Figure 1
Donation-based crowdfunding model.
Figure 2
Reward-based crowdfunding model.
Figure 3
Lending-based crowdfunding model.
Figure 4
Equity-based crowdfunding model.
Table 1
Financing instruments supporting building energy efficiency and renovation in Greece.
| INSTRUMENT/PROGRAMME | IMPLEMENTING BODY | TARGET SECTOR | MAIN SUPPORTED INTERVENTIONS | FINANCIAL SUPPORT |
|---|---|---|---|---|
| Public subsidy programmes | ||||
| HLEKTRA | Greek Government | Public buildings | Deep renovation of public buildings, including building envelope improvements, HVAC upgrades, renewable energy systems and building energy management systems | €640 million budget; up to 100% of eligible costs |
| Development Law 4887/2022 – Green Transition | Ministry of Development | Businesses and SMEs | Energy efficiency improvements, renewable energy integration, modernisation of production facilities and green investments | €900 million; up to €20 million per project |
| Recycle–Change Appliance | Greek Government | Households | Replacement of inefficient household appliances with energy-efficient units combined with recycling of old appliances | €150 million; up to €710 per beneficiary |
| Exoikonomo 2025 | Greek Government | Residential buildings | Thermal insulation, window replacement, heating and cooling upgrades, renewable energy systems and energy management technologies | €924.3 million; up to €35,000 per dwelling |
| Exoikonomo – Renovate for Young People | Greek Government | Young households | Deep energy renovation and housing upgrades, including building envelope measures, HVAC upgrades and renewable energy installations | €300 million; up to €32,500 |
| Renovate and Rent | Greek Government | Private residential property owners | Renovation of vacant dwellings to increase the supply of long-term rental housing | €120 million; up to €8,100 |
| Private financial instruments | ||||
| ESTIA Green Mortgage Loan | National Bank of Greece | Households | Financing purchase or renovation of energy-efficient residential properties | Long-term mortgage financing (up to 40 years) |
| Green Fixed-Rate Mortgage Loan | Piraeus Bank | Households | Purchase, construction or renovation of energy-efficient residential buildings | €20,000–€500,000 |
| Green Loan | National Bank of Greece | Households | Energy efficiency upgrades, including insulation, high-efficiency HVAC systems and renewable energy installations | Varies |
| Green Loan for the Home | Alpha Bank | Households | Solar panels, heat pumps, thermal insulation, window replacement and efficient appliances | €1,500–€30,000 |
| Green Loan for Home Improvements | Eurobank | Households | Photovoltaics, heat pumps, efficient windows and doors, insulation and energy-efficient appliances | €1,000–€30,000 |
| Green Home Improvement Loan (with collateral) | Piraeus Bank | Households | Energy renovation measures including insulation, heating and cooling upgrades and renewable energy integration | From €10,000 |
| Green Loan guaranteed by EIF | National Bank of Greece/EIF | Households | Energy efficiency renovation measures and renewable energy installations | €300–€50,000 |
| Hybrid public–private financing schemes | ||||
| My Home II | Greek Government + banks | Young households | Financing purchase of first residential property | €2 billion programme; loans up to €190,000 |
| Upgrade My Home | Greek Government + banks | Households | Energy renovation measures including insulation, renewable energy systems and heat pumps | €400 million programme; €5,000–€25,000 |
Table 2
Financing instruments supporting building energy efficiency and renovation in Cyprus.
| INSTRUMENT/PROGRAMME | IMPLEMENTING BODY | TARGET SECTOR | MAIN SUPPORTED INTERVENTIONS | FINANCIAL SUPPORT |
|---|---|---|---|---|
| Public subsidy programmes | ||||
| Energy Fund of Funds for Energy Efficiency | Government of Cyprus/Financial intermediaries | Households, SMEs, public sector | Energy efficiency renovations in buildings, including insulation, window replacement, heating and cooling upgrades, renewable energy systems (e.g., photovoltaic and solar thermal), energy storage, and energy management systems | Approx. €50–60 million; loans typically up to €2–3 million per project |
| Renovate – Rent Scheme | Government of Cyprus | Residential buildings | Renovation and refurbishment of vacant or unused residential units to enable their integration into the affordable rental market | €25 million; €15,000–€35,000 per dwelling |
| Scheme for the Energy Upgrade and Competitiveness of Large Businesses | Government of Cyprus | Large enterprises | Energy efficiency improvements in industrial facilities and buildings, equipment upgrades, renewable energy integration, and circular economy investments | €17 million; up to €750,000 per project |
| Private financial instruments | ||||
| Business Green Loan | Hellenic Bank | Businesses | Renewable energy investments, energy efficiency upgrades, sustainable construction and green building projects | Loan-based financing |
| Fil-eco Home Renovation for Energy Upgrade | Bank of Cyprus | Residential buildings | Energy efficiency renovation of residential properties | Loans up to €30,000 |
| Fil-eco Photovoltaic & Other Systems | Bank of Cyprus | Residential buildings | Installation of photovoltaic systems and other household energy-saving technologies | Loans up to €15,000 |
| Green Energy Solutions | CDB Bank | Businesses and households | Financing for renewable energy systems and energy efficiency technologies | Loan-based financing |
| Green Home Loan | Hellenic Bank | Residential buildings | Energy-efficient housing construction and purchase of energy-efficient homes | Preferential mortgage rates |
| Green Loan for Home Improvements | Hellenic Bank | Residential buildings | Photovoltaic systems, heat pumps, insulation, energy-efficient windows and doors, and energy-efficient appliances | Loans up to €30,000 |
Table 3
Financing instruments supporting building energy efficiency and renovation in Croatia.
