The Superbonus, bonus facades, and transitional incentives 4.0 have significantly impacted public finances, leaving a heavy burden for the future. The Parliamentary Budget Office highlights that as of March 1, 2024, looking at the 2020-2023 account, the amount for the Superbonus alone was 170 billion euros. This data will affect the debt level, especially in the 2024-26 period: an average annual impact of 0.5% of GDP in the 2021-23 period will be followed by a higher burden of about 1.8% in the subsequent period. It is important to learn from this for the design of future incentives, as the rate of the incentive should be set at a level that encourages behavior considered worthy without placing the entire burden of expenditure on the state.
The sharing of costs helps limit opportunistic behaviors. The determination of the rate should also take into account the recovery of the initial investment cost, ensured over time by the energy savings produced by the efficiency improvements. Furthermore, according to the Parliamentary Budget Office, the incentive should be selective regarding both the activities incentivized and the beneficiaries. In the case of the Superbonus, it would have been possible to better condition the recognition of incentives to interventions that guarantee the greatest energy savings with the same resources, thus aligning with the new European green objectives.
The report also emphasizes the need for greater transparency and accountability in the allocation of incentives to ensure that funds are used effectively and target the desired outcomes. This includes proper monitoring and evaluation mechanisms to assess the impact of incentives and make adjustments as needed. Additionally, the report suggests that incentives should be tailored to specific sectors or activities based on their potential for economic growth and environmental sustainability. This targeted approach can help maximize the impact of incentives and ensure that resources are allocated efficiently.
It is essential to consider the long-term implications of incentives on public finances and debt sustainability. The report warns that the current level of incentives could have significant implications for future debt levels, especially in the 2024-26 period. Therefore, it is crucial to carefully assess the cost-benefit ratio of incentives and ensure that they are sustainable in the long run. This includes considering alternative financing mechanisms, such as public-private partnerships, to reduce the burden on public finances and promote greater efficiency in the allocation of resources.
Overall, the report underscores the importance of learning from past experiences to design more effective and sustainable incentives in the future. By considering the potential impact on public finances, debt sustainability, and the achievement of green objectives, policymakers can better tailor incentives to achieve desired outcomes while minimizing negative consequences. This approach can help ensure that incentives are used efficiently, promote economic growth, and contribute to environmental sustainability in the long term.
