Exoikonomo 2021 Energy Saving Programme

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Lower energy bills

Through the energy efficiency improvements, you consume less energy for heating or cooling. For example, your energy bills get lower and you save:

• Up to 80% if you install a heat pump to replace the burner or boiler.
• Up to 40% if you insulate your roof or install thermal insulation.
• Up to 20% if you replace your window frames and install double glazing.
• Up to 18% if you install a natural gas burner or boiler.

You may save more money by:

• Installing LED lights instead of conventional light bulbs.
• New technologies to remotely manage and monitor your appliances through your computer or mobile phone – e.g. smart switches and sockets.

Higher property market value

The higher energy performance increases the market value of your property. If you wish to sell or rent it, you will be able to get a better price.

Discounts for life and home insurance

If you also get a Eurobank loan, you can get discounts on the premiums of any new insurance plans with Eurolife FFH Insurance Group:

• 25% discount for sweet home smart home insurance.
• 10% discount for Credit Life mortgage insurance life – it only applies to the loan you have received within the Exoikonomo 2021 Energy Saving Programme.

Your financing

The financing you receive through the Exoikonomo 2021 Energy Saving Programme is up to €28,000 per home.

The budget of works covered by the Programme may not exceed the product of:

• €1 X the total estimated annual primary energy savings (in kWh), as arising from the Building Energy Efficiency Certificate (1st energy inspection).
• €200 X the main surface areas, as arising from the E9 tax form, and then from the building’s electronic ID.

Subsidy and/or loan

It finances the energy efficiency improvement to your home through:

1. Subsidy, up to 75% of your budget, depending mostly on your income.
2. Additional loan (optional) with 100% subsidised interest rate to finance the remaining amount required for the works.

Find out the subsidy percentage you are eligible for and what you must know if you need a loan.

Covered expenses

The additional expenses covered by the Exoikonomo 2021 Energy Saving Programme are:

• 1st (initial) and 2nd (final) energy inspection of the property. After each energy inspection, you pay the energy inspector fee yourself and get a receipt. The energy inspector fees, based on the receipts you have uploaded on the Programme platform, are credited to your account with the final disbursement of the Programme.
• Project consultant fee (optional) for submitting your application and guiding you during the Programme.
• Cost for issuing the building electronic ID.
• Fees for any designs and approvals required to carry out the works on the property.

Find out which works are covered by the Programme.

Detailed information about the Programme

The Programme is funded through the Recovery and Resilience Facility (RRF) funds and allocated per Regional Unit (RU).

Find out more about the Exoikonomo 2021 Energy Saving Programme on the Ministry website and apply online.

For you

To be eligible for the Exoikonomo 2021 Energy Saving Programme, you should:

1. Be a natural person.
2. Own the property, that is to have full or bare ownership, or enjoyment.

If you are not the sole owner of the property, the co-owners need to consent for you to be included in the Programme. Only the co-owner residing in the property is eligible for the Programme (owner-occupancy).

If the property is rented or conceded free of charge to another person, only the owner having full ownership or enjoyment (not bare ownership) is eligible for the Programme.

For your income

You may participate in the Exoikonomo 2021 Energy Saving Programme irrespective of your income.

However, your personal or family income will determine the subsidy percentage for the works on your property.

Find out which subsidy percentage you are eligible for.

For your property

You may carry out works to improve the energy efficiency of an apartment, house or apartment building.

The property you wish to include in the Exoikonomo 2021 Energy Saving Programme should meet the following requirements:

1. Serve as a primary residence either for you, the owner (owner-occupancy), or someone else, e.g. a tenant.
2. In case the use as a residence cannot be documented (the property was recently acquired or was empty) for the last tax year (2020), you will need some additional documents to verify it is being used as a residence.
3. Be legitimate, that is, there should be a building permit or other legal documents.
4. Have an energy class lower than or equal to C.
5. Not be marked for demolition.

To improve energy efficiency

The Exoikonomo 2021 Energy Saving Programme covers various works, including:

• Replacing door and window frames.
• Installing / replacing the thermal insulation.
• Upgrading the heating / cooling system.
• Upgrading the water heating system and switching to renewable energy sources.

To install smart automation systems

The Exoikonomo 2021 Energy Saving Programme also allows you to install smart digital and home automation systems (Smart Home), such as:

• Lighting – e.g. smart sockets, LED lights etc.
• Heating / cooling system management.
• Remote control – e.g. WiFi sensors.

Provided the installed automation systems can:

1. Adjust and maintain energy consumption at the level you choose, aiming to save energy – appliances, lighting, heating / cooling, heated water etc.
2. Record and process energy consumption data.
3. Adjust and maintain the level of shading.

