“Exoikonomo 2021”

The new "Exoikonomo 2021" program was designed for the purpose of implementing energy saving interventions in the residential building sector, aiming at reducing energy needs and the consumption of conventional fuels. The program "Exoikonomo 2021" is operates under the framework of the National Recovery and Resilience Plan Greece 2.0 with funding from the European Union – NextGenerationEU.

The program is addressed to individuals whose main residence falls under a high energy consumption category and provides financial incentives in the form of:

  • grant up to 75%,
  • loan* with full interest subsidy,
  • no loan expenses,
  • Greek State guarantee for the 1st income category,
  • coverage of the following costs: Energy Performance Certificates (EPC), Project Consultant, potential assessments - required approvals-licenses and issuance of the Electronic Building Identity.


*The loan amount only by Piraeus Bank capital. The levy of Law 128/75 is set at 0.12% and is paid by the beneficiary.
Loan applications are submitted according to the deadlines set by the program and are evaluated according to the bank's credit policy.

INTEREST RATE
6,50%
(100% subsidized for the entire duration of the loan plus levy of L.128/75 (today set at 0.12%).
LOAN TERM
4, 5 or 6 years
LOAN AMOUNT
Up to €16.800
KEY ADVANTAGES
  • 100% subsidized loan rate
  • Grant for part of the cost of interventions
  • No loan expenses
  • Greek State Guarantee for the 1st income category
INTEREST RATE
6,50%
(100% subsidized for the entire duration of the loan plus levy of L.128/75 (today set at 0.12%).
LOAN TERM
4, 5 or 6 years
LOAN AMOUNT
Up to €16.800
KEY ADVANTAGES
  • 100% subsidized loan rate
  • Grant for part of the cost of interventions
  • No loan expenses
  • Greek State Guarantee for the 1st income category

Program brief description

The Program is funded from the resources of the Recovery and Resilience Fund, the funds are distributed per Regional Unit (P.E.) and its goal is to contribute to the energy renovation of at least 105,000 houses by 2025. In charge of the implementation of the program is the Technical Chamber of Greece and the Financial Management is carried out by the Hellenic Development Bank S.A.

The basic criteria for a property to be eligible for the Program are the following:

  • it should be used as a main residence by the applicant/or the tenant /or a person to whom the residence is donated.
  • It should be legitimate (bears a building permit or other legitimate document).
  • It should be classified according to the Energy Efficiency Certificate (EEP) in a category less than or equal to C.
  • It must not be characterized as demolishable.

Eligibility criteria for the applicant:

  1. Ownership of the eligible property
  2. Fulfillment of the income criteria as defined by the program in the following link (https://exoikonomo2021.gov.gr)


Notes:

  • In case of co-owners of the eligible residence:
    • only the owner who resides in the property has the right to participate in the Program
    • in the case that the eligible house is rented only the main owner has the right to participate in the Program, with the consent of the rest.
  • In the case that the eligible house is not used, only the main owner has the right to participate in the Program.
  • Short-term rental residences are not eligible..

The maximum grant percentage for all categories of applications (individual apartment, detached house, apartment building) as defined by the program, is available at the official web portal (https://exoikonomo2021.gov.gr).

  • For apartment building applications when all the apartments participate in the program, an additional grant of +10% is added to the grant rate of each apartment.


Grant will be disbursed partially in two installments as follows:

Grant Advance: after the Decision issuance, 70% of the grant is deposited into a special bank account. The amount is unrestricted and will be transferred to the suppliers according to the orders you enter in the program's Information System, after you first pay the suppliers from your own funds or the loan advance.

Final Grant disbursement: upon completion of the interventions, the 2nd energy inspection (2nd EEP), the check of the supporting documents that will be uploaded on the Information System and the approval by the Technical Chamber of Greece for the final disbursement, the remaining 30% of the grant will be credited to your account in order to pay the suppliers/contractors.

  • The eligible interventions concern the following categories of save energy interventions:
    • Window frame replacement/Shading systems /Ventilation systems
    • Thermal insulation installation / upgrade
    • Heating / cooling system upgrade
    • Hot Water System using Renewable Energy Sources (RES)
    • Other save energy interventions (Installation of smart management systems-smart home, lighting upgrade for apartment building only)
    • The total eligible budget for the implementation of interventions cannot exceed:

      • €28.000 for a detached house/individual apartment/apartment as part of an application in a apartment building
      • The product of 1,0 € multiplied by the total estimated annual primary energy savings (kWh) as derived from 1st EEP
      • The product of 200€ multiplied by the total square meters of the main areas of the eligible house as derived from form E9

    • In order to cover the cost of the required interventions, there is the option to combine grant, borrowing and / or own funds.
    • The minimum energy goal that must be achieved through the energy upgrade interventions for all categories of applications (individual apartment, detached house, apartment building), is as follows: upgrade by three (3) energy categories, in relation to the existing classification in the 1st EEP, in order to ensure energy savings of more than 30%.

