New plan to subsidise home solar systems
2019-03-22 09:50:39 Company News
Home owners who install residential solar power systems will be eligible for state subsidies up to €1000, according to a government plan approved by the Cabinet on Thursday.
According to Maria Eracleous at Kathimerini Cyprus, the scheme is designed to cover expenses with €250 per kilowatt with a maximum of four kilowatts.
“The subsidy covers one fifth of the total installation cost of a 4 kW solar power system, which is estimated to run about 5 or 5 thousand euro,” Eracleous said.
But there is a cap at the 4 kW threshold, Eracleous added, saying that home owners who wish to install heavier systems with more solar panels won’t be able to get more than €1000 from the government.
According to experts, residential solar power systems that produce 3 or 4 kW could cover up to 90% of the needs in a typical house of about 200 square metres.
“This means that the installation cost can pay for itself in about five years if someone gets the subsidy,” Eracleous said.
The plan also covers home owners without deeds, who could still be eligible for the subsidy if they meet all other criteria.
Additional terms and conditions apply for low income households, such as the possibility to earn subsidies of up to €900 per kilowatt with a maximum amount per residential installation at €3600.
Home owners who wish to combine solar power systems with roof insulation, the state subsidy could run up as high as €3000. In such cases, roof insulation would be covered by €1800 and €300 per installed kilowatt.
This would essentially pay 35% of the total cost for roof insulation, which is estimated to run about five or six grand.
The government budget for this renewable energy subsidy comes to €24.5 million and it is expected that the money would cover over 10,000 applications.