You may be shocked to see your electricity bills. There has been a steep rise in the electricity tariffs. Hence the first solution which strikes your mind is to limit your usage of AC, heating and household appliances. And, another way to lower your utility bill is to install photovoltaic system or solar panels to yield energy.
Initiatives of State for homeowners to produce solar energy in Cyprus
According to Europe’s Renewable Energy Directive, Cyprus has a National Action Plan which demands a 13% contribution from renewable sources by 2020. And solar energy has a major part in meeting the goal. Cyprus is a perfect location to harvest solar energy because of its geographical location as it receives sunlight for 300 days a year.
Households are motivated to contribute to solar energy production. It comprises of subsidies for the photovoltaic systems installation and the capability to go for net metering system.
Net metering
At present, net metering is the best option to deal with household solar energy production. In this, the extra energy produced by photovoltaic systems isn’t wasted but is transported to the EAC grid where other consumers can access it.
The photovoltaic systems Cyprus owner gets credit for their export and it is slashed against their electricity usage. Also, the excess energy produced can be stored in batteries, but it has its limitations with regards to durability, price and capacity.
When you go for net metering system, the PV system is linked to the EAC grid via meter and customer service panel. The meter assesses the energy imported and exported.
By the end of the billing period, if you consume more energy than produced, then you need to pay the difference amount.
The owner of the PV energy can sell the energy produced by their PV system to the Electricity Authority of Cyprus at a particular rate. EAC is obliged to purchase the RES electricity produced by homeowners at a particular price depending on the marginal power production expense.
Hence, it is an overall very low risk and great profit generating venture with full policy support and amazing solar subsidies which renewable energy sector offers. The contracts are usually set for a time period say 20 year for the production of solar energy offering an amazing guaranteed return on investment of 8%. As Cyprus enjoys great sunlight and maximum number of sun per year, you can get an average sunshine of 75%, which brings the odds in your favor.
The opportunities enhance the need for the prospective homeowner investors to get professional assistance to examine these investment breaks and seek help with the execution. Abio Greenergy aims to transform Cyprus to a Green Energy nation. It promotes the utility of renewable energy sources and become a sustainable society. It offers services in renewable energy sector with amazing goals to help in the establishment of a greener future. So, if you are looking for the development or maintenance of a solar PV park then you can contact these professionals for investment in the Green Energy Sector.