Pourquoi le recours à l’éco-prêt à taux zéro est-il si faible ?

Louis-Gaëtan Giraudet ()
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Louis-Gaëtan Giraudet: CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École nationale des ponts et chaussées - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique

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Abstract: The zero-interest green loan (ZIGL) programme allows French homeowners to finance home energy retrofits at zero interest rate. Launched in 2009 in the wake of the Grenelle de l'environnement, the programme has strongly underperformed expectations. As the Citizen Convention for Climate now recommends extending the programme, we examine the reasons for the gap between predicted and realized ZIGLs. We find it to be best explained by a lack of profitability for banks. As a consequence, banks exploit consumers' lack of information about the programme to sell them more conventional financial products. In contrast, the role played by other frequently-cited causes, such as high transaction costs and a low interest rate environment, seems to be modest. We conclude that the efficiency of the programme could be improved by assigning loan issuance to a public bank.

Date: 2021-07-01
New Economics Papers: this item is included in nep-ban, nep-ene, nep-env and nep-isf
Note: View the original document on HAL open archive server: https://enpc.hal.science/hal-03278386v1
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Published in Transitions. Les nouvelles Annales des Ponts et Chaussées, 2021, 1, pp.128-133

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03278386

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