Energy ministry introduces 2024 subsidy plans for rooftop PV & insulation

The Ministry of energy, commerce, and industry formally released the specifics of proposed subsidy plans on Tuesday, marking a significant step towards encouraging renewable energy and energy-efficient activities.

The plan, set for the 2024-2025 period and financed through the state's energy and resilience funds, targets the encouragement of rooftop PV panel installations and the implementation of energy-saving measures such as roof insulation on existing buildings.

Here are the key categories under the proposed plan:

A1: General Household Subsidy
Amount: €375/kW, up to €1,500 (for 4kW)
50% increase for mountain regions

A2: Vulnerable Households Subsidy
Amount: €1,250/kW, up to €6,250 (for 5kW)

A3: 'PVs for All' Subsidy
Amount: €250/kW, up to €1,000 (for 4kW)
Investment payback: €1,000/kW, capped at €4,000 (for 4kW)

B1: General Rooftop Insulation Subsidy
50% subsidy, up to €2,500
50% increase for mountain regions
Alternatively, €25/m2

B2: Vulnerable Households Rooftop Insulation Subsidy
75% subsidy, up to €3,750
Alternatively, €37.50/m2

The ministry highlighted improvements in benefits compared to the 2022-2023 scheme, such as the 'PVs for All' category, allowing PV system installation without initial capital. Additionally, there is an increased subsidy rate for insulation in vulnerable households.

To streamline the application process, the ministry has simplified paperwork requirements, and notice of approval will be directly sent by the installation company. Installations must be conducted by registered installers listed in the "Participating Traders" list.

Notably, the proposed scheme is pending final approval, which is expected after the negotiation period concludes. The deadline for submitting suggestions is January 16 at 9 am. Comments can be sent to gtsiamettis@meci.gov.cy and sioannou@meci.gov.cy.