The Cyprus Chamber of Commerce & Industry (Keve) has completed the upgrade of its headquarters in Nicosia into a green building. The initiative aligns with the organization’s commitment to promoting sustainable practices among its members and contributing to a greener Cyprus.
China’s GDP grew by 5.2% last year, reaching 126 trillion yuan. Jinzhou, an old industrial city in northeast Liaoning Province, has found new growth momentum in the transformation and upgrading of traditional industries.
Fact: An application to construct a photovoltaic park in a reforestation area in Maroni, Larnaca district, Cyprus was rejected based on a decision by the ministries of the interior, agriculture, and commerce to not offer licenses for PV parks in nature restoration areas.
The Cyprus government’s ‘photovoltaics for all’ scheme, aimed at encouraging households to install solar energy panels to meet the EU’s climate-neutral target by 2050, has been criticized for favoring Chinese manufacturers. European solar manufacturers are considering laying off about 4,000 skilled workers due to competition from Chinese PV panel imports, which have flooded the market with cheaper options. The scheme offers no-deposit funding for up to 4kW of PV panels on 6,000 homes, primarily benefiting Chinese solar panel importers. These panels are considered to have inferior efficiency ratings and questionable durability compared to European variants, which often come with 30-year guarantees. The average cost of a kit is between 6,000 to 6,500 euros, with a grant of up to 5,000 euros provided, which is added to the consumer’s electricity bill as a no-interest loan over 4 to 5 years. There is an additional 1,500 euro grant available for those who can afford to invest directly in a PV system with their own money. However, the government is known for delayed payments to suppliers, leading some to prefer dealing directly with solar energy companies for the refund.
This week is crucial for the development of the liquefied natural gas (LNG) terminal project at Vasiliko, with Energy Minister George Papanastasiou meeting officials from CPP-Metron Consortium Ltd (CMC). The government may exit the deal due to disputes, as the consortium halted work and sought €200 million in arbitration. A top executive from the consortium is set to discuss project resumption in Cyprus. The government insists on not paying additional claims outside the Arbitral Tribunal in London and demands a project resumption date. The project, including an FSRU, jetty, mooring facilities, a pipeline, and a PV storage system, has received a €101 million EU grant and additional financing from the European Investment Bank and the European Bank for Reconstruction and Development.
The cost of electricity in Cyprus is increasing, leading the government to introduce incentives for investments in solar energy. Solar energy can significantly reduce household electricity costs. However, there are limitations to installing solar panels, such as lack of space or shading from trees. In Greece, investment companies develop solar parks and sell shares to homeowners, offsetting their electricity consumption. Similar approaches could be considered in Cyprus to install solar panels in apartment blocks and other buildings. Public pressure is influencing government decisions on this issue. The reduction in electricity costs benefits tenants and businesses, making them more competitive. Properties in mountain areas may face challenges due to shading and higher installation and maintenance costs. Seeking advice from specialized contractors or mechanical-electrical engineers can help estimate the capital investment and potential cost savings.
The Cabinet has approved the “Photovoltaics for All” scheme, which will subsidize up to 6,000 homeowners to install solar systems on their roofs. The scheme aims to democratize access to solar energy and roof insulation for all households. Homeowners will be able to install a photovoltaic system to reduce consumption and lower electricity bills, even if they don’t have the initial capital. The budget for the scheme is €30 million, and it will cover installations of up to 4 kW. The scheme includes different categories with varying levels of grants for photovoltaics and roof insulation. Changes to the previous grant scheme include the introduction of a category for citizens without initial capital, increased subsidies for vulnerable households, and the option to receive a one-off bonus if both photovoltaics and roof insulation are installed. The application process will be streamlined through electronic processing, and installation tasks will be carried out by registered contractors. Pre-approval will be required before investment implementation to ensure eligibility for grants.