Homeowners taking out loans to make their homes ‘greener’ will be able to apply for up to 20% cashback, funded by the European Union. In Serbia, homeowners will be able to improve the energy efficiency of their homes thanks to a new credit line equivalent to €10 million provided by the European Bank for Reconstruction and Development (EBRD) to Erste Bank.  In North Macedonia, more homeowners will be able to invest in domestic energy efficiency improvements, thanks to a new €2 million credit line that the EBRD is extending to Ohridska Banka.

The lenders will provide these funds to help people install renewable and energy efficient measures in their homes, such insulated windows, heat pumps and solar panels. The cashback offers an extra incentive.

The financing is part of a larger €135 million Green Economy Financing Facility (GEFF) programme for the Western Balkans, which supports businesses and homeowners wishing to invest in green technologies. The programme is supported by the European Union, the Western Balkans Investment Framework and the Austrian Federal Ministry of Finance. To date, around 7,000 households in the Western Balkans have improved their energy efficiency through the GEFF programme with investments in projects that have contributed to a reduction of more than 10,000 tonnes of CO₂ emissions per year: equivalent to taking 6,000 cars off the road.