Supported by Energy Service
Establishment of the Volunteer Registry of Thermal Insulation Installers
The Cyprus Employers and Industrialists Federation (OEB), in cooperation with the Co-operative Central Bank (CCB) and the support of the Energy service of the Ministry of Energy, Commerce, Industry and Tourism, have developed a new private initiative, innovative for Cyprus, focusing on the promotion of energy savings at households.
OEB-CCB has led to the establishment of a new financial product that promotes thermal insulation of households, with the goal of saving energy, saving money from homeowners, improving living conditions by improving the conditions of thermal comfort in homes, while ensuring high quality of thermal insulation services provided.
Although roof insulation is considered to be one of the most cost-effective measures in the energy efficiency of buildings, many homeowners do not proceed to this investment. Providing favorable loans such as a low interest rate and / or longer repayment time is perhaps the best way to finance such an investment as it is not based on public resources, which are limited and subject to lengthy bureaucratic procedures.
For this reason, the Co-operative Central Bank (CCB) has developed in cooperation with OEB and the support of the Energy Service, MECIT, the product “Financing for installation of thermal insulation in households”, which has the following characteristics:
|Product Characteristics||Product Provisions|
|Maximum Loan Amount||€10.000|
|Repayment Duratio||7 years|
|Guarantees||A solvent Guarantor|
No contribution is required.
Loan: Financing up to 100% of the cost of thermal insulation
Total Interest Rate: 3.00%
(Basic Housing Cooperative Loan 2.75% + 0.25% Margin)
|Information required to be provided by the customer||
The customer should provide:
• Energy Performance Certificate (EPC) of the Residence and recommendations (if any), or
• Thermal transmittance calculations signed by a qualified expert who will meet the minimum requirements (KDP 119/2016, in force from 1/1/2017)
• Installation offer by thermal insulation installers enrolled in the OEB Voluntary Register
• Additional loan details will be added to the loan application, such as: ceiling, s.c. home, year of construction, main heating / cooling system, fuel used for heating cooling etc. (these data will be sent to OEB to calculate energy savings)
As part of the implementation of the new financial product, OEB has announced the creation of a Voluntary Registry of Thermal Insulation Installers in which legal entities that employ or have contracts with thermal insulation installers with proven experience. The Registry is available to the general public. The aim of the Volunteer Registry is to ensure minimum criteria for assessing the quality of the services provided. This Voluntary Registry will contribute to the need to secure the low-interest loan “for the installation of roof insulation” by interested owners, in its assessment by the Co-operative Central Bank.
For more information on the Voluntary Registry of Thermal Insulation Installers, please contact Ms. Anthi Charalambous, Head of the Energy & Environment Service of OEB, tel. 22665102, ext. 204, email: acharalambous [@] oeb.org.cy or Mr. Panagiotis Kastania, OEB Energy and Environment Service Officer, tel. 22665102, ext. 207, email: pkastanias [@] oeb.org.cy
For more information on the product of CCB you may contact one of the 250 bank branches.
Information from the Energy Service for the initiative as well as the Cyprus energy saving targets can be contacted by Mr. Nikos Hatzinikolaou, tel. 22409396
This objective is cumulative and mandatory. Moreover, considering the already established policy direction for energy upgrading of existing buildings, the added economic value for investors and the benefits to the country’s economy in general, public and private sector cooperation was considered to promote the thermal insulation of roofs in buildings. The goal is to make thermal insulation of 11.000 buildings every year. At a later stage, other measures or combinations of measures may be considered.
This new initiative by OEB in cooperation with the CCB and the support of the Energy Service is in line with the following main pillars:
1. Funding: While roof insulation is considered to be one of the most cost-effective measures in the energy efficiency of buildings, many homeowners do not move forward with the investment. Therefore, funding can act as a means to promote small investments in energy saving. Providing favorable loans such as a low interest rate and / or longer repayment time is perhaps the best way of financing as it is not based on public resources, which are limited and subject to lengthy bureaucratic procedures. That is why the Co-operative Central Bank developed in cooperation with OEB and the support of the Energy Service the special product “Financing for installation of thermal insulation”.
2. Quality: For greater dissemination of thermal insulation installations, the level of confidence of the building owners / users towards the heat insulators and the quality of the roof thermal insulation materials should be increased. A good roof thermal insulation should ensure maximum energy savings, a substantial improvement in thermal comfort and life expectancy without any problems. For this reason, the registration process was created in the Voluntary Registry of Thermal Insulation Installers. The benefits are multiple to the companies involved in thermal insulation, as they improve the image and reliability of the products and services provided by their business.
3. Communication: In order to promote thermal insulation, interested homeowners should recognize and understand the benefits of installing thermal insulation of the roof, which is the saving of energy and, consequently, money and the improvement of the quality of living caused by the thermal insulation of ceilings in households.