The Home Renovation Incentive (HRI) scheme, allows homeowners who carry out qualifying renovation works to apply for and claim an income tax credit.
Since the Scheme was introduced in October 2013, 556 works have been registered with the Scheme in Clare, at a total value of €6.48 million. This is a real boost to the local economy, considering the jobs created by the Scheme and also the spend by people renovating their homes.
There is also a real tangible benefit for the participants in the Scheme, considering the increased value of their homes after completing the renovation works. Of the high value works taking place, the majority were home extensions. Other popular works under the Scheme are window replacements, kitchen renovations and bathroom improvements. Not only do these sorts of works increase the value of your home, but work such as window replacements can greatly reduce your energy bills.
The Home Renovation Incentive Scheme is just one small part of the overall strategy to secure the economic recovery in this country and ensure that its benefits spread to all parts of the country. We are now the fastest growing economy in Europe and we are creating over 1,300 new jobs a week, yet we know that not every family has felt the benefits yet.
Schemes such as this are great for boosting economic activity in Clare and creating local jobs, which then has a positive knock on effect on other small businesses in Clare. We want every person and family to feel the benefits of the recovery and enjoy a better quality of life.