Approximately 70% of the Latvian population lives in housing blocks built in the Soviet period until the Year 1992. Average lifespan of these buildings is coming to an end and technical conditions of multifamily buildings are rapidly deteriorating because of the lack of proper maintenance.
In many occasions it happens due to the apartment residents’ lack of awareness about property management and financing opportunities for larger construction works of the apartment building.
During comprehensive renovation in multifamily residential buildings the engineering network elements and exterior construction will be improved, resulting in:
The EPC is a contract between a legal entity, the Energy Efficiency Service Provider (ESCO), and the residents of an apartment building, with the aim of renovating the apartment building and guaranteeing certain heat savings. Learn more
An ESCO is a legal entity that provides for the renovation of apartment buildings by signing with the residents an Energy perforamance Contract (EPC). Learn more.
Unless otherwise decided by the apartment owner’s general meeting, the renovation project is implemented and paid for by the Energy Efficiency Service Provider (ESCO) when choosing to enter into an Energy Performance Contract (EPC). The ESCO provides the necessary capital investment, but the investment in the renovation of the apartment building is reimbursed from the saved heat, the financial support received and the payments made by the apartment owners, as defined by the EPC. Learn more.
