Homeowners’ Association “Start” (HOA) in Rostov-on-Don was established in 1998 and consists of apartment owners in a multi-storey apartment block. The heating system of the building was causing constant troubles with the old pipes regularly got blocked. 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 from Center-invest bank to finance the heating system modernisation now, not in 2043 when the capital repair had been scheduled by the regional programme. The RuSEFF residential team supported the HOA with analysis of the proposed technology, the potential for energy savings, the financial-technical parameters and a risk assessment.
The final project consisted of modernisation of the heating system, replacement of old pipes and 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.
Evgenia Stolyarova, Chairman of the HOA said:
“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 investment. 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.”
The EBRD, through RuSEFF Residential, supports the implementation of sustainable energy projects by the residential sector. Together, the residential, private and public sectors can make a change in energy consumption patterns and contribute to environmental protection.