Government’s co-financing plan for solar hot water production systems

Posted on 11 Jun 2020

The Management Committee of the Renewable Energy and Energy Conservation Fund (RES and EX.E), under the Ministry of Energy, Commerce and Industry of Cyprus, has announced a new Sponsorship Plan to subsidize and/or finance investments or activities to promote renewable energy resources (RES).

The Sponsorship Plan aims to provide financial incentives, in the form of government sponsorship, to install or replace solar hot water production systems for use in existing dwellings. The Plan covers investments related to the purchase and installation of new equipment.

This Plan will remain in force until 30/10/2020 or until the available budget of €600,000 is exhausted, whichever comes first. The Fund is anticipating that approximately 2,000 applications will be lodged.

Installations undertaken after 01/01/2019 and future planned activities will be considered, and the amount of sponsorship provided will vary from €150 to €350, depending on the type of water heating system and/or solar panels installed.

Consideration will also be given to Installations in existing dwellings for which the application for a building or planning permit was submitted prior to 21/12/2007.

Electronic applications on the prescribed forms only will be accepted, via the website of the RES fund.

Certain conditions will apply and applications must be in accordance with the procedure and standard forms available for this purpose.

Further guidance is provided in the FAQ section on the Fund’s website.

For any further information please contact Savvas Savvides, Partner, Michael Kyprianou and Co LLC at  Savvas.Savvides@kyprianou.com, or call 26930800.