THE electricity authority, EAC, says it will help fund the installation of small home renewable energy facilities for vulnerable groups who are eligible for a state subsidy but perhaps not in a position to find the rest of the cash.
This money would then be paid back to the EAC in instalments while homeowners would still see saving through their use of the system, the electricity provider said.
The EAC said it was in the process of working out the logistics of helping offset the initial investment costs for 200 households eligible to install small photovoltaics systems as part of the government-funded net-metering scheme.
The scheme aims at generating savings for households via the use of renewable energy sources for electricity production. With net-metering, consumers draw electricity as normal from the grid but only pay EAC the difference between the energy they draw and what is fed back into the system via their installed photovoltaic system.
Vulnerable households are eligible to apply for a state subsidy of €900 per one installed kilowatt up to 3kW, but have to pay the remainder of the initial investment costs themselves, which comes to about as much as the subsidy itself.
The EAC said it would pay the remainder of the upfront costs, with consumers paying it back in instalments over time. The EAC did not say whether it would charge interest. Details will be forthcoming within the next few days, the EAC said.
Out of the 2,000 households eligible to apply, fewer than 900 applications have been filed, and a second application round is now open until October 18. The EAC said its proposal will help the government meets its targets.
Visit www.cie.org.cy to find out more about ongoing photovoltaic schemes.