    Detailed information about the program can be found on the ministry's website https://exoikonomo2021.gov.gr

    Why should you participate in the "Exoikonomo 2021 " Program

    " Exoikonomo 2021" Program allows you to:

    • upgrade your main residence,
    • save energy and money,
    • contribute to the protection of the environment

    In addition, you benefit from:

     1.  Loan with preferential terms

    • 100% subsidized* rate, for the entire loan duration
    • Full or partial early repayment of the loan, without penalty
    • Guarantee of the Greek State for the beneficiaries of the 1st category
    • No loan expenses
    • No collaterals

    * The loan interest subsidy will be automatically be discontinued in case of late payment of 3 installments of your loan.

     2.  Up to 75% grant*

    Depending on your family and income situation and the use of the eligible residence (owning/renting/donation), the subsidy on the cost of interventions amounts to up to 75%*( while for apartment building applications when all the apartments participate in the program, the subsidy can reach 85%). New "Exoikonomo 2021" program provides the possibility of granting advance payment to suppliers from the grant, up to 70%, thus immediately paying off a large part of the total cost of the project. This option is activated after the Delegation Decision issuance and loan advance distribution.

     3.  Free Project Consultant services

    The submission of the application, the monitoring of its progress, the detailed recording of the required data and the posting of supporting documents on the Information System of the Program until the final disbursement can be assigned to a project consultant. The project consultant's fee is considered to be eligible expense, in accordance with the maximum limits mentioned in the Program Implementation Guide and is paid upon the total disbursement by the Bank, provided that the application is submitted and the minimum energy goal of the program is met.

     4.  Covering the cost of Energy Inspections

    Τhe program requires for two energy inspections to be carried out and the respective Energy Performance Certificates (1ST&2nd EPC) to be issued. The total cost of the two energy inspections is fully covered by the Program, in accordance with the maximum limits mentioned in the Program Implementation Guide, provided that the application is submitted, and the minimum energy goal of the program is achieved. It is mentioned that the cost of 1st EPC is eligible only if it has been issued by 01/02/2020. EPC that have been issued after 27/11/2017 can be used at the program but but in this case their expenses are not covered by the Program. For each energy inspection, you pay the inspectors' fee with your own money, and at the final disbursement of the program, inspectors fees are credited to your account, based on the receipts you enter in the Information System. The inspector of the second energy inspection that will take place after the implementation of the interventions (2nd EPC), must be different from the inspector of the first energy inspection (A' PEA). The selection process will be carried out under the responsibility and authority of the Technical Chamber of Greece (T.E.E.) following a public lottery, during which the relevant legislation on the incompatibility of Energy Inspectors will be observed.

     5.   Covering the costs for potential assessments / required approvals-licenses / Electronic Identity of the Building

    Expenses for any licenses/approvals issued or assessments required by the current legislation on the implementation of interventions (such as fee for the approval of small-scale construction works, fee for the assessment of internal gas installation), as well as the fee for the Electronic Identity of the Building, are all covered by the Program and are paid upon the total disbursement of the loan. Especially for the Electronic Identity of the Building the amount remains in your account, as you should played it with your own money when it is issued.

     6.   Covering the managing cost of the loan

    You are not charged with loan application expenses, as these are covered by the Program.

    Loan Features

    Loan amount

    Up to 16.800€, depending on the responding category of the program.


    Interest rate
    The interest rate is fixed for the entire loan duration, set at 6,50%. In all categories, the interest rate is fully subsidized for the entire duration of the loan, except for the levy of Law 128 / 75. The levy today set at 0.12% and is paid by the borrower.

    Duration
    4, 5 or 6 years

    Disbursement
    There is the option to choose between a lump sum or gradual disbursement (advance payment), credited directly to the bank account of the suppliers/ contractors:
    • Partially in 2 disbursements as follows:
      • Advance payment: amounts to 70% of the loan
      • 2nd partial disbursement: the remaining amount of the loan
    • Lump sum: the total loan amount

    Note: The remaining amount of grand and all other benefits of the program (interest already paid until the second partial disbursement, 1st & 2nd energy inspection fees, fee for any project consultant, fee for the Electronic Identity of the Building) will be disbursed in accordance. .

    Repayment
    The loan is repaid in monthly interest-bearing installments.

    In case of advance payment, all the interest is paid by the customer.  Following the completion of the project and provided that the energy goal is achieved and you are entitled to the benefits of the program, then the interest is returned to your account and the interest rate is fully subsidized.

    In case of full loan disbursement, the interest rate is fully subsidized from the beginning and for the entire duration of the loan, except for the levy of Law 128 / 75, that is set 0.12%, which is paid by you.

    The loan interest subsidy will be automatically stopped in case of late payment of 3 installments of your loan.

    Installments are paid automatically each month through your deposit account.


