The Cyprus Ministry of Energy, Commerce and Industry recently announced that it will launch the "Photovoltaic for All" plan starting this year, investing 90 million euros in the next three years to increase the use of photovoltaic panels, enhance photovoltaic power generation capacity, and thereby reduce household electricity bills. This year, the Cyprus government expects to provide subsidies for the installation of rooftop photovoltaic systems for about 6,000 households. These households can choose to spread the cost of installing photovoltaic systems into their subsequent electricity bills. Local media believe that the plan is expected to significantly reduce residents' electricity bills and accelerate the country's green transformation.
As a country with traditional energy shortages and high energy prices, Cyprus has paid more attention to the development of renewable energy in recent years and plans to increase the proportion of renewable energy to 22.9% by 2030. With an average of more than 300 days of sunshine throughout the year, Cyprus has unique conditions for the development of photovoltaic power generation. In 2022, the Cyprus government will begin to increase subsidies for household photovoltaic power generation and house insulation renovations, and will almost double subsidies for household installation of solar panels. According to projections from the Cyprus Ministry of Energy, Commerce and Industry, nearly half of the country's households will have solar panels by 2030.
Official data from Cyprus shows that the current installed photovoltaic capacity in Cyprus has exceeded 350 MW. The government also plans to build a photovoltaic park with an installed capacity of 72 MW near the capital Nicosia, with an investment of more than 70 million euros. In order to solve the problem of insufficient photovoltaic energy storage equipment, the Cyprus government has received a grant of 40 million euros from the "EU Just Transition Fund" to build centralized energy storage facilities, which are planned to be handed over to operators for unified management after completion.
In addition to photovoltaics, Cyprus is also developing other types of renewable energy. The country's largest wind farm is located in the Paphos Mountains in the southwest, equipped with 41 wind turbines with an installed capacity of 82 MW, equivalent to 5% of the country's total power generation capacity. Cyprus has also jointly developed the country's first green hydrogen project with a German company and received financial support of 4.5 million euros from the EU Innovation Fund in 2022. It is expected to produce 150 tons of green hydrogen per year upon completion. In 2023, Cyprus and eight EU member states in the Mediterranean region signed a joint declaration aimed at promoting the Mediterranean region to become a European green energy center and calling on the European Commission to consider establishing a green energy interconnection between countries rich in renewable energy resources in Europe and North Africa. corridor.
It is understood that the Cyprus government is trying to establish a power interconnection network connecting Greece and Egypt. The network is expected to be initially completed in 2027. By then, Cyprus can export renewable energy power to European and African countries, contributing to the energy transformation of regional countries.