Montenegro’s Ministry of Economy has said that it is launching the Energy Efficient Home program, aimed at cutting household heating costs and improving indoor comfort improvement, reducing CO2 emissions in the household sector, and developing a biomass heating system market in Montenegro.
The Energy Efficient Home program entails at “attractive” and sustainable financial mechanism aimed at implementing household energy efficiency measures. The Ministry of Economy has secured EUR 120,000 to subsidize interest rates and fees charged by banks when processing applications for loans to finance the purchase and installation of heating systems using modern types of biomass (pellets, briquettes), thermal insulation, and energy efficient windows and doors.
Individuals will be able to apply for interest-free loans of up to EUR 8,000, with a 6-year repayment schedule, to implement household energy efficiency measures, while the Ministry of Economy will subsidize the loan application processing fee and interest for the duration of the repayment schedule, according to the statement.
The Ministry of Economy is implementing the program in cooperation with partner companies – Mikromont, Home Systems, Plam Inženjering, Veneta Plamen, and Roaming Montenegro – and partner banks – Lovćen Banka, Prva Banka Crne Gore, and Atlas Banka.
Energy Efficient Home represents a continuation of the ministry’s Energy Wood program, which helped install about 1,010 pellet and briquette heating systems across Montenegro. The Ministry of Economy implemented the Energy Wood program in three stages from 2013 to 2018.