Dimcho Debelianov Street Housing Co-operative, Borrowers of Energy Efficiency Loans

It was during the cold winter of 2009 that the residents in the apartment house at 19 Dimcho Debelianov Street in Pazarjik decided that they needed to renovate their building. The window frames were already very old and the walls were not insulated at all, which resulted in enormous heating energy losses and high bills for everyone

living in the five-storey building. They agreed to undertake all of the repairs at once, as renovating the entire building would be more efficient than repairing it little by little.

A few families in the building had some savings, but additional funding was needed for the project. One of the residents therefore began searching for a bank that would issue a loan to finance new window frames. A handful of banks made offers, but the apartment house owners were most favourably impressed by the conditions of ProCredit Bank's energy efficiency loans for private clients.

"ProCredit Bank's expert explained to us in detail how taking out this type of loan would enable us to receive up to 20% of the loan amount as an incentive grant under a special energy efficiency programme. At the same time, we could heat our building more efficiently and reduce our utility bills by as much as 40%. Last but not least, our window frames would function better and our building would look nicer," explains Mrs. Pancheva, a resident.

The building owners calculated that the cost of replacing the window frames and insulating the walls would amount to EUR 20,000. They decided to finance the project with a loan for energy efficient home improvements, and at the beginning of 2010 they received the financing from ProCredit Bank.

"What made us choose ProCredit Bank was the expert who came to visit us a few times in person at the apartment house,"

recalls Mr. Vulchev, one of the residents of the Dimcho Debelianov Street building.

"She spent a lot of time with all of us, explaining every detail of the financing and loan application process. She was clear about the loan conditions and transparent about all of the fees and required documents. Her expertise, patience and ability to communicate with many people at once just made it so simple."

After the investment for energy efficiency improvement, the neighbours at Dimcho Debelyanov Street have seen their heating bills drop by roughly 40%. They are very pleased with the financing from the ProCredit Bank and are considering applying for another energy efficiency loan to repair the roof of their building.