Homeowners’ Association “Start” (HOA) in Rostov-on-Don was established in 1998 and consists of apartment owners in a multi-storey apartment house. The heating system of the building was causing constant troubles. The old pipes regularly got littered and required cleaning. In winter, the system was overloaded and people actively used electric heaters, leading to increased energy bills.
The HOA decided to take a RuSEFF Residential
loan in Center-invest bank to finance the prompt heating system modernisation and not to wait until the 2043, when the capital repair had been scheduled by the regional programme.
The RuSEFF residential team supported the HOA “Start” with analysis of the proposed technology, the potential of energy savings, financial-technical parameters and risk assessment.
The final project consisted of modernisation of the heating system, replacement of old pipes, installation of the modern collective metering device.
The investment of RUB 291,360 allowed the HOA to achieve around 30 per cent savings on heating bills in winter, since the new system adjusts the amount of heat entering the house based on the outdoor temperature. Not to forget the improved heating and comfort level in the apartments.
Evgenia Stolyarova, Chairman of the “Start” HOA:
“We’ve taken a loan at 11 per cent per annum for four years, which is very convenient. We are indeed saving money on heating and power supply during these years, paying off all the investments. And after a few years we will have the opportunity to take a loan again and use the funds of our capital repair fund, for example, for the repair of the roof, without waiting for the time indicated by the regional programme.”
This way, the EBRD through RuSEFF Residential supports implementation of sustainable energy projects by the residential sector. Together, the residential, private, and public sectors can make a change in the energy consumption patterns and contribute to environmental protection.