INSPIRenov

INSPIRenov (“FINancial Schemes for Providing Innovation in the Energy RENOVation”) is a project funded under the LIFE CET programme, focused on developing financial instruments and commercial banking products for the energy-efficient renovation of residential buildings in Bulgaria. The project aims to improve homeowners’ access to sustainable financing, increase private-sector participation, and optimise the use of public resources through blended financing schemes and risk-sharing mechanisms.

INSPIRenov is designed to create a functional financing model for energy-efficient renovation of the building stock in Bulgaria, which can be applied within the future operations of the National Decarbonisation Fund (NDF), by developing solutions that may be adopted once the Fund is established. The project works primarily with financial institutions, public authorities, and expert groups, rather than with the general public.

Objectives

• Develop the structure of blended financing schemes for building renovation.
• Establish a risk-sharing mechanism, supported by guarantees and appropriate financial tools.
• Design commercial loan products tailored to household capacities and repayment behaviour.
• Deliver models and recommendations for the upcoming National Decarbonisation Fund (NDF).
• Strengthen coordination between public authorities, municipalities and the financial sector.

Objectives

• Develop the structure of blended financing schemes for building renovation.
• Establish a risk-sharing mechanism, supported by guarantees and appropriate financial tools.
• Design commercial loan products tailored to household capacities and repayment behaviour.
• Deliver models and recommendations for the upcoming National Decarbonisation Fund (NDF).
• Strengthen coordination between public authorities, municipalities and the financial sector.

Expected Results

• Developed and validated (at analytical and process level) models for blended financing and risk-sharing mechanisms.
• A concept for commercial banking products, aligned with market conditions and household financial behaviour.
• Documents and models that can be used by the National Decarbonisation Fund for the implementation of financial instruments for energy-efficient renovation.
• Identified opportunities for optimising administrative, coordination and procedural practices among key institutions and financial actors.
• A set of methodologies, templates, procedures and tools suitable for national application and adaptation in other EU Member States.

How does INSPIRenov work?

• Step 1: Identify and engage the appropriate stakeholders in the co-development process.
• Step 2: Organise and facilitate the co-development process for the blended financial product.
• Step 3: Establish a testing and monitoring mechanism that provides relevant and timely data for the long-term successful management of the instrument.
• Step 4: Deliver a functional financial solution for EE renovation, thereby creating a support mechanism for the future National Decarbonisation Fund (NDF), which will be able to test and apply proven financial products.
• Step 5: Ensure strong potential for replication of the results at national and international level after the end of the project.

Pathfinder for Innovation Working Groups

• Working Group 1: Policy and Strategic Guidance
Homeowner associations, business organisations and public authorities that provide feedback on project outputs, with a particular focus on ensuring national relevance and applicability of the results.
• Working Group 2: Technical (Financial Product Development)
This group works exclusively on the co-development of the blended financial product and consists primarily of public institutions, financial institutions, commercial banks and key INSPIRenov experts.