IQ energy Grants
IQ energy borrowers are entitled to receive IQ energy grants as rewards for the successful implementation of Energy Efficiency Projects that comply with the grant rules. The borrower is free to use the grant assets at his/her own discretion, including repayment of the IQ energy loan.
The grant amount is calculated based on the cost of investments into Energy Efficiency Project supported by the loan to purchase items from our Technology Selector www.iqenergy.org.ua/technologies. The investment cost includes purchase of materials and equipment, and installation.
We convert UAH amount of loan into EUR equivalent for the grant calculation purposes, using the official NBU exchange rate as of the date of Loan Agreement between the borrower and the commercial bank participating in our Facility.
There are two grant rates to apply:
- 35% grant is awarded to borrowers who have implemented a project regardless number of measures from the Technology Selector.
There is a clear incentive for the borrowers to implement comprehensive energy saving and efficiency solutions and not to limit the projects to only measures from one category of investment.
In order to be eligible for IQ energy grant, the borrower is to meet each and all of the following criteria:
- The borrower shall have an access to a dwelling in Ukraine where energy efficiency project is to be implemented. It could be either existing dwelling or dwelling under construction;
- The borrower shall receive a loan from a commercial bank participating in our Facility;
- The borrower shall select from our Technology Selector the materials and equipment for the project, create the Eligibility Certificate, purchase the items and have them installed in the dwelling;
- The borrower shall document the project and its completion by taking photos before and after installation and collecting supporting documents – invoices, acts of acceptance, etc.;
- The borrower shall register in our IQ energy Grant Management System by accessing it via web interface https://www.iqenergy24.com/ureeff/ric, and submit an online request for IQ energy grant providing collected supporting document. It should be done within four months from the date of Loan Agreement signing; and
- The borrower shall continue the loan relationships with the bank at least till the date the request for grant is submitted.
There are some conditions which make borrower ineligible for the IQ energy grant:
- If the borrower has already requested or received a financial support for the same project from any other Facility, including the Government Energy Efficiency Programme;
- If the borrower has performed the project in a way which is inconsistent with the construction norms and regulations;
- If the borrower has performed the project using materials and technology not included into Technology Catalogue;
- If the borrower is late in submitting the grant request and it comes in to IQ energy after the end of the four months term from the Loan Agreement date; and
- If the borrower, who is selected for on-site verification, has failed to grant access to the dwelling to IQ energy verification team.
The maximum amount of all grants from all loans a single person is entitled under IQ energy programme equals to EUR 3’000.
Grant amount is calculated by IQ energy team based on the information provided by the borrower. All grant applications are subject to verification of the investments made. The verification will confirm the inclusion of the equipment and materials in the Technology Selector, the implementation of the investment, the invoices for the equipment/material and the invoices and completion documents for the installation. 10% of applications selected randomly will be subject to on-site verification and remaining 90% will be verified through a remote (desk-based) check. If your dwelling is selected for on-site verification, the IQ energy team will contact you to fix the date and time of the visit. Please do not forget to take photographs of the “before installation” status in your premises.
The decision of the IQ energy team regarding verification and grant calculation is final. Applicants have the right to raise issues regarding the process by contacting the IQ energy office. Grants are disbursed by the commercial banks from which the borrower has taken the loan. Grants are paid in EUR. Grants are credited to borrowers’ current or deposit accounts opened at the bank which made the loan. Grant payouts occur once a month.
IQ energy grants are not subject to personal income tax according to recent amendments to Tax Code of Ukraine (Articles 165.1.57 and 165.1.58).