The Ministry of Economy of Montenegro has issued a public invitation for distributors and installers of biomass heating equipment to participate in the Energy Wood III program, and a call to banks to submit a letter of interest for participation in this project.
The Ministry of Economy has provided EUR 50,000 for the third phase of the Energy Wood project, within which Montenegrin citizens will be able to apply for loans during the autumn in order to purchase and install a biomass heating system (pellets/briquettes).
The citizens will be able to replace old heating systems with modern efficient technologies, which have less operational costs and significantly less negative impact on the environment, under favorable conditions – through interest-free loans up to EUR 3,500 with a repayment period of up to 5 years.
Distributors and installers can submit their offers by September 6, 2017, and banks can send a letter of interest for participation in this project until August 28, 2017.
Previous two projects that were implemented in the past four years with the support of the Luxembourg Development Cooperation Agency and the Government of Norway, resulted in installment of 775 biomass heating systems.
The program Energy Wood aims at reducing the interest rates for clients, as well as the risk for financial institutions, encouraging the development of partnerships between commercial banks and distributors of biomass heating equipment, as well as reducing total greenhouse gas emissions through the installation of a biomass heating system.