| INSTRUMENT/PROGRAMME | IMPLEMENTING BODY | TARGET SECTOR | MAIN SUPPORTED INTERVENTIONS | FINANCIAL SUPPORT |
|---|---|---|---|---|
| Public subsidy programmes | ||||
| Croatian Modernisation Fund (First Call) | Ministry of Environmental Protection and Green Transition; Environmental Protection and Energy Efficiency Fund (FZOEU) | Industrial sector (processing and heating industries) | Renewable energy deployment and energy efficiency investments for industrial energy production and self-consumption | Grant funding through the EU Modernisation Fund (project-specific allocations); total amount available €1.3 billion until 2030, i.e. 130 million per year. |
| Energy Efficiency Obligation Scheme (White Certificates) | Government of Croatia/Energy suppliers | Energy consumers across sectors | Energy-saving measures implemented by obligated energy suppliers to achieve national energy savings targets | Regulatory obligation scheme (no direct grant; suppliers finance efficiency measures) |
| Energy Renovation of Family Houses | Environmental Protection and Energy Efficiency Fund (FZOEU) | Residential buildings | Thermal insulation, window replacement, renewable energy sources (RES) installation, EV charging infrastructure | Up to 60% co-financing (80% for earthquake-damaged homes) with maximum grant up to €62,120 per project; programme budget approx. €120 million (2024 call) (fzoeu.hr) |
| Energy Renovation of Multi-Residential Buildings | Government of Croatia/ERDF | Residential buildings (multi-apartment buildings) | Energy renovation of building envelope, heating systems, and RES installation | Typically, 60% grant funding for renovation works and up to 85% for project preparation and technical documentation |
| Energy Renovation of Public Sector Buildings | Ministry of Physical Planning, Construction and State Assets | Public buildings | Comprehensive renovation of schools, kindergartens, student accommodation, and other public buildings | Grants covering 60–80% of eligible renovation costs (in 2026 – from €30 k to €12 m per project) |
| Energy Renovation of non-residential commercial buildings | Environmental Protection and Energy Efficiency Fund (FZOEU) | Commercial and service buildings | Energy renovation of building envelope, heating systems, RES installation | Grants for energy efficiency measures |
| Environmental Protection and Energy Efficiency Fund programmes (FZOEU) | FZOEU | Residential and non-residential buildings, public sector, energy-poor households | Energy retrofits, renewable energy deployment, energy efficiency projects, and low-emission mobility | Co-financing through public calls (varies by the programme; national and EU funds) |
| Geothermal Potential Research for District Heating (C1.2 R1-12) | Ministry of Economy and Sustainable Development | District heating systems and energy infrastructure | Research and development of geothermal resources for district heating | €29.8 million grant funding for geothermal exploration projects |
| Public Call for Renewable Energy Systems in Family Buildings | FZOEU | Residential buildings | Installation of renewable energy systems such as heat pumps and related equipment | Subsidies typically up to €4,250 (40%), increasing up to €8,500 (80%) in less developed regions (UNILAB – Heat Transfer Software) |
| Scheme reducing electricity levy for energy-intensive companies | Government of Croatia | Energy-intensive industries | Support linked to energy efficiency investments, emissions reductions, or renewable electricity use | Reduction of renewable energy levy on electricity consumption |
| Private financial instruments | ||||
| Green Housing Loan | Zagrebačka banka (commercial bank) | Residential buildings | Financing energy-efficient housing construction and renovation including renewable energy systems | Green mortgage financing (preferential loan) |
| Green Loans and Circular Economy Financing | Privredna banka Zagreb (commercial bank) | Businesses | Renewable energy investments, building efficiency upgrades and circular economy projects | Green loan financing (bank lending instrument) |
| Sustainability-Linked Bonds | M+ Group with EBRD and Erste&Steiermärkische bank) | Corporate sector | Financing sustainability-linked investments including energy efficiency and environmental performance improvements | 300 million bond issuance (~€40 million) |
| Sustainable ESG Finance | Raiffeisen Bank | Businesses and real estate projects | Financing green investment projects including energy-efficient buildings and infrastructure | ESG-linked loans and green financing instruments |
| Croatian Bank for Reconstruction and Development (HBOR) Energy Efficiency Programme for Entrepreneurs | HBOR + commercial banks (Erste&Steiermärkische bank, Hrvatska poštanska banka, OTP banka, Privredba banka Zagreb, Raiffeisenbank Austria) | Business | Financing energy efficiency measures, renewable energy installations, energy-saving technologies | €250 m (€125 m from EFRD and €125 m from banks), preferential loans with possible capital rebate up to 50% |
Figure 5
Main financing gaps and corresponding crowdfunding models in Greece, Cyprus and Croatia.