Since January 2016 the new government scheme ‘Solar Power for All’, announced by the Ministry of Energy, Commerce, Industry and Tourism for photovoltaic systems, is in effect. This scheme gives the opportunity to commercial and industrial consumers to install a photovoltaic system using the Net Metering mechanism.
The equivalent scheme for households was greatly acceptable by the public, and so far more than 10,000 households have installed a Net Metering photovoltaic system, enjoying the reduction and even the annihilation of their electricity bills.
Net Metering is a billing mechanism that credits solar energy system owners for the electricity system they add to the grid.
The electricity bill that the buildings’ owners will receive will represent the payable amount, which will be the difference between the produced and consumed energy for a specific period of time. If the energy produced is more than the energy consumed, then the extra energy is credited on the next period’s bill. The accumulated extra energy is valid for a year.
The new scheme for businesses gives the opportunity to install a photovoltaic system up to 5Kw. The photovoltaic system has a life span of more than 20 years and due to the long periods of sunshine in Cyprus, the payback period is drastically reduced.
The cost of a typical installation for 5Kw is around €6500-€7000 plus V.A.T and there is an additional cost of €250 plus V.A.T paid to the EAC for application revision and system connection. Another cost to take into consideration is a fixed amount of €250 in order to cover network expenses for ΑΠΕ and ΥΔΩ (special funds).
A 5Kw photovoltaic system produces around 8000-8500 Kwh per year. Its efficiency is reduced by 10% in ten years’ time and by 20% in 20 years’ time respectively. According to the unit price for electricity (12 months average price), the depreciation time of this investment is between 5-6 years.
The Return on Investment (ROI) for a 5Kw photovoltaic system, based on the most conservative scenarios, is between 17-20% for the 10 year duration of the contract. Based on data of today’s economy, this is the most reliable and profitable investment a company can do.
BigSolar Cyprus was established in 2013 and it comprises a collaboration between Phanos N. Epiphaniou Public Ltd and BigSolar AE-the largest company in photovoltaic systems in Greece. Despite its short period of operation, BigSolar Cyprus has successfully become one of the largest suppliers of photovoltaic systems in Cyprus.
BigSolar Cyprus has a wide range of products from the biggest manufacturers of the industry in both panels (AEG, Hansol, REC) and inverters (SolarEdge, Fronius, Kostal, Victro), that can satisfy the needs of every customer.
Moreover, throughout its network of associates, BigSolar Cyprus can refer companies and consumers to specialised and certified installers that can assist in choosing the right equipment and undertake all the procedures requested by the authorities.
For more information about Net Metering, the procedures for applying and required specifications you can contact us to 22793531 or through our web page www.bigsolar.com.cy