Subsidies worth €158 million for households and businesses to be doled out in 2022

Grant schemes, worth €158 million, will be made available in 2022, Minister of Energy, Trade and Industry Natasa Pilides announced during an online workshop, on Wednesday, 16 February.

According to an announcement by the Ministry, in her remarks, Pilides stressed that the Ministry is continuing for the second year its ambitious program to support Cypriot households and businesses. "In 2021, we announced schemes worth €130 million to restart the economy. We are continuing in 2022 with calls for new schemes with a total budget of €158 million." As explained, €100 million will be allocated for businesses, €49 million for household energy upgrades and €9 million for energy upgrades for local public offices.

As stated during the workshop, applications for the first grant scheme opens on 24 February and concern the creation and modernization of agricultural processing and marketing units, worth €25 million, followed in March by the €40 million plan for the energy upgrading of businesses.

Also, a scheme on May 2022 for digital business upgrading (€10 - €20 million), support to large manufacturing enterprises in July 2022 (€7 million), provision of advisory services to SMEs in September 2022 (€5 million) and strengthening the circular economy by the end of 2022 (€13.3 million).

Similarly, the projects promoted by the Ministry for the energy upgrade of homes include replacement of energy-intensive household appliances in vulnerable households, which is already running as of December 2021, with over 3,150 applications submitted so far (€5 million).  Furthermore, subsidies for the installation of photovoltaic panels and roof insulation will begin on April - May 2022 (€7.3 million) which will include the virtual net metering.

Moreover, subsidies for the installation or replacement of solar water heater will open on March - April 2022 (€450k), subsidies for photovoltaic system installations for charging an electric vehicle on March - April 2022 (€1.5 million), residential energy upgrade during the 2nd half 2022 (€35 million) and energy upgrading of local authorities and public authorities on March 2022 (€9 million).

In addition, the provisions of a grant scheme for the creation, modernization and digital upgrading of small and medium-sized enterprises in the agricultural products processing and marketing sector were also presented during the workshop. According to the Director of the Department of Industry and Technology, Christos Fotiadis, the plan`s objectives are the modernization of the agricultural products processing sector with the development of new products with high added value, the creation of new jobs, especially in rural areas and the utilization of local production of the primary sector.

Finally, it is noted that the plan will be implemented in the framework of the Cyprus Recovery and Resilience Plan (RSP) and will be financed by the European Union Recovery and Resilience Mechanism, the instrument for financing the EU`s recovery and exit from the pandemic crisis.