'Photovoltaics for All' scheme launches €30M fund

The public will be able to start submitting applications on January 2024 for a scheme to install photovoltaics, dubbed "Photovoltaics for All", with a budget of €30 million, which is expected to correspond to 6,000 applications.

Presenting the scheme on Thursday morning during a press conference, the Minister of Energy, Industry and Trade, George Papanastasiou, said that the budget will be covered by the Renewable Energy Sources and Energy Conservation Fund. "It goes without saying that the Fund will continue to constantly support the whole plan, so that if there are more applicants we may also facilitate them".

The Minister described the program as "ambitious", with the aim of giving the opportunity to all those who cannot afford it, to install a photovoltaic system of up to 4.16 kW in existing homes. Applicants will receive pre-approval and will be able to proceed with the installation without spending an initial capital. They will start to save money as soon as the panels are connected, at which time the repayment of the system will begin with bimonthly charges of €150 through their electricity bill.

The Minister presented as an example a house with an average consumption of 1,100 kWh per two months, which today corresponds to an electricity bill of €370. According to the estimates, after the installation of a 4kW photovoltaic system, the bill will be reduced to €207, an amount that includes the €150 for the repayment of the system. After paying off the photovoltaics, which is expected to last 4-5 years, the electricity bill is expected to decrease to €57.

The amount for purchasing and installing the PV system will be given directly to the installation company, which should be on the relevant register of installers participating at the scheme. The amount also covers VAT, while the company will also undertake part of the paperwork.

Asked about the efficiency of PV systems, the Minister said that "we will require a 7-year guarantee" to ensure that the systems to be installed under the "Photovoltaics for All" scheme meet the specifications. As he said, the seven-year warranty will ensure that their efficiency will not drop below a certain level.