Subsidising investment for renewable energy and energy saving measures in vulnerable homes in Cyprus
About this good practice
The Renewable Energy Sources (RES) and Energy Conservation (EC) Fund (the Fund) is the main financial tool of the Republic of Cyprus to promote RES and EC, with a view to achieving the binding national targets. In addition, it aims to provide energy upgrades for old buildings and reduce energy costs. Category 3B of the fund, which is named “Installation of Photovoltaic System using the Net Metering method in existing dwellings” provides sponsorship for installation of solar PVs in the homes of vulnerable consumers. Vulnerable consumers are defined as are Individuals who, either themselves or another person with whom they live permanently in the same house and with whom they have a first-degree kinship, is a vulnerable consumer of electricity – large families who receive welfare benefit, recipients of care or disability allowance, recipients of public assistance, minimum guaranteed income and low income pensioners. These consumers can receive 750€ per kW Photovoltaic System up to a maximum amount of 3,750€.
Resources needed
Fund budget amounts to 8.1 million euros, expected to cover 6,500 applications
Evidence of success
Up to end of December 2020, there were 725 applications from vulnerable consumers, of which 434 were accepted, for solar PV installation using net metering and 1,356 applications from non-vulnerable consumers. In 2020, 83 new PV systems were implemented.
Potential for learning or transfer
This fund, which is specifically allocated to increasing the use of renewable energies, as well as having an energy efficiency aspect, has the potential for replication in many areas where solar PV is a financially viable and a year-round possibility. By providing a high subsidy to vulnerable consumers in receipt of certain benefits or who are elderly, or disabled, there is an increased incentive to implement renewable, cheap electricity in
households who might otherwise struggle to pay their bills, without having to pay a large upfront bill.
Further information
Website
Good practice owner
You can contact the good practice owner below for more detailed information.
Ministry of Energy, Trade and Industry