PODGORICA (Montenegro), July 5 (SeeNews) – Montenegro said it has formally launched the implementation of a project that will promote the residential use of solar water heating systems.
Montenegro's Economy Ministry has signed up local commercial lenders Hypo Alpe-Adria-Bank and NLB Montenegrobanka to disburse the interest-free consumer loans that will be made available through the project, the ministry said in a statement on Monday.
Some $1.0 million (691,000 euro) are envisaged for the implementation and management of the MONTESOL project and for subsidising the cost of related commercial borrowing.
The individual consumer loans will range between 1,350 and 2,250 euro ($1,960-$3,262). The repayment period will be set at three, five, or seven years.
The ministry also said the following companies have qualified on a competitive basis to participate in the project as distributors/installers of the solar water heating systems: AMG Eco Engineering, Dalir, Denikoo, Ening, ETG grupa, Mikromont, SECG Bar, Sistem, Solaria Bar, Soleks, Tedeko Solar Energy I Termoinzenjering.
The project aims to develop a dynamic and sustainable market for renewable energy sources in Montenegro while improve living standards and reduce the negative effects of climate change, Deputy Economy Minister Dragica Sekulic said in a statement.
The MONTESOL project is being launched in cooperation with United Nations Environmental Programme and Italy's Ministry for Environment, Land and Sea.