The Cyprus energy saving association held its annual general and electoral assembly on Friday, reaffirming its commitment to energy efficiency and sustainable development.

In his address, outgoing president George Georgiou outlined the association’s 2024 activities and emphasised the role of energy efficiency in sustainable development and business competitiveness.

Georgiou also addressed key national issues, including Cyprus’ green transition targets, green taxation policies, and the management of the renewable energy sources and energy conservation fund (RES & EC Fund).

Energy Minister George Papanastasiou detailed the government’s strategy for tackling energy challenges and reducing costs. He highlighted initiatives such as the introduction of a competitive electricity market, infrastructure improvements for natural gas imports, and expanding renewable energy sources. He underscored the role of energy efficiency in cutting expenses for businesses and households alike.

The minister also announced new funding opportunities, including the €35 million “Energy Storage Grant Scheme” aimed at increasing the penetration of renewable energy in Cyprus’ energy mix.

Additionally, the “Save & Upgrade for Businesses and Non-Profit Organisations” programme, with a budget of €40 million, will support the energy renovation of buildings and equipment.

For residential energy efficiency, the “Save & Upgrade for Households” scheme, now in its third phase, has allocated €30 million in grants. The initiative has already approved funding for 4,500 applicants, with €27.8 million disbursed to date.

A separate €17 million scheme launched in 2024 is dedicated to large enterprises seeking to enhance their energy performance.

The government continues to promote renewable energy projects through the RES & EC Fund, which disbursed €27.5 million in grants in 2024. This includes support for home insulation, solar panel installations, electric vehicle charging and energy upgrades for public buildings.

One of the most popular programmes, “Solar Panels for All,” received 7,800 applications in its first year, with over 5,000 approvals. The government has adjusted the scheme to improve accessibility and effectiveness, prioritising vulnerable consumers with increased subsidies.

Cyprus’ updated national energy and climate plan, approved in December 2024, sets ambitious targets for 2030. The country aims for 33.17 per cent renewable energy in total consumption and a maximum energy usage of 1.8 million tonnes of oil equivalent. A significant portion of the planned energy savings will directly benefit low-income households and other vulnerable groups.

The minister reaffirmed the government’s commitment to energy efficiency, stating that new policies will require businesses to adopt energy management systems and conduct regular energy audits. Additionally, legislation will be introduced to improve the energy performance of existing public and private buildings.

“Strengthening cooperation between stakeholders is vital for Cyprus’s transition to a green and sustainable economy,” Papanastasiou concluded.

“We appreciate the continuous efforts of the Cyprus energy saving association and look forward to working together to achieve our national energy goals.”