After years of delays, the Electricity Authority of Cyprus (EAC) will begin installing smart meters this month, starting with urban areas across the country.

EAC spokesperson Christina Papadopoulou outlined the benefits of the smart metres, noting that consumers will have access to real-time daily updates on electricity consumption.

“Consumers will be able to see how much energy they use each day, enabling them to adjust their habits if they wish to save energy and reduce their electricity bills,” she told StockWatch.

She added that certain electrical appliances can be operated during off-peak hours, where electricity costs will be lower.

The spokeswoman further explained that advanced billing systems offered by various electricity suppliers – not just the EAC – will feature pricing models with higher rates during peak hours and lower rates during off-peak hours.

Furthermore, electricity bills will be issued promptly and with accuracy, eliminating the need for estimated charges.

Faults will also be detected and repaired more quickly, reducing the time needed to restore power.

Informational leaflets have already been sent to consumers via their electricity bills, detailing the installation process. Papadopoulou assured consumers that the installation would not require any action on their part, except for a brief 20-minute power outage during the procedure.

According to the authority’s plans, the installation of 500,000 smart meters will be completed by 2028.

The system will also apply to those who have installed photovoltaic systems.

EAC Chairman George Petrou and the vice-president of the Natural Gas Infrastructure Company (Etyfa) announced earlier this month that the first batch of 30,000 smart meters is expected to arrive by the end of 2024. Additional batches of the same quantity will be delivered monthly until March 2025, enabling installations for residential and medium-sized businesses.

Funded by the European Union, the original plan envisioned the installation of approximately 400,000 smart meters during 2025 and 2026.

The rollout of smart meters is expected to lower operational costs by reducing the workforce required for manual meter readings from 90 to about 23–25 over time. With smart meters, EAC will no longer need to send workers to individual homes and would allow consumers to monitor their electricity usage independently.