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EBRD's compensation under IQ Energy program up to 35%

EBRD's compensation under IQ Energy program up to 35%The European Bank for Reconstruction and Development (EBRD) has increased the amount of compensation for loans received for implementation of energy efficient activities within the IQ Energy program to 35% of the loan amount from 15% and 20% earlier, according to a press release from the bank.

"By decision to increase the size of grants up to 35% of the total loan amount we aspire not only to help the citizens of Ukraine to insulate and rehabilitate their houses but also, which is much more important in the long run, to consciously shift to sustainable consumption of energy resources through the use of modern energy-efficient technologies," EBRD Director for Ukraine Sevki Acuner said.

In addition, a new category of equipment, which can be compensated for when upgrading housing – recuperators, has been added to the IQ Energy program.

According to the report, the maximum amount of the grant available per individual remained unchanged totaling EUR 3,000.

The EBRD said that grants will be paid within 3 to 5 weeks after the electronic approval of the application. It will be available not only for the main equipment but also for the related products, as well as the cost of installation works if these were purchased on credit from the partner banks of the program together with the main equipment.

Agreements on cooperation under the IQ energy program were signed with Raiffeisen Bank Aval, UkrSibbank, and OTP Bank.

As reported, head of the IQ Energy program Oksana Bulhakova said that partner banks started issuing first loans to individual households for the purchase of energy-efficient equipment and materials under the IQ Energy program in June 2016. As of the end of June 2017, about 2,500 households benefited the program.

As of July 11, 2017, the loans under the IQ energy program totaled some UAH 60 million. The average size of a loan is near UAH 25,000. A total amount of compensations paid by the EBRD to households is around EUR 190,000.

The total financing of the IQ Energy program in Ukraine will be around EUR 75 million, and EUR 15 million has been provided for compensations to individuals and homeowner associations now.

The IQ energy program was designed by the European Bank for Reconstruction and Development (EBRD) and supported by grant funding of up to EUR 15 million from the Eastern Europe Energy Efficiency and Environment Partnership (E5P), to which the European Union is the largest contributor.
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