The Council of Ministers approved today, January 25, 2024, following a proposal by the Minister of Energy, Trade and Industry, Mr. Giorgos Papanastasiou, the new "Sponsorship Plan to encourage the use of RES and Energy Saving in residences 2024-25".
The Grant Scheme in question, which will be implemented by the Renewable Energy Sources (RES) and Energy Savings (EXE) Fund, provides for a grant for the installation of a photovoltaic system and/or roof thermal insulation in existing homes. The Plan is co-financed by the Renewable Energy and Energy Fund and the Recovery and Resilience Plan "Cyprus_Tomorrow".
With the approval of the Plan, the process of registering "Participating Merchants" is expected to begin in the next few days. The submission of applications is expected to start around the end of February, when the above process is completed.
The Plan Categories concern:
(1) Category A1: Photovoltaics – General Category with sponsorship of €375 per kW and maximum sponsorship amount of €1.500 (4kW) – 50% increase for mountainous areas,
(2) Category A2: Photovoltaics – Vulnerable Households with a sponsorship of €1.250 per kW and a maximum sponsorship amount of €6.250 (5kW),
(3) Category A3: Photovoltaics For All with a sponsorship of €250 per kW and a maximum sponsorship amount of €1.000 (4kW) and additionally an investment repayment of €1.000 per kW with a maximum "repayment amount" of €4.000,
(4) Category B1: Roof Insulation – General Category with 50% sponsorship and a maximum sponsorship amount of €2.500 and/or €25,00 per sq.m. – 50% increase for mountainous areas,
(5) Category B2: Roof Thermal Insulation – Vulnerable Households with 75% sponsorship and a maximum sponsorship amount of €3.750 or €37,50 per sq.m.
In relation to the corresponding Grant Scheme implemented in 2022–2023, the following significant changes have been made to the new Grant Scheme:
Creation of the new Category A3: Photovoltaics For All with the possibility of installing a photovoltaic system by citizens who do not have the initial capital.
Creation of a new special Category B2: Roof Thermal Insulation for Vulnerable Households A with increased sponsorship.
Provision for a one-time reward (bonus) of €750 in the event that both types of investments (photovoltaic and roof thermal insulation) are implemented in the same house.
Modification of the implementation and application submission process (applications will be processed electronically), with the aim of reducing paperwork for applicants and speeding up the time for the payment of the sponsorship.
Installations will be made by merchants registered in the "Participating Merchants" list. In this way, applicants are facilitated when submitting the application and at the same time a 7-year commercial guarantee is ensured for their benefit, which strengthens the viability of the investment.
All potential beneficiaries will receive pre-approval before the implementation of the investment, a process that ensures for the applicant the possibility of a grant and for the implementing body a greater possibility of control, while significantly speeding up the time of payment of the grant.