Council of Ministers.
A "revolutionary" measure for the sector and which could give a considerable boost to the energy transition. But like all the particularly innovative rules, even this, since the first advances, has opened a wide debate across the country and, in particular, among the operators: there have been enthusiastic demonstrations, but also some critical interpretations, hypotheses and denials. In short, a lot of talk.
In these cases, the solution is to get to the source to try to better clarify the ideas.
Riccardo Fraccaro, a law graduate with a thesis in international environmental law, is responsible for the conception of the Superbonus. Belonging to the sector, Fraccaro has been working on the definition of the Super Ecobonus for months, perhaps the tool that operators have always "dreamed" to give a vigorous impulse to their sector.
Work began on this measure well before the pandemic, to imagine it, study it and write it. Fortunately, its value in the current crisis situation is undeniable. "In this period, I consider it necessary." –He expressed. - Already before the pandemic we had an important crisis to face: climate change. When the movements of young people all over the world asked politics to support and intervene concretely on the environmental problem, and many politicians and world leaders showed a certain sensitivity, I too decided to respond to these requests with an extremely concrete measure and vigorous. They asked for facts and not promises: I tried to make my small contribution. I started studying, working on it, doing my best to get a tool that can be really useful to everyone. "
The starting point of his work was to find the best method to face the environmental challenge. Since its inception, the current government has immediately made the contents of the new green deal its own, an economic philosophy, as well as a political strategy. The thrust was the current need to reduce emissions of climate-changing gases and avoid catastrophic consequences in the coming decades.
To achieve this result, simplifying, two ways are possible: reduce our consumption, giving up our current quality of life, which to be implemented would need an economic shock equal to at least 4/5 times the economic crisis of 2008, loss of thousands of jobs, social and economic crisis, and much more. Or, use the other way: a huge public investment to concretely and quickly implement the energy transition, that is to convert everything we consume today, our homes, means of transport, factories, agriculture into a sustainable model up to bring our society to a zero impact.
The sector that immediately generates an economic benefit for all is construction. Historically, in our country, there has never been economic growth that has not been driven by the construction sector. If you manage to reactivate this sector, you will immediately get more jobs, also interpreting a basic objective of environmental sustainability: not to occupy land yet, but to redevelop the built environment.
On these assumptions the Super Ecobonus was born.
The expected results are ambitious. He expects to succeed, with this rule, in renovating an apartment building to make it passive, that is to produce energy instead of consuming it. Thus we will obtain companies that work with related jobs, an increase in property value, more comfort for those who live in it and economically advantaged citizens because they save on their bills and, especially, we will have a condominium that pollutes less or even nothing. On the horizon there are many advantages that can be obtained from this Ecobonus.
The basic idea is to extend to over 100%, then 110%, an instrument that Italians know very well, that of Ecobonus and Sismabonus. The family who wants to renovate their home will have the opportunity to deduct from their taxes in the following 5 years, a figure greater than 10% of the costs incurred to carry out the work. So even getting a profit.
Even if you do not have the economic opportunity to deal with the work, the family will be able to transfer the deduction obtained, which will become a tax credit, to the company that carried out the work. The latter will have to issue an invoice equal to 0, having a credit higher than the costs incurred, which it will use, in turn, to discount it on the subsequent taxes or it can transfer it to a banking institution or an insurance company, to obtain liquidity immediately. .
In this way, the company can go to the bank and immediately "transform" its tax credit into liquidity. The bank buys that tax credit worth 110 to, for example, 105. In this way it has an interest margin and the company will have earned it too. "I conceived this plus to compensate for the discounting of credit to year zero. Otherwise the credit, over the years, would lose value. " –Confirms Fraccaro. - “This would solve the problem complained of by some companies which, with the previous measure, had no interest in accumulating tax credit. (…) Indeed. In this way, we want to try to solve the problem by giving the company the ability to cash out immediately, obtaining more jobs and with higher margins of income. "
All the works envisaged in the previous eco bonus and bonus earthquake will be covered in the Superecobonus, with the addition of photovoltaics, accumulators and charging columns for electric cars. What exactly allows the contemplation of the works in the Superecobonus is that the purpose is "overall intervention", which therefore also includes the thermal coat or the boiler, so that the intervention leads the building to reach at least two higher energy classes; apart from the case of class B, from which, obviously, it will be possible to pass to A. In other words: this great public effort must be able to concretely increase the quality level of the building stock.
In addition, just to avoid "abuse" a guarantee will be necessary that the interventions are carried out at work and at fair costs. Very strict sample checks will be activated both by ENEA and by competent technicians who will swear the work by responding criminally and, through their insurance, economically to prevent companies from inflating invoices with evident damage to the state coffers.
The duration of the Super Ecobonus is scheduled from 1 July 2020 to 31 December 2021. Period in which it could be shown that this type of policy functions as an economic and social model.
"I am convinced that if we all work, we politicians in carrying out our work responsibly, families in carrying out these projects, companies in consciously carrying out the interventions, in the end the advantage for the state budget will be and will be immense . –Assures Fraccaro. - In economic terms, of new jobs, of raising the quality of life of citizens. If we can prove that this model works, at the end of 2021 we can also hypothesize to confirm the measure giving it even more strength and determination. "
Although some argue that the State Accounting Office has found that this measure has high burdens on the State. Fraccaro reassures that the economic coverage of the Super Ecobonus exists. It is true, he concluded, there has been some resistance, but I accept the challenge. It is time to be brave in public finance too.