New Energy Vehicles

22 Apr 2022

Cyprus Injects $1.6M into Photovoltaic EV Charging

22 Apr 2022  by   
A €1.5 million ($1.6 million) sponsorship plan for the installation of photovoltaic (PV) systems for electric and hybrid plug-in vehicle charging has been approved by Cyprus’ Council of Ministers.

The sponsorship plan is part of the government’s efforts to promote e-mobility and sustainable transport. It is based on a proposal by the country’s minister of energy, trade and industry, Natasa Pileidou and will be implemented by the renewable energy sources (RES) and foreign direct investment (FDI) fund.

It forms part of the country’s Strategy for rapid transition to green energy, providing the possibility to beneficiaries to purchase and install a charger, convert electrical installation from single-phase to three-phase and purchase a battery to store the energy from the PV system.

The amount of the sponsorship for the installation or extension of a PV system ranges between €750 ($818) per KW, with a maximum of €1500 ($1636) per vehicle.

Optional costs are financed as follows:

• Purchase and charger installation at €600 ($654).

• Conversion of electrical installation of the house from single-phase to three-phase at €450 ($490).

• Purchase / installation of battery at €750 ($818) per KW, with a maximum sponsorship amount per application of €2000 ($2181).

The plan will have retroactive effect from February 1, 2022 and will remain open until 20 December, 2023 or until the available budget is exhausted.

The start date for beneficiaries’ applications is soon to be announced by the fund’s management committee. Beneficiaries of the plan include those living in a home with an electric or hybrid plug-in vehicle.

The plan is included in‘Cyprus_Tomorrow’ recovery and sustainability plan for the period 2021–2026, and is funded by the EU.


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