By Chrysostomos Tsoufis

With the… finger on the ENTER key will be in January 2025 thousands of property owners as the program comes “I’m renovating my house” the first open program without terms and conditions and according to the Deputy Minister of Finance Nikos Papathanasis, unique of its kind.

The program enables natural persons to upgrade their property energetically without restrictions:

  • There are no income criteria
  • There is no age limit for either the owner or the property
  • It doesn’t matter if it’s a primary or secondary residence
  • There is no restriction on the use of the property after the upgrade (For example someone completes the work they want on a secondary home and then makes it available for say short term rental) as is the case with other programs
  • There is no minimum threshold for energy upgrading as is the case e.g. in the SAVE program that requires at least 2 tiers
  • A total energy upgrade is not required, it can be just spot on. In other words, someone may want to buy an air conditioner or a solar water heater

The costs covered by the program include:

  • Thermal insulation
  • Green roof installation
  • Replacement of frames
  • Installation/Replacement of solar water heaters
  • Installation of heat pumps and general heating and cooling systems
  • Installation of photovoltaic stations
  • Installation of small wind turbines

The benefits do not stop here as the interest rate of these loans will be zero since the subsidy is at 100%.

Loans can reach up to €25,000 with a repayment period of 3 to 7 years. For example, if someone receives the maximum amount of €25,000, with a repayment period of 7 years, they will pay less than €300/month to repay it.

The Ministry of Finance estimates that more than 20,000 households will be able to benefit from this open program, the only one of its kind in Europe. The total resources of the program are €400m, €300m from the Recovery Fund and €100m from the banks.

Who will these 20,000 be? Those who will catch up. Because it is expected to be a pandemonium, the money will be taken by those who… catch up and priority order will be observed.