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Cyprus

VAT slashed for home improvements, subsidies for new solar water heaters

The cabinet on Tuesday approved a lower VAT rate of 5 per cent for all house renovations, deputy government spokesman Victoras Papadopoulos said.

Speaking after the session, Papadopoulos said the rate would apply to renovations and repairs of all private properties including those that are not used as a primary residence.

The standard rate so far was 19 per cent with the reduced rate applying to just primary residencies.

The cabinet’s decision means the lower rate will apply for renovation work on all housing units.

The reduced rate will also be paid by vulnerable consumer groups and residents of remote areas, for repairs and improvements to private homes, including upgrading their energy efficiency and structural integrity.

Energy Minister Giorgos Lakkotrypis said the cabinet had approved two support schemes offering assistance in replacing solar water heaters for homes, and installing photovoltaic net metering systems for commercial consumers.

The first scheme offers €350 in assistance per home for replacing solar water heaters and €175 per unit to replace existing solar panels.

The second scheme “Solar energy for everyone” relates provides for an increase in the maximum capacity for net metering systems from 3KW to 5KW. This is the first time commercial consumers are included in the scheme.

Vulnerable groups are eligible for up to €2,700 for net metering installations.

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