FAQ

Frequently Asked Questions (FAQ)

Q: What is the object of the REECL Programme?

A: The REECL Programme is designed to provide personal loans to householders to save energy and reduce their energy bills by installing new or replacing existing inefficient equipment at their homes with more energy efficient kit.

Q: Who is the sponsor of the REECL Programme?

A: The European Bank for Reconstruction and Development, the European Commission and the Bulgarian Energy Efficiency Agency have set up the REECL facility, in co-operation with Bulgarian banks, to assist local people upgrade their houses and/or flats.

Q: Is it true that there is up to a 20% or 30% incentive grant coupled with the REECL loans?

A: Yes, any residential applicant who takes a REECL loan is entitled to receive up to a 20% or a 30% incentive payment toward the cost of the energy saving project once it has been completed at their residence, subject to terms and conditions.

Q: Is the amount of the incentive grant limited?

A: Yes, the incentive grant can be up to a maximum of 2000 EUR.

Q: Who donates the funds for the incentive grant?

A: The incentive grants are paid from a EUR 14.63 million grant from the Kosloduy International Decommissioning Support Fund (KIDSF).

Q: Who can participate in REECL?

A: The REECL project is open to all house and flat occupiers throughout the country. Borrowers must be one or several grouped individuals regarded as possible borrowers under the laws of the Republic of Bulgaria, occupying the dwelling for which they intend to perform eligible Projects and residents of the Republic of Bulgaria. Sub-loan applications may only be made in respect of one dwelling per Borrower, which is their main residences.

Q: Is it possible for an existing REECL loan user to take a second REECL loan?

A: Yes, but for qualifying measures that have not already been financed with the first REECL loan. The second REECL loan should be written by the same Participating Bank.

Q: Is it possible to use the proceeds of a REECL loan to refinance an existing debt?

A: Proceeds of a REECL loan may not be used to refinance an existing debt of Borrower (whether or not in relation to a project which would meet the eligibility criteria).

Q: How do I apply for a REECL Loan?

A: Receive a written quotation from a supplier/installer for eligible energy efficiency home improvement project and apply for a REECL loan at any branch of the Participating Banks.

Q: How do I qualify for a REECL Loan?

A: The Participating Bank checks your credit standing and the eligibility of your home improvement project.

Q: Who are the Participating Banks?

A: The following Banks currently participate:

Bulbank
DSK Bank
Post Bank
Procredit bank
Raiffeisen Bank
UBB

Q: Where can I apply for a REECL loan?

A: Applications for REECL loans can be made at any branch of the above or at the outlets of Eligible Installers.

Q: What energy saving technologies qualify?

A: The following energy efficiency technologies for your home will be considered:

Energy efficient windows
Insulation of Walls, Roofs, and Floors
Gas Boilers with or without associated controls, space heating and hot water storage systems
Biomass Room Heaters, Stoves and Boiler Systems with or without associated controls, space heating and hot water storage systems
Solar Thermal Systems with or without associated space heating and hot water storage systems
Cooling and Heating Heat Pump Systems

Q: How do I get up to 20% or 30% of my capital costs back?

A: After successful completion of your energy saving project, the Participating Bank pays up to 20% or 30% of your capital costs back either directly to you or your supplier/installer, subject to terms and conditions.

Q: What is the amount of the incentive grant?

A: In case of compliance with the terms and conditions of the REECL Programme, householders are entitled to receive payments up to 20% or 30% of the total amount financed by a Participating Bank toward implementation of their eligible energy efficiency home improvement projects, provided that the incentive grants payable in respect of each eligible energy efficiency measure do not exceed the maximum amount set forth in the table below and the total incentive grant per borrowing householder do not exceed the cap of €2000.

Energy Efficiency Home Improvement Measures	Incentive Grant Cap per Measure in Euro
Energy efficient windows	€350
Wall insulation	€450
Roof insulations	€350
Floor insulations	€350
Efficient biomass stoves and boilers	€600
Solar water heaters	€600
Efficient gas boilers	€600
Heat Pump Systems	€600
Home Energy Efficiency Project:	€2000

Borrowers are eligible to receive up to 30% when they, as residents of apartment blocks, join together to pursue energy efficiency measures that have an impact on the whole building and at least 50% of the residents make use of REECL loans borrowed from the same Participating Bank. To qualify for the group incentive of up to 30%, Borrowers should occupy separate dwelling units in the apartment block. A notarised deed is an acceptable proof of existence of a separate dwelling unit.