Cyprus Legislation | Purchasing Property
Do you Qualify for the Cyprus Energy Saving Grant?
There are opportunities for those living in Cyprus permanently to increase the energy saving of their homes through the “I Save, I Upgrade” scheme, which is co-funded by both the Cyprus Government and European Union for all homeowners on the island after the first scheme garnered so many applications.
On March 19th 2018, the Cyprus Ministry of Energy opened the second call for applications for existing homes belonging to permanent residents within the Republic of Cyprus as long as they have a Planning permit application starting before 21/12/2007. The application period opens on April 16th and it closes as soon as the grant money run out (currently EUR €8 million).
The scheme is part of the 2014-2020 Business Plan Competitiveness and Sustainable Development, and aims to increase energy savings on the island; covering the purchase and installation of new equipment and building material for large scale energy upgrades.
|Grant %||Loan Limit|
|Houses||50% of the cost*||EUR 15,000|
|Apartments||50% of the cost*||EUR 10,000|
*75% for vulnerable groups.
After 2020, all new buildings in Cyprus will have to qualify as near zero energy buildings. “Near zero energy” means a building that has considerably improved living & general operating conditions, with the energy used by the building equal to the energy being produced on site annually.
The funded categories include the cost of an accredited agents review, and the following building improvements:
- The insulation of the building components such as the property walls & roof.
- The installation of new doors & windows.
- Shading systems.
- Modern solar hot water systems.
- Solar/geothermal systems for both cooling & heating.
- Split a/c units to reduce energy expenditure.
- Heat pumps & heating boiler replacement.
Before the potential applicants can file an application, they are required to choose an accredited specialist who will carry out a comprehensive energy analysis. The grant can be given to the home owner after the improvements have been completed and approved by Ministry Officials.
The application period for the first €8 million of the scheme was relatively short and based on the market demand, turned out to be insufficient due to the high number of applications. Investing in high energy performance and renewable energy is investing in a greener tomorrow for Cyprus and consequently a higher quality of life for all Cypriots and foreigners living on the island. European and national energy efficiency target levels can only be achieved with more similar schemes and other financial incentives.