State-owned power utility Elektroprivreda Crne Gore (EPCG) has launched the Solari 500+ program for companies and public institutions, as an extension of the Solari 3,000+ project, which envisages the installation of solar panels on 3,000 households. It also announced a public call for a EUR 30 million loan to fund the two projects.
The Solari 3,000+ and Solari 500+ are the beginning of the energy transition in Montenegro and they are among the most significant investments in the energy sector in the last 40 years, EPCG said. The goal is to reduce CO2 emissions and protect the environment.
Under the Solari 3,000+ project, EPCG will provide solar panels, financing and installation, while citizens will repay loans for the equipment in a period of five to seven years. Similar conditions will apply to companies and public institutions.
EPCG will provide subsidies for project beneficiaries from EUR 1,000 to EUR 5,000
EPCG has just said that it would transfer funds to the Eco Fund to subsidize users with at least 20% of the value of the investment in solar panels, where each participant in the project will receive a subsidy of EUR 1,000 to EUR 5,000.
The model will ensure that individuals, companies, and public institutions don’t have monthly installments higher than the average electricity bill during loan repayment, EPCG said. After that, the electricity will be free for consumers for another 20 years, it added.
In the next five years, the Solari 3,000+ and Solari 500+ projects will be implemented twice a year
The projects will be implemented within up to six months from the signing of the financing agreement, according to the statement. The plan is to issue public calls for Solari 3,000+ and Solari 500+ twice a year for five years.
EPCG said it would create 500 jobs for the two projects.