On January 26, 2021, The Cyprus Ministry of Energy & Trade has announced the launch of a new scheme that will sponsor a total of EUR 30m to encourage energy efficiency upgrades amongst existing homeowners in Cyprus.
This new scheme results from an EU initiative to reduce greenhouse gas emissions by at least 40% by 2030. The initiative also aims to strengthen energy security, competitiveness, and sustainability among European households and businesses.
Today, residential homes and buildings are at the heart of energy efficiency policy, accounting for almost 40% of energy consumption in the EU. This initiative aims to convert older buildings into energy-efficient households, contributing to a cleaner environment.
In Cyprus, the overall energy saving potential is enormous, as 91% of all buildings in the country were built before introducing the minimum energy efficiency requirements.
The most simple and affordable way of reducing energy consumption is the thermal insulation of your home. This leads to at least a 60-70% reduction in overall energy consumption.
The lack of adequate thermal insulation in the majority of the existing buildings in Cyprus also has other adverse impacts, including:
- Negative impact on the environment and the economy
- Reduced value of your property
- Degrade quality of life
Upgrading and improving your property’s thermal insulation also grants the benefits of a complete visual renovation of your property’s exterior.
Aside from thermal insulation, Cyprus’ frequent sunlight presents another opportunity to explore additional energy savings in photovoltaics. The energy produced by photovoltaics reduces energy costs, and every homeowner can become a small electricity producer themselves to cover their own needs.
In an earlier initiative, the Cyprus Government has already funded 20.3 million EUR to 2,032 Cyprus citizens who chose to upgrade their homes’ energy efficiency levels.
The new scheme will run from 2021 to 2027. The overall sponsored amount has been increased to 70 million EUR to motivate homeowners even more and encourage them to ensure a positive environmental footprint.
The Ministry of Energy, Commerce, and Trade is giving you the opportunity to harmonize your home with modern green development trends, giving you an additional incentive for state sponsorship to carry out your home’s energy upgrade.
The scheme covers the following upgrades:
- Thermal Insulation
- Replacement of frames
- Installation of shading systems
- Installation or replacement of solar panels
- Installation or replacement of photovoltaics
- Installation or replacement of air conditioners
- Installation or replacement of solar energy storage batteries
Under the new scheme, no offers, invoices, and receipts will be requested. For each expenditure, there will be a predetermined eligible cost. This means a much more rapid examination of applications.
There will, however, be safeguards in place to check the projects and the associated expenditure.