Starting early in the new year, approximately 20,000 households will be able to receive interest-free loans for the energy upgrade of their property.
The new program, which will launch under the auspices of the Ministry of Finance, will be funded by the Recovery and Resilience Facility in combination with contributions from domestic banks, and is expected to have a total budget of €400 million.
Eligible beneficiaries, as it currently stands, will be selected on a first-come, first-served basis, without property or income criteria. Although this is a loan rather than a grant, the option to participate regardless of income level is made possible thanks to the flexible repayment terms — with monthly payments designed to be affordable even for households facing financial difficulties.
Specifically, the repayment period can extend up to 7 years, with installments of around €300 for a €25,000 loan, and €120 per month for a €10,000 loan.
The loan will be approved to cover costs such as window and door replacements, solar water heaters, heating and cooling systems, heat pumps, insulation works, and generally any upgrades that significantly improve the energy performance of the property.
Importantly, the loan may be granted for both primary and secondary residences, and unlike the “Exoikonomo” program, it does not require a measurable upgrade in the property’s energy classification.
In other words, the funds can be used for partial replacements that still make a noticeable impact on energy efficiency, without necessarily upgrading the property to a higher energy class.
More detailed information about the program is expected to be announced in the near future, as applications will begin in January and remain open until the allocated funds are depleted.
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