For interventions in apartment buildings

The Exoikonomo 2021 Energy Saving Programme covers energy efficiency improvements for individual apartments and communal spaces of apartment buildings.

For example, it covers lighting system upgrades for:

• LED lights
• Smart light scheduling
• Motion detection lighting etc.

To reduce energy consumption

All works must aim to radically reduce energy consumption.

The Programme aims to upgrade your property by a minimum of 3 energy classes, once all works are completed (minimum energy target), so as to ensure energy savings of over 30%.

The 2nd (final) energy inspection certifies whether your property has achieved the minimum energy target provided in the Programme. If not, the decision for your inclusion in the Exoikonomo 2021 Energy Saving Programme is revoked and you will not be able to receive the relevant subsidies.

A certified energy inspector can explain to you how the energy consumption reduction is calculated.

Find out how to get informed guidance every step of the way.

Certified energy inspectors

The 1st and 2nd energy inspection should be performed by 2 different certified energy inspectors.

The energy inspector explains to you all you need to know, such as:

• The works that should be carried out for the property to achieve the minimum energy target, that is, to be upgraded by a minimum of 3 energy classes.
• How the reduction in energy consumption is calculated.
• The energy class of your property before and after the energy efficiency improvements etc.

During both the 1st (initial) and 2nd (final) inspection of your property, the energy inspectors prepare Energy Performance Certificates.

After each energy inspection, you pay the energy inspector fee yourself and get a receipt.

The energy inspector fees, based on the receipts you have uploaded on the Programme platform, are credited to your account with the final disbursement of the Programme.

Expert project consultant

You may contact a project consultant who specialises in the Exoikonomo 2021 Energy Saving Programme procedures.

The expert project consultant:

• Helps you fill in your online application.
• Guides you every step of the way up to the final disbursement.

Their fees are covered directly through the Programme, without you having to pay any extra.

Electronic building ID

The Exoikonomo 2021 Energy Saving Programme requires a Certificate of Completeness of Building ID / Divided Property for your property’s electronic file (electronic building ID).

The electronic building ID includes the property plans, the building permit, the Energy Performance Certificate, etc.

The cost for issuing and filing the electronic building ID is fully covered by the Programme.

Find out exactly what the Exoikonomo 2021 Energy Saving Programme covers.

If your property is an apartment building

You get an additional 10% subsidy for energy efficiency improvements in individual apartments mainly, but also in the communal spaces.

The application for the subsidy is submitted by the representative of the apartment building and the owners of the apartments.

If your property is an apartment or detached house

The subsidy percentage you are eligible for depends on:

1. Your personal or family income.
2. The use of the property – owner-occupancy (if you are the owner of the property and you reside in it) or renting / free concession of the property to a third party.

If you are single, the subsidy percentage depends on your income class, based on your annual personal income.

If you are married or have entered a cohabitation agreement, the subsidy percentage depends on your income class, based on your annual family income.

If there are more than one owners of the property, the application for the Programme can only be submitted by the owner who resides in the property.

In case of short-term leasing, the property is excluded and cannot be financed through the Programme.

Financing in 2 instalments

You get the Exoikonomo 2021 Energy Saving Programme subsidy in 2 instalments:

1. Upon inclusion in the Programme you get an advance payment for 70% of the subsidy amount. The funds remain blocked in your account until you confirm the suppliers’ and contractors’ fees, and distribute the funds from your loan advance.
2. During final disbursement you get the remaining 30% of the subsidy.

Example

Suppose you are the owner of the apartment where you live with your family. Your annual family income amounts to €24,000.

In this case the subsidy depends only on your income. You fall under income Class 3 and the subsidy you get is equal to 55% of the total budget for the works.

Suppose you are the owner of an apartment that you are renting out to someone else. Your annual family income amounts to €24,000.

In this case the subsidy depends on your income-and is calculated according to the percentages applicable to rental properties. You fall under income Class 3 and the subsidy you get is equal to 45% of the total budget for the works.

Suppose there are 2 owners of similar apartments in a 2-storey apartment building. One owner has an annual personal income of €35,000 and the other an annual family income of €50,000.

The total subsidy given to each owner is equal to 50% of the total budget for the works:

• 40% subsidy because both owners fall under income Class 5.
• 10% additional subsidy because the owners apply for works in an apartment building.

The remaining amount for the works

The amount of the budget that is not financed through the subsidy of the Exoikonomo 2021 Energy Saving Programme may be covered by:

• Own funds
• A loan with 100% subsidised interest rate
• Own funds and a loan with 100% subsidised interest rate

Find out all there is to know if you need a loan.

