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28.08.2023 Articles

Property owners should react to the energy transition now – hesitation can be costly

The increased electricity prices have caused many to realise that maybe the energy situation last winter was not exceptional after all. Investing into property modernisations should be made systematically and in a timely manner, as delaying them might lead to resource problems and increased costs in the future.

When planning investments for properties, it's worth considering the energy transition and revisiting the discussions from last winter.

"Many property owners are now postponing major investments and cutting maintenance costs. Due to the pressure coming from the overall economic situation, some are postponing energy projects by years and maintenance is focused only on acute issues," says Laura Karotie, Head of Managed Operations, Caverion Finland.

However, postponing planned repairs increases the repair debt on properties. According to estimates from the construction industry, this debt has already amounted to 30–50 billion euros in Finland. For comparison: the entire value of Finland's building stock is around 350 billion euros.

Energywise properties play a key role in solving the climate crisis

"Investments must be made now if we want to combat the climate crisis and position Finland as a pioneer of clean energy in Europe. Achieving this goal requires that our properties use less energy and can adapt to fluctuations in energy prices," Karotie explains.

If necessary investments aren't made for the property stock on time, significant resource problems could arise. When the transition to clean energy has taken place, there might not be enough resources to carry out all projects, making cost increases inevitable.

Saving now might therefore result in significantly higher project costs in the future.

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