Cabinet on Thursday approved a new subsidies plan to encourage the use of renewables and energy saving worth €25 million.
According to Energy Minister Yiorgos Lakkotrypis, the plan is divided into three categories:
The plan will subsidise a single household’s expenses on roof insulation up to 30%, with a subsidy cap of €1,500 per residence. The previous subsidy cap was €1,250.
The budget includes an subsidy per household €1000 for installing photovoltaics with the use of Net Metering.
Net metering is a system which allows consumers who generate some or all of their own electricity to use that electricity anytime, instead of when it is generated.
Photovoltaics-net metering combination
Those who wish to combine photovoltaics and roof insulation will also receive a subsidy of up to €3,000.
According to the Energy Minister, the photovoltaics plan contains provisions to help vulnerable population groups.
The plans will be funded by the surplus created in the renewable fund, the Minister said.
“We will help repay household investments faster. These investments can lead to up to 80% in savings in the cost of electricity,” Lakkotrypis added.
The plans will also help Cyprus meet its 2020 renewable energy target, he said. “We have achieved around 10% of our targets regarding electricity. We are on a good path. We have to reach 16%”.