"Energy Efficient" loan program was launched in August 2017 in the communities of Armenia without gas supply (the beneficiaries of the program are 38,242 families from 282 communities with no gas supply). 2685 solar water heaters and 101 solar photovoltaic systems have been installed as of May 31, 2019.
On average, the installation of one solar battery will cost about $ 5,000 for a family of 4-5, plus $400 is required to replace or repair the inverters every seven years.
International financial development institutions are investing in low-income, low-middle-income households for energy efficient renovation of apartments and installation of solar panels in Armenia through the commercial banks. In their turn, commerical banks provide loans at the following interest rates: 10.45% - 16.17% - "Inecobank", 12.15% - "Evocabank", up to 13% - "Unibank", 10.76-10.96% - "Acba Credit Agricol Bank", small or equal 12.02% - Converse Bank. The interest rate is related to the loan term and customer rating in case of "Ardshinbank", etc.
To provide heating and hot water for a middle-class apartment, the family has to spend the equivalent of about $ 6000 in 7 years (installation of the system and its current repair, loan interest rate). The new costs will be reimbursed in the 8th year, and they will not pay for the used solar energy after that.
A few years ago, the investment costs of a solar photovoltaic plant were quite expensive for 1 kW, and depending on the technology, it ranged from $2,500 to $5,200, and the cost for centralized solar thermal power plants ranged from $4,000 to $6,000 per kilowatt. Of course, the majority of the population in Armenia is not ready to pay such a price and use such an expensive resource. Now those prices are relatively low, but still remain inaccessible to the general population.
On average, each photovoltaic plant with 1 kW capacity can help reduce emissions of up to 3,200 kg of CO2 emissions per year.
16:52 April 16, 2020