You may use the loan to cover the remaining amount according to the eligible budget.

The loan may amount up to €16,800.

Fixed interest rate

Throughout the term of the loan relating to the Exoikonomo 2021 Energy Saving Programme, the interest rate is fixed and equal to:

• 6.50% interest rate (100% subsidised)
• + 0.12% (Law 128/1975 levy)

100% interest rate subsidy

Interest is 100% subsidised until loan maturity through the Exoikonomo 2021 Energy Saving Programme.

If you choose to receive the loan in multiple disbursements (advance payment), the loan instalments you pay include both principal and interest. Interest is repaid to you with the final disbursement.

After the final disbursement, the loan instalments include no interest.

Law 128/1975 levy

The Law 128/1975 applies throughout the loan term and is not subsidised by the Programme.

Loan amount

The final loan amount depends on:

• The total cost of works and your available funds.
• Your credit rating.

The loan is not required for you to be included in the Exoikonomo 2021 Energy Saving Programme.

To calculate the loan amount you need to:

1. Calculate the subsidy you get through the Exoikonomo 2021 Energy Saving Programme.
2. Deduct the subsidy and any own available funds from the total budget.

Loan = budget – subsidy – own funds (if any are available)

Example

Suppose your budget for the energy efficiency improvements amounts to €20,000 and:

• Your annual personal income amounts to €25,000.
• Your available funds amount to €3,000.

From the €20,000 budget, deduct:

• €9,000 from the subsidy you get – 45% for falling under Class 4.
• €3,000 for your own funds.

Therefore, you need a loan of €8,000.

From 4 to 6 years

Your loan term can be 4, 5 or 6 years.

Note, though, that at maturity, the youngest party should not be older than 75.

Without collateral

The loan you can get within the Exoikonomo 2021 Energy Saving Programme requires no collateral (e.g. pre-notice of mortgage, mortgage or other commitment).

With collateral

If you fall under Class 1, the Exoikonomo 2021 Energy Saving Programme provides for the option of a State guarantee to secure your loan.

Multiple disbursements

You may receive your loan in 2 instalments:

• The advance payment is equal to 70% of the loan amount. It is disbursed when the loan agreement is signed. First you must enter the names and fees of your suppliers / contractors in the online Programme platform.
• The final disbursement takes place after the energy efficiency improvement works have been concluded. You receive the subsidy amount, the remaining loan amount, the energy inspector fees and any interest you have paid.

If the Programme energy consumption targets are not met, you need to return the advance payment and repay the loan and interest.

In all cases, you upload the Energy Performance Certificate on the online platform after the second inspection.

The project consultant helps you gather and upload all other required documentation throughout the Exoikonomo 2021 Energy Saving Programme process.  

Monthly instalments

Before the final disbursement, if you have opted for multiple disbursements and have received the advance payment, your monthly instalment pays interest, part of the principal and the Law 128/1975 levy.

After the final disbursement, your monthly instalment repays part of the principal and the Law 128/1975 levy.

We collect the instalment on the first working day of each month. The amount is withheld automatically through the bank account linked to your loan.

You must have enough available balance in your account and duly repay your loan.

If you fail to pay 3 instalments (a delay of 90 days or more), the interest rate subsidy is revoked.

Early repayment

You may repay the outstanding balance of your loan, in full or in part, at any time. There is no extra charge.

The deadline for submitting applications under the Exoikonomo 2021 Energy Saving Programme has elapsed.

You may apply again if a new financing cycle or a new Exoikonomo Programme is announced.

Find out more on the Greek Ministry of Environment and Energy website.

Yes. The Exoikonomo 2021 Energy Saving Programme provides for 2 energy inspections:

• 1st energy inspection – It is required for you to be included in the programme. The energy inspector prepares a report in which they identify the works that should be carried out to upgrade the energy efficiency of the property.
• 2nd energy inspection – It is required once all works have been completed, to verify that you have met the energy target set by the Programme and to proceed with the final loan disbursement.

For the 1st and 2nd energy inspection, you need to go to 2 different energy inspectors.

No. When the cost for upgrading the energy efficiency is higher than the subsidy, you can use your own funds to cover it.

If you need additional financing for the works, you can submit an application to receive a loan with 100% subsidised interest rate.

Find out all there is to know if you need a loan.

If your property is tied to a pending application for the Saving at Home Programme (Exoikonomisi Kat Oikon I or II) or the Energy Saving and Autonomy Programme (Exoikonomo – Aftonomo), you cannot participate in the Exoikonomo 2021 Energy Saving Programme with the same property.

Find out whether you are eligible for this new Programme.