By 2028, all households in Cyprus will be equipped with smart meters.
This was recently announced by the Electricity Authority of Cyprus (EAC).
The initiative is expected to completely change the way electricity is consumed in the country. According to preliminary estimates, the new equipment will be installed in 500,000 homes across the island. The initiative will begin as early as the end of January. EAC teams will work daily, including weekends, to replace old meters with new ones in residential, small commercial and industrial premises where electricity bills are issued twice a month.
It is worth noting that due to the constant delays in the implementation of the project, Cyprus has lost almost €35 million in funding from the Recovery and Sustainability Fund. The money was earmarked for the purchase of smart meters by CYTA. However, thanks to the efforts of officials and adjustments, the project received the necessary funds for implementation. The total cost of the project is estimated at €50 million. The remaining costs, including installation, will be covered by EAC reserves.
The EAC emphasised that the new meters offer a number of benefits to users over the old ones. These include
- Real-time consumption tracking. With smart meters, users can see how much energy they are using at any given time. This helps them to adjust their habits, such as switching off unnecessary appliances or using energy-efficient equipment to reduce their electricity bills.
- Savings through flexible pricing. Energy companies offer tariffs that vary according to the time of day. Users can reduce costs by shifting energy-intensive tasks (such as washing or heating water) to periods when tariffs are lower.
- Transparent energy bills. With smart meters, you no longer need to rely on estimates or forecasts. Every bill is based on accurate actual consumption data, eliminating errors and misunderstandings.
- Quickly identify and fix faults. Advanced meters automatically notify suppliers of network faults. This speeds up the diagnosis process and enables power to be restored more quickly.
- Prepayment option. For tenants or those who want to better control their costs, smart meters offer a prepayment system. This allows you to use exactly as much energy as you have paid for in advance, avoiding overpayments.
- Fighting electricity theft. New technologies make it easier to detect illegal connections to the grid. This not only helps energy companies, but also prevents overpayments by conscientious consumers.
Remember that electricity is the most expensive item of expenditure in Cyprus. This is particularly noticeable in winter, when it is necessary to keep hot water and heating appliances on all the time. The average bill for a one-bedroom apartment at this time of year is around €100-150 per month. It is slightly cheaper in the summer. The monthly price can vary slightly in either direction. As the power stations in Cyprus use purchased fuel oil, prices are directly linked to the cost of oil on the world market. Therefore, when oil becomes more expensive, the price of electricity on the island increases and vice versa.