    Early repayment option
    Full or partial, free of charge


    Collateral
    No collaterals are required .
    Guarantee of the Greek State is provided for the beneficiaries of the 1st category


    Expenses
    • No loan expenses
    • In case that your supplier/ contractor cooperates with a different financial institution, you will be charged with remittance costs, according to the Bank’s, Pricing Policy, upon paying the suppliers.

    Financial Loan Pre-approval Documents «Exoikonomo 2021»

     1.  For citizens of the EU member-states:

    Valid passport or ID card from your country of origin (in Latin characters). It is required for all loan participants

    For non-EU citizens:

      • Valid residence permit, for all loan participants
      • Valid passport from your country of origin or Special ID Card for Aliens of Greek Descent or Alien’s ID Card (if you are not of Greek descent) for all loan participants.

     2.  Proof of income documentation:

    For employees/pensioners:

      • Income tax return form of last year for Greek citizens and of the last three years for EU and non-EU citizens
      • Income tax statement (E1 form) of the last fiscal year
      • For employees, last payroll slip or an official annual income certificate from the employer’s accounting office. The certificate must include all income details (recruitment date, gross and net earnings, social security contributions and tax)
      • For pensioners, latest quarterly pension statement or pension payment slip

    For freelance professionals/ entrepreneurs / farmers:

      • Income tax return forms of the last two years for Greek citizens and of the last three years for EU and non-EU citizens
      • Income tax statement (E1 form) of the last fiscal year
      • Documents for the last 2 f years proving the turnover of the sole proprietorship, general partnership, limited company, etc. (E3 or N form) for Greek citizens and of the last three years for EU and non-EU citizens
      • Certificate of dividend yield if you are shareholder in a company.

    If you are a Piraeus Bank customer, it is possible that the identification documents that you provided to the Bank in the past may be outdated. In this case, you will need to provide updated documents.

    How to participate

    The application is submitted only digitally through the Information System of the official web portal of the program (https://exoikonomo2021.gov.gr), at the dates set by the program guide, which may be modified, if it is necessary and be announced on the above website of the Program.
    In particular, the applications for detached houses and individual apartments were submitted by 15/3/2022. In addition, for applications that were in the stage of registration, a Joint Ministerial Decision gave them the opportunity to complete their submission within the time period 4/4/2022 - 15/4/2022.
    The submission of apartment building applications took place during the period from 18/4/2022 to 30/5/2022.

    For further information on the program, please visit:

    For further information on how to get a loan through Piraeus Bank through the" Exoikonomo 2021» Program:

      • Visit a branch of the Bank
      Find a nearby store

      • Contact the Bank's telephone service on 210 32 88 000


    Brief Program Procedure

     1.   Online application at the program’s official site https://exoikonomo2021.gov.gr

     2.   Registration of income and property data in the Program's Information System, conducting automated electronic eligibility checks, recording the required supporting documents, receiving the energy data of the 1st EPC, and submitting a proposal with the costs of interventions and other expenses.

     3.   Submission of the application to the Program and receipt of a unique protocol number.

     4.   The total score of the application is automatically calculated based on the evaluation criteria of the Program and ranking provisional lists per region with "eligible" and “runners-up" applications are drafted.

     5.   Submission of Electronic Identity of the building, only for the “eligible" applications, within an exclusive deadline of sixty (60) days.

     6.   After the evaluation of the applications and the issuance of Provisional Lists of Eligible / Runners-up / Rejected applications per region, the right to appeals is given within an exclusive deadline of ten (10) days.

     7.   Final Lists of Approved / Runners-up / Rejected applications per P.E. are issued and budget is committed

     8  Declaration of cooperative bank and choice of funding scheme (own funds or loan).

     9.   Completion of required loan application fields & posting of financial pre-approval documents in the Information System (if loan option has been selected).

    10  Loan evaluation and financial pre-approval (if loan option has been selected).

    11.   Declaration of a special bank account in the Information System for crediting the grant.

    12.   Delegation Decision issuance in the Program by the implementary of the Program (Technical Chamber of Greece) and deposition of the grant advance in a special account.

    13.   Attendance at the bank & loan agreement signing within an exclusive deadline of 90 days from the Delegation Decision issuance.

    14.   Choice between gradual payments or lump sum disbursement (if loan option has been selected) through the Information System.

    15.    Down payment loan disbursement (if the gradual disbursement option has been selected through the Information System) and suppliers/contractors payment, using loan amount or own funds through bank account.

    16.   Payment of suppliers/contractors by grant advance, according to the orders have been entered in the program's Information System.

    17.   Partial project completion (at least 25% of the total eligible budget based on the Delegation Decision) within 6 months from the issuance of the Delegation Decision.

    18.   Implementation of the interventions within 12 months from the issuance of the Delegation Decision (with the possibility of extension up to ninety 90 days) & carrying out a 2nd Energy inspection.

    19  Attachment of documentary expenses & other supporting documents in the Information System & file control by the Technical Chamber of Greece.

    20.   Approval of the project by the Beneficiary (Hellenic Development Bank) total loan disbursement (if its a loan has been selected) / grant / benefits & repayment of suppliers.