According to the “Solar Powers Heat 2023” report in 2022, European households with installed solar photovoltaic (PV) systems and heat pumps saved up to 84% on their energy bills. Households in Germany, Spain and Italy that heat with the help of photovoltaic systems and heat pumps saved up to 3,700 EUR during the last year.
In spite of the drastic upward trend in energy prices that marked 2022, it is estimated that households with installed solar photovoltaic systems and heat pumps can expect significant savings in the future as well. Even if gas prices fall to the levels before the energy crisis, the installation of photovoltaic systems and heat pumps will still bring savings to households, estimated at up to 73%. In the case of a more likely scenario where gas prices will stabilize at a higher price level than before the energy crisis, Europeans would save up to 76%.
The “Solar Powers Heat 2023” report reveals that solar PV systems and heat pumps work as a powerful combination of green technologies, negating the misconception that solar PV systems generate electricity only during the summer season and cannot contribute to the heating season. The new numbers show that, in all weather conditions, residential solar photovoltaic systems make a significant contribution to reducing electricity consumption.
The WB GEFF programme encourages the use of renewable energy sources in households in the Western Balkans
No other energy source in the world is growing as quickly and reliably as solar. Therefore, the best moment to install solar photovoltaic systems and heat pumps was yesterday. The next best moment is now. This is supported by the fact that the use of solar energy in Europe jumped by almost 50 percent in 2022.
Improving household energy efficiency is one of the most critical issues in the Western Balkans region. Due to the high potential of renewable energy sources in the region, renewable energy is considered indispensable for building sustainable and resilient energy systems.
In order to enable households in the Western Balkans to improve energy efficiency and switch to renewable energy sources and thus achieve significant savings, the European Bank for Reconstruction and Development (EBRD) created the Green Economy Financing Facility (GEFF).
The GEFF credit line provides funds for investments in the domain of the green economy in the housing sector with an EU incentive of up to 20%, as well as for companies that, through their products and services, enable energy efficiency and renewable energy sources for households.
Financing is provided through local partner financial institutions in BiH: Partner MKF, ProCredit banka, MF Mikrofin, Intesa Sanpaolo banka i MF MI-BOSPO.
In the past 6 years, as long as the GEFF program has been active in the Western Balkans, 15,500 households in the region have improved the energy efficiency of their homes, of which 8,000 families have invested in renewable energy sources.
“Through the GEFF programme, I invested in three energy efficient technologies. The most important one is the “off grid” solar farm of 14 solar panels and 8 accumulators with a capacity of 10kw for the house. I subsequently added to the list the solar panel that heats the water in the 200l boiler. In the end, I also decided to replace the balcony door in the apartment, so I basically solved three problems with one credit application. During 2022, when there were constant power outages, we had uninterrupted power supply. Renewable energy sources also gave me the idea to offer my clients micro-mobility (electric scooters, bicycles and mopeds) whose batteries are charged exclusively with solar energy, which achieves a realistic CO2 emission of 0. This concept also influenced the development of my further business strategy”, said Nikola Rađenović, one of the GEFF clients.
In order to help citizens find out how much energy and money they can save by using renewable energy sources, the European Bank for Reconstruction and Development has developed an online Energy Efficiency Calculator as part of the GEFF programme. Owners of apartments and houses can independently calculate potential savings and find out with the help of which technology to increase the energy efficiency of the home and reduce air pollution.
The EBRD GEFF program is implemented with the support of the European Union (EU), the Austrian Ministry of Finance (BMF) and the Western Balkans Investment Framework (WBIF).