Financing

1. Subsidies and arranging finance
  • Many European countries provide subsidies to cover the costs of planning and installing an elevator. These vary considerably, but may cover as much as 60–70% of the total cost of the project.
  • The usual way to finance the project is for the residents’ association to get a bank loan, which is paid back over a period of five to ten years. Loan repayments are then financed through the residents’ monthly service fee.
2. Sharing costs
  • The cost of the project can be shared in several different ways: It can be distributed evenly, or residents on upper floors can pay a higher percentage, since they are likely to use the elevator more.