EXCLUSIVE: Japan Mulling Revival of Housing Eco-Points

October 16, 2018

Tokyo- Japan's land ministry is considering reviving an "eco-point" subsidy program to promote energy-efficient newly built and renovated homes, Jiji Press learned Monday.

Such a measure would help curb a possible decline in housing demand following the planned consumption tax hike from the current 8 pct to 10 pct in October next year, informed sources said.

Under the program, eco-points would be provided for new homes that meet energy-saving standards and renovation work to make windows and walls at existing homes better insulated.

One point will be worth one yen and exchangeable for environmentally friendly goods and gift tickets.

In 2015, when the program was previously offered, the ministry granted eco-points worth 300,000 yen for a new home and up to 450,000 yen for renovation work to improve both heat insulation and earthquake resistance.

The ministry will set details through discussions with the Finance Ministry, the sources said.

It also plans to expand the existing tax cut for housing loan borrowers and a cash handout program for low- and middle-income home buyers.

Details are expected to become final at year-end after discussions at forums such as the tax panels of the ruling parties. Jiji Press