Case Study

ERSTE Bank finances first Residential Energy Efficiency project, Croatia

ERSTE Bank has financed its first energy efficiency project. A family decided to take advantage of the REENOVA+ credit line facility, which is financing residential borrowers seeking to invest in the reduction of home energy bills.
The investment included installation of thermal insulation and new energy efficient windows. The necessary equipment was selected from the online Technology Selector at the Reenova+ website – a database where pre-approved high performance energy saving technologies are presented. With the choice made, the family could apply for a loan. Since equipment has already been pre-evaluated for its energy savings potential, the loan approval process did not take long.
 
The investment of HRK 125,000 (roughly €500) allows the family to save around 12,495 kWh per year, which is positively reflected in the family's energy bill and budget. The investment is being repaid out of energy cost savings and the family can meet other important family needs.
 
In addition, the investment led to a carbon emission reduction of two and a half tonnes of CO2 per year, making its small but valuable input to mitigating the negative impact of human activity on climate.
 
Such measures can be replicated massively, solving several issues at the same time – rehabilitation of the housing stock, prolongation of its lifetime and reduction of energy consumption on the country level, as the residential sector is a large consumer of energy.
 
The financial mechanism provided by the Reenova+ facility allows investments to be as easy, as possible.
 
11 May 2016