OP and LeaseGreen launch the first Energy Renovation in a Helsinki-based housing company: heating bill will be halved and carbon footprint will be cut

Financed by OP and implemented by LeaseGreen, the Energy Renovation will half the housing company's heating costs and cut its carbon footprint from heating by some 60 per cent.

The block of flats in Meilahti, Helsinki, will undergo a full energy renovation in which its heating system is switched from district heating to geothermal heating, the main distribution board is changed and a cooling cycle based on geothermal cooling is installed in the building for cooling down the flats in hot weather. The revamp also includes the modernisation of the property's building automation.

The project to be launched is the first property in Finland for the service that is designed specifically for housing companies. The revamp will reduce the housing company's annual energy costs by up to 12,000 euros and shave some 60 per cent off its carbon footprint from heating. The entire renovation will be completed in approximately two months.

The first geothermal wells will be drilled in Mannerheimintie on Monday and in November the housing company will switch to geothermal heating.

- As a housing company, we appreciate it that LeaseGreen and OP offered us an easy package on a turnkey basis. The plans made convinced us and financing based on a monthly payment was tempting as heating costs decrease at the same time, says Matti Kupari, the Board representative of the housing company.

The energy renovation will be financed with OP's new financing model that entails paying the renovation off in fixed monthly instalments. 

- Renovations usually represent a cost for the housing company, but energy renovation even saves shareholders' money over the long term. Energy renovations can thus be beneficial for the shareholders, the housing company and the society at large, says Jarkko Kyttänen, SVP in charge of OP's housing-related services. 

The renovations are implemented by LeaseGreen, which has completed energy renovations for large office buildings and industrial production facilities.  

- Thousands of housing companies in Finland could benefit from an Energy Renovation. We hope to carry out similar renovations in many other housing companies. We are pleased to be able to improve indoor comfort conditions in Finland one house at a time, says Tomi Mäkipelto, CEO of LeaseGreen.

OP and LeaseGreen have offered the Energy Renovation service to housing companies since the beginning of this year. Energy renovations are a cost-effective way to curb climate change. As much of 40 per cent of the energy consumed in Finland is used by real property, which means that improving their energy efficiency would help to reduce Finland's overall carbon footprint. LeaseGreen's energy renovations have reduced the energy bills of buildings by 24 per cent on average.

One of the objectives of OP's corporate social responsibility programme is to finance sustainable economy. With regard to its own operations, OP plans to be carbon positive by 2025.

For more information on renovations, go to www.energiaremontti.fi