Ministry of Economy of Montenegro has provided funds in the amount 85.000 € with the aim of implementing a project which will provide interest free loans for purchase and installation of modern biomass heating systems (pellet, briquette) – ENERGY WOOD III.
BENEFITS PROVIDED BY THE PROGRAM ENERGY WOOD III
- Possible individual loans will range up to 3500 €, with a repayment period of 5 years, with a 0% interest rate.
- Simplification of all procedures and administrative channels in order to facilitate quick and efficient approval and disbursement of the loan for heating system, including the reduced loan processing fees,
- The eligible dealers/installers shall provide 1 (one) year warranty period for any complete or partial failure (except in improper working conditions),
- Dealers/installers are responsible for putting into operation and maintenance services of the installed system during the warranty period.
MECHANISM OF THE PROGRAM ENERGY WOOD III
The Ministry of Economy has provided funds for subsiding interest rate to 0% at partners banks in the project (Atlas banka, Hipotekarna banka, NLB banka and Prva banka). Funds are designated for interest rate subsidy up to 0%. Bank transfers the approved amount of the loan on the account of the dealer/installer based on submitted invoice/bill. Selected eligible dealers/installers of heating systems install and maintain heating systems for customers. Customer repays to the Bank the interest free loan in equal monthly installments.
OBJECTIVES OF THE PROGRAM ENERGY WOOD III
- Providing soft loans to citizens for the installation of heating systems on modern biomass fuels (the interest rate is 0%),
- Achieving economic and energy savings through the introduction of high-efficiency technologies,
- Contribution to reducing greenhouse gas emissions through the use of energy sources that have less harmful impact on the environment,
- Creating markets for greater use of heating systems on modern biomass fuels,
- Ensuring the participation of financial institutions with reduced risk when entering a new segment of market.
ELIGIBLE DEALERS/INSTALLERS
Contact information of companies eligible for installation of heating systems under the program ENERGY WOOD III can be downloaded here.
APPROVED HEATING SYSTEMS UNDER THE PROGRAM
Detailed table with information on stoves and boilers which installation is approved under the program ENERGY WOOD III can be downloaded here.