The Cabinet of Ministers of Cyprus has approved a new programme to finance the creation of green energy storage facilities.
This was announced by the Minister of Energy, Commerce and Industry, Yiorgos Papanastasiou.
The programme will create infrastructure for the storage of energy produced from renewable sources. The programme will be implemented in two phases. The first phase will have a budget of €35 million, while the second phase will cost €5 million.
The aim of the programme is to increase the share of renewable energy sources in the country's energy balance by installing energy storage systems," said the minister.
Applications for state subsidies under the new scheme are expected to start on 15 January 2025. According to the idea, energy producers will be able to receive subsidies for the installation of storage facilities for energy generated by solar and wind power. The stored energy will be sold through competitive tenders.
It should be noted that sun and wind are the real wealth of Cyprus. They can and should be used to produce clean and affordable energy. Today, Cyprus generates 157.5 MW of electricity from wind, 317.8 MW from solar and 14.1 MW from biomass.
Households in Cyprus are increasingly interested in installing solar panels on their roofs. Approximately 30,000 homeowners have already equipped their homes with them, accounting for more than 20% of the country's total renewable energy production. Interest in this project is supported by the government: participants in the state programme for the installation of thermal insulation and solar panels on roofs are subsidised up to 50% of the cost. The government also supports companies that modernise the energy sector and switch to energy saving.
However, there are currently restrictions on the use of green energy on the island. These were introduced to ensure the stability of the local power grid. But this means that renewable energy that could be used by businesses, industry, farms and families is lost. This problem will soon be solved for the benefit of the island's population.
