01.05.2023
There is an obvious strong interest in installing photovoltaic systems on rooftops or in other designated areas. Based on a government subsidy program, photovoltaic systems operate by offsetting electricity produced and consumed.
That is, each house produces energy using photovoltaics and consumes the electricity needed at the moment, based on the consumption needed by the house. The remaining energy is sent to the Electricity Authority of Cyprus and credited to the account of the owner. Each invoice issued by EAC shows how much the house has consumed and how much has been transferred to EAC.
The advantages of this method are that a photovoltaic system can largely cover the basic needs of a house, the “recovery” of the money it cost is fast (3-5 years), and the financial benefit appears after about 15 years . With the installation of photovoltaic systems, you also increase the value of your home.
It should be emphasized that the performance of the system depends on where it is installed, on the roof or elsewhere, as well as the correct slope and orientation, and the amount of sunlight available depending on the time of year.
The cost of the system is about 6000-7000 euros depending on the power of about 3.30 kW. With a grant for vulnerable groups of about 1,000 euros/kWh, that’s 3,300 euros. The subsidy covers half the cost, leaving approximately €3,000 on the owner’s shoulders.
After operating for 2.5-3 years, these costs are covered and from that moment on, the owner benefits from all electricity production for 15 years with the possibility of renewing the contract with the Electricity Supply Authority.
It should be emphasized that the amount of kWh is estimated and provided together with a subsidy depending on the use of electricity in the last 12 months. This determines the amount of kW required to cover the average consumption of a home.
Architects, developers, etc. should get into the habit of encouraging owners to obtain permission at the design stage to install photovoltaic systems with a capacity of at least 3kW.
The increase in the use of photovoltaics will also help the Republic of Cyprus harmonize with the European Directive, which has been increased from 32% in 2022 to 42.50% by 2030.
Cyprus continues to rank low among the countries of the European Union as in 2021 only about 18% of its gross electricity consumption was generated from renewable energy sources, placing it 23rd out of 27 partners.
