Montenegro Starts Solar Energy Loan Program

The Ministry of Economy has started a new project to offer interest-free loans to Montenegrins for the purpose of buying solar water heating systems.  These systems will reduce power consumption, saving the buyer money and also reducing Montenegro’s dependence on imported electricity.  The project is being launched under the name MONTESOL and the slogan “Energy under my roof”.

The Ministry of Economy approves authorized dealers and installers of solar systems, who then coordinate financing through participating banks, currently Hypo Alpe Adrida and NLB.

Depending upon the options chosen, the loans can be taken for 1,350€, 1,800€, or 2,250€s.  Repayment times can be set to three, five, or seven years.  The interest-free nature of the loans makes them a great deal for borrowers.

Dragica Sekulic, Deputy Minister of Economy, stated “This project aims to develop a dynamic and sustainable market system for renewable energy sources in Montenegro, with the aim of improving the living standards of citizens and reduce the negative effects of climate change.”

Solar water heater distributors and installers who have been approved so far include AMG Eco Engineering, Dalir, Denikoo, Ening, ETG group Mikromont, SECG Bar, System, Solaria Bar, Soleks, Solar Energy, and Tedeko Termoinženjering.

Over half of all electricity used in the average Montenegrin household is for water heating.  This means that installing a solar water heating system could significantly reduce electricity costs for the average family.

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