EAC, as part of its Corporate Social Responsibility, has completed the installation of 200 Photovoltaic (PV) Systems of 3kW capacity each, on houses of consumers who belong to the vulnerable section of the population.The project was based on the Cyprus Energy Regulatory Authority's (CERA) plan for the deployment of the Net Metering scheme in households. The scheme sets out the provisions for the billing of energy as the net result between the consumed and PV produced energy. The EAC package was offered to consumers that were eligible for funding by the "Special Fund for Renewable Energy Sources (RES) and Energy Conservation (ECON)" of the Ministry of Energy, Trade and Tourism. The selection process was based on a first come first served basis.
The PV installations were completed in two phases. During the first phase, a total of 130 systems were installed under the CERA plan for 2013 and during the second phase the remaining systems were installed under the CERA plan for 2014. The PV systems have been installed throughout Cyprus by EAC personnel who have been trained especially for this purpose by EAC officers. The total installation period was 4 months.
The Special Fund for Renewable Energy Sources (RES) and Energy Conservation (ECON) covered the cost of €2.700 as a subsidy to the eligible consumers whilst the additional cost is covered by the payment plan chosen by the consumer. The payment plan was offered with two options. The first option provides a pay off in 24 bi-monthly installments whilst the second option provides a pay off in 36 bi-monthly installments. The installments of both pay off plans are charged to the consumer's bill. It is expected that the installments will be covered by the saving which will be gained from the electricity generation of the PV system.
Once the installed system's cost is fully paid off, the benefit of the system's generation will be enjoyed entirely by the consumer.