Residential Energy Efficiency Credit (REECL) Facility

Residential Energy Efficiency Credit (REECL) Facility

Duration

2014-2019

Recipients

Bulgarian households

Managing body

EBRD via local commercial banks

Volume of funding

15% subsidy rate for renovation measures

Own contribution

Depends on the commercial bank

Details

A €20 million facility to provide credit lines to reputable Bulgarian banks to make loans to individuals, associations of apartment owners or service providers (housing management companies, ESCOs, developers and construction companies) for specific energy efficiency measures including double-glazing; wall, floor, and roof insulation; efficient biomass stoves and boilers; solar water heaters; efficient gas boilers and gasification installations; heat pump systems; building-integrated photovoltaic systems; heat-exchanger stations and building installations; balanced mechanical ventilation systems with heat recovery; and energy efficient lifts.

To help stimulate the uptake of residential energy efficiency projects, an additional grant financing was earmarked in support of project development and incentive grants paid to REECL borrowers after verification by an independent consultant that each eligible residential energy efficiency project has been completed. Borrowers benefited from a 15% incentive towards the cost of the eligible energy saving projects in one- or two-family houses and up to 15 % in multifamily buildings with more than three dwellings subject to the terms and conditions of the REECL.

The scheme was not particularly efficient, especially in the case of multifamily apartment buildings. It faced strong competition from the 100% grant scheme (see below) and also from the grey market in the construction sector.

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