Energy, Estonia, Investments, Real Estate

Juhan Parts.

"By supporting more energy-efficient housing, we are creating a long-awaited opportunity for housing associations to put their buildings in order and reduce heating expenses," said Parts, when the program was announced in early August.

The financial support came from Estonia's sale in July of unused emissions allowances to Luxembourg. The objective of the grant is to provide apartment owners an incentive for remodeling.

Urmas Mardi, member of the Estonian Union of Cooperative Housing Associations, noted on the Kuku radio morning show Ärataja that Estonia has over 9,400 apartment associations. Many of the buildings were built in the Soviet era.

The associations can submit aid applications through bank loans or directly to Kredex, the Estonian Credit and Export Guarantee Fund.

The aid will typically defray remodeling costs by 15 to 35%, depending on the energy reductions target.

Mardi said it is the most favorable loan opportunity to date.