Cyprus has exceeded its European goals for 2020 regarding the contribution of RES to final energy consumption, reaching 17% from 13% which was the target, Minister of Energy, Commerce and Industry Natasa Pilides said on Thursday, during the presentation of the new subsidy scheme for energy efficient home upgrades.

The second announcement of the subsidy plan for the energy upgrade of homes has a budget of €35 million. The Minister said that it attracts a lot of interest and brings about permanent and efficient measures resulting in huge energy savings and a corresponding reduction in electricity and heating bills.

"This is a generous plan that covers up to €32,000 and approximately 60% of the expenditure for the energy upgrade, while for vulnerable households and mountainous areas 80% of the expenditure is covered. The inclusion of mountainous areas in the category of beneficiaries for increased sponsorship, is one of the innovations of the new announcement decided in the context of the Government's policy to support mountain communities", she said.

Pilides noted that she expects an even greater interest in this second announcement, given that citizens, due to the energy crisis and energy price hikes, have become much more aware of the need to invest in measures that will reduce energy costs.

"Indeed, it is estimated that in our country residences are responsible for 18% of the final energy consumption, while another 12% is due to the buildings that house businesses. Regarding new buildings, we have proceeded, since 2021 to upgrade the energy efficiency requirements and now the new buildings have almost zero energy consumption", she underlined.

She noted that Cyprus has reached 16% in 2022 of electricity generation from RES compared to 11.31% in 2019 and 8.3% in 2013. Furthermore, the share of RES in final energy consumption in 2021 reached 18.22%, compared to 12.53% in 2019 and 7.91% in 2013. Finally, the installed RES capacity by December of 2022 reached 600 MW, three times that of 2013. Meanwhile, another 70 commercial RES projects, with a total capacity of 115 MW, are under implementation, she said.

As a result, the European goals of the Republic of Cyprus for 2020 have not only been achieved, but exceeded, she said. In 2020 the RES contribution to final energy consumption reached 17% from 13% which was the target, while the mandatory target for cumulative energy savings during final use was achieved at a rate of 135%.