Eco Pret

[VandA]

Am looking at applying for an eco pret a taux zero. Am wondering if anyone has any experience of getting one?

Currently if you get quotes for a 'bouquet' of 3 or more 'renovations' that improve the energy rating of your home you can apply for up to €30,000, interest free to be repaid over 10 years. My questions are; do you only borrow the amount of the quotes or can you borrow the full €30k and do your factures have to add up to €30k before they give you the money?

[dragonrouge]

Hi examined this with CA Britline. Obviously it is limited to 30k but logic suggests you only borrow up to the amounts of the devis (indeed I would suggest you input something of your own into the deal) for otherwise it is 100% borrowing and experiences in the UK suggest that an equity in a deal is better than borrowing the lot. You are correct when you say it is interest free but of course you cannot claim 'green' allowances with the Impot guys. It might be an interesting concept to examine both ways and to see what benefit 'green' credits from the Impot guys has upon your taxation here in France.

[VandA]

What makes you say that you cannot claim the 'green' allowances if you take the eco pret? I don't think I've seen that written down anywhere.

I'm guessing this loan will soon disappear so need to get on with applying I think!

[Sunday Driver]

You are only disqualified from obtaining tax credits for works funded (even partially) by an zero interest eco-pret if your revenu fiscal de reference exceeds a certain figure.  For those works carried out during 2009, your 2007 RFR must not exceed 45,000€.

(Source:  Impots)

 

[VandA]

Sunday driver - well spotted (dammit). It refers to your revenu fiscal for two years previously. Does the revenue fiscal include global earnings or just earnings declared in France?

[VandA]

...and it also talks about the 'aquisition' costs of a condensation boiler (for example). As we are within two years of moving and the house is older than 1977 we would qualify for 40% - does aquisition just include purchase price or fitting as well?

[Sunday Driver]

You declare your global earnings in France. Definition of revenu fiscal de reference

The allowable acquisition costs are explained in the tax note you looked at earlier.  See the first chart entitled 'Conditions d'application du crédit d'impôt pour les dépenses réalisées en 2009'.

 

[VandA]

Thanks again SD. More reading required! I guess it's a balance between the tax you could save and interest you'd pay on the loan..

[dragonrouge]

First an apology to the OP. I just could not (I do now!) believe that I could obtain a zero interest rate and then some green credits from the Impot as well? Obviously one has to take advantage of the offer but there is no such thing as a free lunch? However SD is well versed in such matters. Thus another question please to SD in that next week I am having double glazed units to the front and back of the house plus other installations cost circa 20k. As to the fiscal limit in 2007 when we purchased the house (December) my revenue stream was slightly below the limit but with my wife really pushes us well over so I presume it is joint income that counts? and thus we do not qualify. Final question please if I may SD I pay my tax monthly by prelevement and if I were to qualify the prelevements for 2011 are based on this years declaration for 2009 and have increased due to the rate of exchange and a particularly good year for me in 2009. If I were to qualify does one still have to continue with these and the adjustment is made in 2011?

Once more my sincere apologies to the OP

[Sunday Driver]

Assuming you are obtaining/have obtained a zero interest eco pret to fund these works, the tax credit is allowable only if your revenu fiscale de reference for the penultimate year preceding the offer of the eco pret does not exceed 45,000€ and subject to the loan offer being issued before 1 January 2011.  If you've just taken out a loan for these works, then it'll be your 2008 RFR which is taken into account.  As always, your RFR is based upon your tax foyer, ie your joint income.

As regards your tax payment arrangements, your monthly prelevements and year end adjustment will continue as normal and have nothing to do with any tax credit you may qualify for.

 

[NormanH]

I thought these jolly people had just arrived in France and shaken the hand of the Mayor for no obvious reason.

http://www.completefrance.com/cs/forums/2269471/ShowPost.aspx

Have you an Avis d'imposition from 2008?

If not how can you have a "revenu fiscale de reference " of under  45,000€?.

Do you think that France is here to give grants to people who have never paid into the system here?

[Sunday Driver]

[quote user="NormanH"]  Do you think that France is here to give grants to people who have never paid into the system here?
[/quote]

I know this will upset you, Norman, but if the tax rules allow grants to be paid to people who have never paid into the system here, then yes.....[;-)]

 

[VandA]

Dragonrouge,

I hoped you don't think that I was being offensive in my reply - I was very grateful for you pointing out what you did!

[dragonrouge]

Thanks but I was not able to view either my response or your reply in that we have both been censored. So no problem. I absolutely believe in what I say. Sometimes we do not engage brain before opening mouth and equally in a face to face situation I am sure we would not respond as some do here.

[LEO]

[quote user="VandA"]Am looking at applying for an eco pret a taux zero. Am wondering if anyone has any experience of getting one?

Currently if you get quotes for a 'bouquet' of 3 or more 'renovations' that improve the energy rating of your home you can apply for up to €30,000, interest free to be repaid over 10 years. My questions are; do you only borrow the amount of the quotes or can you borrow the full €30k and do your factures have to add up to €30k before they give you the money?[/quote]

Hi Vanda have you made any progress on the above front ?

[VandA]

[quote user="LEO"][quote user="VandA"]Am looking at applying for an eco pret a taux zero. Am wondering if anyone has any experience of getting one?

Currently if you get quotes for a 'bouquet' of 3 or more 'renovations' that improve the energy rating of your home you can apply for up to €30,000, interest free to be repaid over 10 years. My questions are; do you only borrow the amount of the quotes or can you borrow the full €30k and do your factures have to add up to €30k before they give you the money?[/quote]

Hi Vanda have you made any progress on the above front ?

[/quote]

Leo,  I am hoping I have misconstrued your post on my other question in these forums (fora?) if I have then I will apologise.  As you can tell for some reason one finds oneself being defensive due to the offensive postings of certain members of these boards.

I am going to wait until next year before applying (hoping that these loans are still available) as I think, for this year, we will have taken on too much work already!  We are already rewiring and replumbing our house, as well as converting some outbuildings into gites so the heating will have to wait.  We're just hoping that it works this winter...

[stan]

Having read through this thread, am I correct in assuming that a zero interest eco loan is not available who has not submitted a tax return for the previous 2 years? I was thinking of applying to fund our new septic tank, but as we only moved here last year and only submitted one tax return, I rather suspect we will not be able to.