16.10.2023
Climate change is a reality and, as the UN Secretary-General alarmedly stated, “the planet has exceeded its safety limits.”
The European Union is encouraging the installation of solar, photovoltaic and other installations to reduce emissions and reach its 2030 target.
Cyprus, albeit belatedly, has taken an initiative, both in terms of awareness and generous subsidies, to promote photovoltaic energy.
At the same time, rising electricity prices have encouraged citizens to accept these incentives, which provide a return of at least 30 percent on private investment.
There is a growing demand for buildings with these energy-saving features, and it is noticeable that demand for properties in cooler climates has begun to increase. For example, there used to be interest in Moniatis , but now there is a noticeable shift in interest in Platres and even Prodromos .
The value of real estate, both residential and commercial, increases in forested areas, with some businesses even moving their offices to these areas.
The government recently announced new measures to promote photovoltaic energy, which are expected to be implemented in the near future.
It appears that the capital cost of the investment will be covered by the government to the tune of around €1,500, which will be repaid over three years or so, with the repayment cost added to energy bills.
Currently, the electricity authority is fined around 250 million euros a year due to the underutilization of renewable energy, an amount that is passed on to consumers.
According to the government, the use of photovoltaic systems will reduce the cost of electricity for households from, say, 350 euros for two months to 30 euros.
It is important that buildings such as apartment buildings and offices are included in the scheme.
