Germany’s largest heat pump installer thermondo has raised €50 million in special purpose vehicle financing for its flex financing program, which aims to make the transition to climate-friendly heating solutions much easier and more widely accessible through affordable instalment payments.
The funding enables the company to provide around 1,600 heat pumps on instalments for homeowners throughout Germany.
The thermondo flex instalment purchase model allows homeowners to switch to a heat pump without a large upfront investment. Instead, the system is financed over 15 years through fixed monthly payments at a market-standard effective annual interest rate of 6.00 per cent.
On average, the monthly payment before applying for government subsidies is under 300 euros. If the maximum state subsidy of 70 per cent is used for an early partial repayment, the monthly rate can be reduced to under 100 euros. Special repayments or full repayment are possible at any time without additional charges.
The financing, including consultation, contract processing, and customer service, is provided directly by thermondo. Customers retain ownership of the heat pump from the outset and benefit from government subsidies and consistently low heating costs.
“For the energy transition, we need financing solutions that work for everyone”, commented Jason Goldstein, VP Strategic Finance at thermondo.
thermondo was launched in Berlin in 2013 as a digital heating installer – today, thermondo is considered a key enabler of the energy transition for Germany's existing one - and two-family homes.
With the takeover of the southwest German photovoltaic company FEBESOL in April 2024, the thermondo Group employs over 1,000 people, including over 600 permanent craftsmen: inside and has an installed base of over 50,000 systems, including over 9,000 heat pumps in its inventory. Thermondo is therefore not only considered the largest heat pump installer, but also the cleantech with the second largest customer base in Germany.
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