…looking forward to March 2018
Over the past few days, there has been serious move afoot regarding the new “Save at Home” Program, but as to the final decision, the procedure for inclusion of interested parties is being launched rather late, which means that the program is not expected to be launched before March 2018.
The relevant decision, co-signed by the deputy Minister of Finance and Development Mr Alexis Charitsis and the Minister of Environment and Energy Mr Giorgos Stathakis, includes those changes that will apply to the new program, while the invitation is expected to be launched at least three months later, as the online application platform is expected to be up and running by then.
On Wednesday 6 September, market player representatives went to the Ministry to provide the prices for eligible interventions to improve the energy performance of buildings, including replacement of casings, insulation fittings, central heating replacement, etc.
New changes in the “Save at Home” Program
In detail, the projects changes mentioned in the decision are as follows:
Interest rate subsidies are eligible throughout the loan period; the amount related to the interest rate subsidy for the period starting after 30/11/2016 and coming from co-funded resources shall be transferred from the “Save at Home” fund to a reserved escrow account, held in the name of ETEAN S.A.
Subsidies shall be granted by the Direct Assistance Program related to national funds by 15 November 2017, for applications for inclusion into the Program after 1 January 2016 that are co-funded for loan repayment and interest rate subsidies. The Program will last until 30 June 2019, except the Fund operation.
The Program is co-funded by the European Union (European Regional Development Fund – ERDF) and national funds, through Regional Operational Programs (ROP) and NSRF Operational Programs “Competitiveness and Entrepreneurship” and “Environment and Sustainable Growth” 2007-2013.
Total Program public expenditure amounts to €467.45 million.
The €467.45 million budget was allocated to the “Save at Home” funds, mostly related to reimbursable subsidies (loans), and the “Direct Assistance Program”, related to non-reimbursable subsidies (capital and inspection cost grants), amounting to €101 million and €366.45 million respectively.
Resources of the “Save at Home” Program
Besides the resources of the planning period 2007-2013, the “Direct Assistance Program” budget includes:
€19.1 million from auction proceeds from unsold gas emission allowances for 2016, allocated in the program budget;
€146,578 from auction proceeds from unsold gas emission allowances for 2016;
20 million from auction proceeds from unsold gas emission allowances for 2017;
20 million from the national part of the Public Investment Program 2017.
Resources from auction proceeds from unsold gas emission allowances for 2016 and 2017, and resources from the national part of the Public Investment Program 2017 shall be allocated by Region, based on the Direct Assistance Program demand.
Interest borne by Direct Assistance Program funds, amounting to € 486,213.58 on 31 January 2017, and the unsold balance of the Direct Assistance Program, amounting to € 8,646,938.66 on 31 May 2017, is allocated at the same ratio. The above “Save at Home” budget also includes Program management fees for Beneficiaries and loan dossier management. Expenditure eligibility for Program management fees, in relation with co-funded resources, shall expire on 31 December 2016. After the above date and until the escrow accounts are cleared and closed, management fees are covered by “Save at Home” resources coming from loan repayments and/or other national resources.
The above “Direct Assistance Program” budget includes Program costs for the energy inspector and project consultant fees.
Any interest borne by “Save at Home” funds per Operational Program/Priority Axis, are allocated to implement the financial engineering instrument in the relevant Regions covered by each Operational Program priority axis.
Up to €40 million from repaid loans are invested through the Direct Assistance Program. This amount is allocated by Region, based on the Direct Assistance Program demand.
For applications filed after 1 January 2017:
Within ten (10) days after the inclusion decisions are published, financial institutions shall invite Recipients to sign the loan agreements.
Within forty five (45) days after the inclusion decisions are notified to the financial institution, loan agreements are signed as provided by chapter 4. No extensions are allowed to the above deadline. Recipients who fail to sign the loan agreement within the above mentioned forty five (45) days shall be automatically excluded and replaced based on the Recipient application shortlist, by amendment to the relevant inclusion decision.
By signing the loan agreement, the Recipient accepts the terms and conditions of the inclusion decision.
When signing the loan agreement, the Recipient is granted the option to withdraw an advance of the loan, accounting for 70% of the total loan. This disbursement is paid out by cooperating financial institutions within 3 weeks from the recipient’s respective order for the payment of vendors/contractors, directly to their bank accounts. The recipient’s order for the payment of vendors/contractors is notified to the financial institution no later than one (1) month after the loan agreement has been signed.
For applications entering the Program after 1 January 2017, the implementation of interventions should be completed within nine (9) months (contractual implementation period) after the loan agreement has been signed. The deadline for implementation and filing documentation can be extended by the Beneficiary, as required, for up to three (3) months. Any relevant documentation should be submitted by Recipients to the financial institution within one (1) month after the intervention deadline has expired.
For applications entering the Program up to 31 December 2015:
Any interventions should be implemented and documentation should be submitted by Recipients to the financial institution within three (3) months (contractual implementation period) after the loan advance has been disbursed or the loan agreement has been signed if no advance has been paid out, as required. The deadline for implementation and filing documentation can be extended by the Beneficiary, as required, for up to twelve (12) months in total.
Any expenses must be paid within one (1) month after any required documentation has been submitted by the Recipient to the financial institution.
For applications entering the Program in 2016:
For applications entering the Program from 1 January 2016 to 31 December 2016, the above 3-month period for completing any interventions may be extended, as required, upon Beneficiary’s prior approval, from the advance disbursement date or the loan agreement signing date if no advance has been paid out, up to 15 September 2017, and any relevant documentation should be submitted by Recipients to the financial institution within one (1) month after the intervention deadline has expired.
Info: Current estimates and data come from our communication with Pantelis Pateniotis and Penny Chalatsi from the Greek National Association for Expanded Polystyrene. Stay in touch with our newsfeed for all the latest news on the “Save at Home” program
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