Europe, Middle East & North Africa

To Save Money, Fix the House!

Energy-efficient renovation made an apartment house warm and cozy.

Residential apartment house №39 on Tekucheva Street in Rostov-on-Don differed little from other multifamily buildings. Its old windows, loose doors and peeling paint made the inside cold, dark and uncomfortable. Old electrical wiring made light bulbs burn out early.

Obviously, the house needed capital renovation. As the housing management company, which has been managing the building for almost five years, didn't have sufficient resources, it decided to apply for a loan. Being a client of the Center-Invest Bank, the management company started its search there. Center-Invest Bank in partnership with the IFC Russia Residential Energy Efficiency Project opened a credit line «Energy Efficiency in the Housing Sector» and was happy to help. The management company received a loan of 5 million rubles.

“We got a loan from Center Invest Bank to implement energy-efficient modernization of our residential building, said Deputy Director General of the management company. “Using these funds we have installed new windows, energy-saving light bulbs and motion sensors, all of which create more comfortable living conditions for residents.”

Modernization enabled electricity savings of 20 percent, and management used that money to repair the entrance of the building.

The bank loan also provided money to repair the roof, water supply systems, heating and sewage systems, and to install gas and water meters. Thus residents started to pay only for resources that they actually consumed, unlike before when the cost was charged evenly by unit, which provided no incentive to save energy. As a result, heat savings reached 16 percent, or RUB 289 thousand per year, money that can now be applied to other necessary building maintenance.

Residents are happy. The building has become warm and cozy, quality of living has increased, and utility payments have decreased. “The management company has made a capital repair of our building,” said one of the residents. “Old windows have been replaced, motion sensors installed – all this let us save electricity. The entrance and staircase have become much more warm and comfortable.”

His neighbor echoes the sentiments: “Thanks to the newly installed modern windows and light bulbs, our home is now cozier to live in. Not only do new windows look prettier, they do not let dust and dirt in. Our house wasn't in its best condition, but now it is clean. We are very happy.”