The Ministry of Energy, Trade and Industry announced on Tuesday March 9 that the Home Energy Drive program started in Cyprus.
The program is co-financed by the Republic of Cyprus and the European Regional Development Fund.
The new plan aims to provide financial assistance to Cyprus resident homeowners who want to make their homes more energy efficient.
According to the release, program participants can count on subsidies from the government in the amount of 60% of the cost of improving their property. Vulnerable groups of the population can get up to 80%.
At the same time, the maximum amount of sponsorship can range from EUR 22 to 32 thousand, depending on the category of investment.
It should be noted that the new program will be implemented in several stages.
First, Cyprus has allocated a total of EUR 30 million for the purchase and installation of materials and equipment to improve the energy efficiency of homes. The plan also includes coverage for consulting costs, house insulation, window replacement, and shading systems. Another EUR 70 million to be allocated in the second phase, which will be launched by 2027.
Individuals who own private real estate located in the territories controlled by the Republic of Cyprus can become the beneficiaries of the project. The plan does not apply to homes located on British bases. Nevertheless, the Ministry mentioned that they plan to launch a similar scheme there, but a little later.
By the way, the new plan of government support will be implemented on the basis of Cyprus' commitments to switch to clean energy, within the framework of the Paris Agreement, which regulates measures to reduce the carbon dioxide content in the atmosphere from 2020.
As you may know in 2030, Cyprus must reduce gas emissions by at least 40%, increasing energy efficiency by at least 32.5%. Therefore, in an effort to achieve these goals, the country's authorities have developed a plan to modernize Cypriot houses, which will make them more energy efficient.
To participate in the program, you must submit an online application on the website of the Ministry of Energy, Trade and Industry.
Find out more info here. Also you can call 22867190 or write an email to the ministry at sit@meci.gov.cy.