Photovoltaic systems rely on converting sunlight into electricity as a form of renewable energy. Installing a photovoltaic system on your home with solar panels in Cyprus offers huge monetary benefits from lowered electricity bills as well as attractive governmental incentives.
Property Experts Cyprus reviews photovoltaic system installation advantages and the net metering scheme for solar panels in Cyprus so that your home provides you with the most!
The Push for Residential Photovoltaic Systems
Cyprus has many options when it comes to renewable energy sources, with one of the most prevalent being an abundance of sunlight. Photovoltaic systems use solar energy to meet some of the demands of electricity consumption.
The European Union and its member states have pushed for greater contributions from renewable energy sources to meet growing demands and environmental initiatives. The Renewable Energy Directive inspired Cyprus to roll out its National Action Plan which has encouraged renewable energy to achieve 13% of the makeup of the country’s energy production. The plan, which was originally aimed for 2020 before the Covid-19 pandemic disrupted many industries, focuses on harvesting solar power as Cyprus sees more than 300 days of sunlight annually.
Individual residents have been encouraged to participate in the National Action Plan by installing solar panels on Cyprus homes and be rewarded with financial incentives, such as lower electricity bills and government subsidies.
Getting a Government Subsidy for Net Metering
The most effective way to use solar panels in Cyprus to your greatest advantage is to become grid-connected. In this method, individual photovoltaic systems (PV) are producing energy for the household and when the energy produced becomes greater than the household’s need, the remainder goes to the EAC grid for consumer access.
Net Metering Financial Scheme
With the PV systems opted into the net metering scheme, household producers can earn credits for the electricity produced which in turn can be used to counter expenses on their electricity bills. It is estimated that most PV systems can generate 5,000 kWh each year for systems with a capacity of 3kW. Any household may participate as long as the property is legal and the homeowner has acquired the property’s title deed.
Households utilizing a solar power system receive a customer service panel and a special meter that monitors the amount of imported and exported energy every two-months billing cycle. Consumption of more energy than produced energy means the household merely pays the difference. If production is greater than consumption, any surplus will be rolled over to the next billing cycle.
These arrangements are made possible through Cyprus’s Solar Energy for All scheme that was introduced in 2016 by the Minister of Energy and provides licenses for photovoltaic systems installation specifically for household power systems such as solar panels for Cyprus homes that will connect to the grid.
Cyprus Renewable Energy Subsidies
In addition to the individual financial benefits of investing in solar panels in Cyprus for residences, the government launched a subsidies scheme in 2019 known as The Grant Scheme to Encourage the Use of Renewable Energy Sources and Energy Saving for Homes.
During the program, homeowners received subsidies that cover the investment costs associated with the purchase and installation of photovoltaic systems using solar panels on Cyprus homes that connect to the grid and net metering system. Individual standalone systems were not covered.
By 2020, more than 1,000 households had received 1,000 Euros (1,175 USD) to cover the cost of installing solar panels on a Cyprus home. More than 500 disadvantaged households were eligible for a higher amount.
The ultimate aim of the government’s initiatives is to have nearly 50% of households using solar panels in Cyprus contribute to the EAC grid using renewable energy sources. More funding and projects are anticipated to be announced across multiple energy-related areas in Cyprus with the hope of continuing the efforts of the Integrated National Energy and Climate Plan (EU 2020).
The Pros of Home Solar Panels in Cyprus
Installing solar panels on a Cyprus home has both short-term and long-term benefits for both you and the world. The biggest reason for using PV systems is the savings and value that come with using solar energy, but contributing to more sustainable energy consumption systems is also rewarding. These are the top four reasons you should invest in solar panels on a Cyprus home.
Savings on Electricity Bills
While the installation cost of typical solar panels is around 5,000 Euros (5,875 USD) plus 250 Euros (294 USD) for an EAC meter, the government subsidies and the savings on the electricity bills mean that homeowners recover their investment costs in as little as 4 years. From that point forward, thousands will be saved throughout the years on energy consumed. As more technological advances are made on solar energy, homeowners have a range of options on the size, quality, and capabilities of PV system solar panels to match their needs and budget.
Saved Energy for Consumption Later
Credits for energy production are stored in the net metering system. So whenever your household needs to use electricity from the grid, such as at night when the solar panels on a Cyprus home are not generating power from sunlight, you will be using your stored energy credits from the former 12 months before you start racking up electricity bills.
Investment Effective for 25 Years
Solar panels in Cyprus can last for up to 25 years. The investment in solar energy for your home is returned within 4-6 years. This means that you will receive the full financial advantage of your investment for another two decades regardless of if electricity prices continue to rise. Not only are you saving money on expenses each month, but also investing in the value of your property should you decide to sell at a later point.
Contribute to Environmentally-Friendly Initiatives
Finally, Cyprus is lucky to have an abundance of sunlight throughout the year, and making efforts to harness renewable energy sources is rewarding for homeowners. Your home is making the world a greener place and investing in the planet for future generations.
Property Experts Cyprus can provide you with more firsthand knowledge about purchasing, installing, and saving with solar panels on Cyprus homes. Contact us to learn more details about the monthly savings you can expect and the differences between PV systems for net metering.
Solar Panels Cyprus – The Takeaway
Solar panels in Cyprus offer homeowners a chance to capitalize on one of the island’s best natural assets. Investing in PV systems for net metering provides substantial savings on electricity bills for 25 years and increases the value of your property.
The professionals at Property Experts Cyprus can help you find the right PV system investment for your property type and get you set up to maximize your financial gains with solar panels in Cyprus. Don’t let a sunny day go by without making the switch to lower electricity bills.