Energy saving projects prove 30-40% efficiency in Armenia’s provinces
YEREVAN, MARCH 13, ARMENPRESS. Energy saving actions in communities provide 30-40 percent saving.
The project is carried out by the Renewable Energy and Energy Saving Foundation of Armenia and financial institutions.
Kasakh, a community in the province of Kotayk, is already a beneficiary of the project, next being Nor Yerznka, and audit of 10 communities has already been carried out.
“We have a financial tool with which we offer communities to carry out energy saving actions – change doors and windows of community-owned buildings, install water heaters or solar panels, change street lighting, which enables 30-40 percent energy saving,” says Arman Melikyan, head of the foundation.
If the loan is approved by the bank, it is followed by funding the community, and then a tender is announced to find a contractor.
The interest rate of the loan as part of the program is 9%, with a maximum period of up to 8 years.
This project is the continuation of an earlier energy saving project carried out in state establishments, realized with assistance of the World Bank.
Melikyan says the energy saving sector is developing rapidly in the private sector also, and international financial institutions are eager to provide assistance tools to Armenian businesses.
The German KFW provided 40 million Euro loans, which the Central Bank gives to Armenian banks for financing energy savings and renewable energy actions.
Currently there are nearly 200 million Euro worth contracts in the market aimed at similar projects.
English –translator/editor: Stepan Kocharyan