Cyprus Boosts Subsidies for Photovoltaic Systems to Alleviate Rising Energy Costs
The escalating costs of electricity on the island have prompted Cypriots to adopt more economical practices, from limiting the use of home appliances to embracing alternative energy sources. Recognizing the significance of solar energy in Cyprus, given its favorable geographical location, the government has taken steps to incentivize the installation of photovoltaic systems, commonly known as solar panels, in households.
In a move to further support the adoption of solar energy, the government has increased subsidies for eligible customers, particularly focusing on vulnerable groups. The Cabinet's recent decision, announced on December 21, revealed an augmentation in the state subsidy for installing photovoltaic systems in residential buildings for vulnerable consumers. Consequently, the subsidy has been raised to €1,250 per kilowatt (kW) installed, up from the previous €1,000 per kW. The maximum subsidy has also increased to €6,250, compared to the earlier cap of €5,000.
The program targets residential buildings with vulnerable electricity consumers, offering enhanced financial support for those who meet specific criteria. The increased subsidy aims to alleviate the financial burden on vulnerable citizens and promote the widespread adoption of solar energy solutions.
The Ministry of Energy emphasized that this initiative will persist until new criteria for the subsidy scheme are introduced. Notably, the list of eligible citizens comprises families with dependent minor children receiving child allowance (with a total annual family income not exceeding €19,500), individuals with specific medical conditions such as renal failure, multiple sclerosis, laryngeal cancer survivors, heart transplant recipients, and those suffering from Raynaud's disease.
This strategic move aligns with Cyprus's commitment to sustainable energy practices, empowering vulnerable citizens to harness the benefits of renewable energy sources while mitigating the impact of rising energy costs.
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