A REECL consumer loan makes it possible to renovate of an old house
A homeowner in Bulgaria modernised an old house by installing multiple energy efficient technologies to achieve deep energy renovation and high energy performance in a cost effective way. The refurbished house attained a very high energy efficiency rating, exceeding the energy efficiency levels of many newly constructed buildings in Bulgaria. The needs of comfortable living, heating and hot water were solved in an energy efficient way.
Mr. Nikolov owned an old house in the outskirts of Sofia that needed a full renovation. He decided to make major repairs by installing new windows; external insulation; a heat pump with low temperature radiators for heating; and solar collectors for hot water. He knew that renovating an old house, using his savings, would be a long-term project and so he turned to the United Bulgarian Bank for a long-term consumer loan. The loan officer directed him to the REECL consultants to discuss REECL financing options.
The owner wanted to undertake a complete renovation of the building so that he and his family could enjoy comfortable and low maintenance living for at least ten years ahead. The REECL loan was an effective vehicle that made it possible to implement, within a few months, the comprehensive renovation of the home by installing new windows, external insulation, heat pump with low temperature radiators and solar water heaters.
The REECL team guided Mr Nikolov on his liaison with the local building authority, architects and structural engineers to ensure the house was renovated in-line with all existing building codes and that the finished product met all the REECL eligibility criteria.
The REECL consultants also advised on which technologies were most suited to the property and assessed the savings that they would bring. The Kozloduy International Decommissioning Support Fund (KIDSF) supported the project by providing investment incentives and technical assistance.
The project costs of €24,956 were relatively high because of the comprehensive level of renovation; however, the family is really pleased with cosiness and comfort of their updated home.
The new house led to a reduction of the CO2 emissions by 6,932 kg per year, making a valuable input towards Bulgaria efforts to achieve emission targets.
Mr. Nikolov shared that renovating a crumbling house seemed like an intimidating and expensive prospect but having a team of experienced loan officers and consultants at his side he felt greatly reassured.
REECL Facility in Bulgaria is part of the GEFF programme and was developed by the European Bank for Reconstruction and Development (EBRD) and is supported by the Kozloduy International Decommissioning Support Fund (KIDSF).