Adoption of photovoltaics

Climate change is a reality and as the UN secretary-general anxiously stated, “the planet has exceeded safety limits”.

The European Union is encouraging the installation of solar, photovoltaic and other installations in an effort to reduce emissions to meet its 2030 target.

Our state, albeit belatedly, has undertaken an initiative, both in terms of information and generous subsidies, to promote photovoltaics.

At the same time, rising energy costs have encouraged citizens to adopt these incentives, which provide for a return of at least 30 per cent on a private investment.

There is an increasing demand for buildings that have such energy-saving features, while it is noticeable that real estate demand has begun to move to higher altitudes, aiming at a cooler climate. While there used to be interest in Moniatis, for example, there has been a noticeable shift of interest towards Platres and even Prodromos.

There is increased value placed on property in forested places, both residential and commercial, and we will start to see some businesses move their offices to these locations.

The government recently announced new measures to promote photovoltaic energy, which are expected to be published in the near future.

It looks like the capital value of the investment will be covered by the government with an amount of around €1,500, which will be repaid over within three year or so, with the repayment cost added to electricity bills.

As things currently stand and due to insufficient use of renewable energy, the electricity authority is fined around €250 million per year, an amount that is passed on to consumers

According to the government, use of photovoltaics would see the the cost of electricity for households drop from say €350 for two months to €30.

It is important that buildings, such as apartment buildings and offices are included in the scheme.

The proposal will be worth studying as it is a move in the right direction,

Antonis Loizou & Associates EPE – Real Estate Appraisers & Development Project Managers, www.aloizou.com.cy, [email protected]