The REECL Facility provides loans for energy efficiency home improvements

To help Bulgarian households reduce their energy bills and consumption the European Commission, the European Bank for Reconstruction and Development, and the Bulgarian Energy Efficiency Agency have developed a € 50 million Residential Energy Efficiency Credit (REECL) Facility to provide credit lines to reputable Bulgarian banks to make loans to householders for specific energy efficiency measures including double-glazing; wall, floor, and roof insulation; efficient biomass stoves and boilers; solar water heaters; efficient gas boilers; and heat pump systems.  

The borrowing households benefit from incentive grants

To help stimulate the uptake of residential energy efficiency projects, an additional € 14.63 million in grant financing is earmarked in support of project development and incentive grants paid to REECL borrowers after verification by independent consultant that each eligible residential energy efficiency project has been completed. Each borrowing household will benefit from up to a 30% incentive towards the cost of the energy savings projects (to a maximum of € 2000).

The grant financing comes from the Kozloduy International Decommissioning Support Fund (KIDSF), set up in 2000 with contributions from the European Commission, EU member countries, and Switzerland. KIDSF financially supports the early decommissioning of units 1-4 of Kozloduy Nuclear Power Plant. KIDSF also supports energy sector initiatives associated with the decommissioning effort, such as improving energy efficiency in Bulgaria.

The REECL Facility funds are limited

The REECL loans and incentive grants are available to REECL borrowers until 31 August 2008. It is anticipated that the total number of energy efficiency home improvement projects to be financed under the REECL facility will be in the range of 30,000.

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