Cyprus Unveils Ambitious “Photovoltaics For All” Grant Scheme With €30 Million Budget

In a press conference held by the Minister of Energy, Trade, and Industry, Mr. Giorgos Papanastasiou, Cyprus announced a groundbreaking initiative, the “Photovoltaics for All” Grant Scheme. Set to launch at the beginning of 2024, this program, under the RES and EXE Fund, boasts a substantial budget of €30 million. The press conference witnessed the presence of key figures, including Ms. Despina Panagiotou Theodosiou, President of the Board of Directors of the Cyprus Electricity Authority (ECA), and Mr. Adonis Jasemidis, the General Manager of the Authority.

Mr. Papanastasiou elucidated that “Photovoltaics for All” marks a pivotal evolution in the existing Grant Scheme, emphasizing the promotion of photovoltaic systems and thermal insulation of roofs in houses. The plan’s implementation will be extended, with a renewed announcement expected at the start of 2024.

The primary objective of the plan is to facilitate the installation of photovoltaic systems for all domestic consumers. A new category, “Photovoltaics for All,” targets homeowners lacking initial capital, enabling them to install a photovoltaic system of up to 4.16 kW in their homes—equivalent to the consumption of an average household (approximately 6,000 kWh in the previous year).

Applicants for the “Photovoltaic for All” category will benefit from pre-approval, enabling them to proceed with installation without upfront capital. Repayment of the system will commence from the first day of connection, with bimonthly charges of €150 incorporated into the electricity bill. The RES and EX.E Fund will introduce a specialized computerized system for efficient collection registration, empowering applicants to monitor repayment details seamlessly.

Addressing the gathering, Ms. Theodosiou, ECA President, emphasized the authority’s proactive role in implementing the “Photovoltaics for All” Plan. She highlighted the broader significance of transitioning to green energy, asserting its importance for Cyprus and all European Union member countries. Ms. Theodosiou commended the plan as a bold and essential step toward a better, more sustainable future for society and the economy.