An energy-efficient home for a three-generation family in Serbia

EBRD and EU-supported GEFF programme helps homeowners invest in energy-saving measures

The Green Economy Financing Facility (GEFF) has helped a family from Serbia make their home energy efficient, reduce their energy consumption and tame their growing energy costs. By using energy-efficient technologies, the family will enjoy a more comfortable and affordable home. The family will also reduce their carbon footprint, which peaks in the Western Balkans in winter.

Miloš Đukanović shares a family house in Belgrade, Serbia with his wife, children and parents. In 2022, they embarked on a journey to modernise their house and improve its energy efficiency. The 250 m² house previously relied on a wood burner and, later, a pellet stove for heating. However, the need to enhance the family’s comfort during Serbia’s chilly winters and to find sustainable energy solutions prompted the Đukanović family to switch to innovative green technologies.

The family invested in a heat pump, a photovoltaic system, energy-efficient windows and underfloor heating.

To finance their investment, they applied for two EBRD GEFF loans totalling €31,000 at one of the GEFF partner banks in Serbia. In addition, the family received a European Union (EU)-funded grant incentive of €5,800.

It took them a year to complete all the work, during which time their home underwent a remarkable transformation, evolving from a conventional Serbian dwelling into a model of modern energy efficiency.

The expected benefits include a substantial reduction in energy consumption and a corresponding decrease in CO₂ emissions of 3.6 tonnes per year. These reductions, coupled with significant savings on energy costs, mean the family will be able to recoup their investment within seven years.

“With the electricity sourced from the photovoltaic system, I anticipate a 50 per cent reduction in our non-heating electricity consumption,” Miloš says. “In addition, the new heating system promises further savings this winter. It means enhanced comfort and, above all, substantial financial relief. The decision to embrace green technologies has not only transformed our home, but also our quality of life.”

Beyond the financial aspects, the shift to green technologies has brought myriad advantages. Not only does the family enjoys a cosier home environment, but their reduced heating expenses have freed up additional funds. Furthermore, the market value of their property has surged, rendering their residence more appealing to prospective buyers or tenants.

The GEFF in the Western Balkans was developed by the European Bank for Reconstruction and Development and is supported by the EU, the Austrian Federal Ministry of Finance and the Western Balkans Investment Framework (WBIF).