THE University of Cyprus (UCY) is looking to carve out an improved energy policy in relation to renewable energy sources (RES) in Cyprus based on smart metering and self-production methods, an announcement said.
Co-funded with the European Commission’s LIFE programme, a financial instrument supporting environment and conservation projects in the European Union, the UCY programme has a budget of €1,219,838 to help take better use of photovoltaics in the electricity grid.
The UCY and LIFE will split the bill.
The task requires collaboration between the energy regulator, the electricity authority, the agriculture ministry’s environment department, the UCY as well as financial experts Deloitte.
The project will focus on improving net metering schemes in order to find financially viable solutions in the context of evaluating existing schemes, an announcement said.
Net metering aims to generate 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. So far, despite statements by officials on the importance of RES, and a number of government schemes aiming to help consumers install such systems, a disappointing number have responded to calls for applications.
However, the schemes have the potential of bringing electricity bills in Cyprus – the heftiest in the EU – down to zero.
The UCY project will look at the environmental, social and financial implications for net metering schemes and aims to propose its own pilot schemes.