Experts from the RuSEFF “Warm Life” programme recently met with representatives of Rostov homeowners associations to discuss the energy audits of five multifamily residential buildings conducted by RuSEFF at the end of last year. Center-invest Bank is a partner of the “Warm Life” programme.

The RuSEFF experts detailed the issues identified by the audits and made practical recommendations for energy efficiency upgrades to the buildings. The residents learnt which renovations were required, the approximate cost, and the likely energy savings.

Several of the Rostov homeowners associations planning to renovate their buildings in the near future. The quickest and best way to do this is to take out a loan.

“With inflation in Russia worsening, everyone understands that there is absolutely no point in saving up money in a special account and waiting until your building comes up for renovation in the regional programme,” says Deputy Head of the RuSEFF “Warm Life” programme, Konstantin Klyushkin. “By then, the money saved up could have depreciated to such an extent that it won’t be enough for any kind of renovation.”

As a partner of the “Warm Life” programme, Center-invest Bank offers homeowner associations and housing associations a special loan product for residential building renovations. Rather than having to wait for a scheduled renovation, customers can take out a loan and renovate their building straightaway. They pay the same contributions as before, but the money goes towards the loan repayments. This product is the only one of its kind in Russia.

The most important outcome of Center-invest Bank’s work in the housing and communal services (utilities) sector is that many of the residents of southern Russia now live in greater comfort, in warmer buildings. Since 2007, through its loan programmes, the bank has invested more than RUB3bn in improving the sector. Both individual homeowners and entire buildings, represented by a homeowner association, can take out a loan. More than 70 multifamily residential buildings have been renovated thanks to finance from Center-invest Bank. More than 12,000 families have used a Center-invest Bank energy efficiency loan to improve the energy performance of their homes. The interest rate on these loans is substantially lower than for standard retail loans.

Customers interested in arranging a RuSEFF energy audit of their building can apply online on the RuSEFF website.