ECONOMY

Older buildings and vehicles increase energy costs in Greece

Older buildings and vehicles increase energy costs in Greece

The new energy crisis has caught Greek households and businesses unprepared.

The country’s building stock is mostly old and only a small section of it has been appropriately renovated, as the 10-year recession held back the construction of new houses and commercial spaces and upgrades to existing ones.

The same effect is obvious in the vehicles market too: Purchases of new and less energy-intensive cars were low in the previous decade, taking the average age of vehicles on Greek roads to 16.6 years.

It will take years and high costs to upgrade buildings and vehicles to reduce the country’s energy consumption.